Vietnam targets export growth of 6% in 2023

Vietnam’s trade turnover reached $732 billion in 2022. This is the first time Vietnam’s trade value has exceeded $700 billion, making it one of the world’s top countries in international trade. This provides a basis for Vietnam setting an export growth target of 6% in 2023.

Of the total trade turnover, $371.5 billion is revenue from exports, up 10.5%, exceeding the target of 8% set by the National Assembly and the Government.

This year, 39 commodities reported turnover of more than $1 billion, with nine surpassing the $10-billion mark. The processing industry accounted for more than 86% of the total export revenue.

Key industries, including electronics, textiles, leather, footwear, and furniture, posted high growth rates, which resulted in the sector’s growth, job creation, and improvement in Vietnam's industry competitiveness ranking.

Phan Thi Thanh Xuan, Secretary General of the Vietnam Leather, Footwear and Handbag Association, said last year the industry earned about $27 billion from exports, with a growth of 30%.

“This achievement by the sector exceeded the plan and reflected a great effort by Vietnamese enterprises,” said Xuan.

Agricultural exports totaled $53.2 billion, 9.3% more than last year.  11 groups of products had an export turnover of more than $1 billion and 7 product groups had a turnover of more than $3 billion, thanks to the coordination of ministries and sectors in market expansion and removal of trade barriers.

Deputy Minister of Agriculture and Rural Development Tran Thanh Nam said that the sector contributed more than 3% to the increase in total added value of the whole economy in 2022, with an export turnover of nearly $54 billion.

“This means it created a surplus value of $10 billion. That great success is partly due to the help of trade counselors in solving difficulties in import markets,” Nam added.

Deputy Minister of Industry and Trade Tran Quoc Khanh said that in addition to growth in international trade, domestic trade also had a high growth rate, with GDP reaching 8% in 2022, helping to stabilize the national economy and acting as a firm foundation for export growth.

According to Khanh, “The trade balance recorded a 7th consecutive surplus, this year of  of nearly $11 billion. The domestic market recovered strongly, with total retail sales of goods and services up 21%, 2.7 times higher than the target.”

Minister of Industry and Trade Nguyen Hong Dien said that in 2023 Vietnam's exports will face difficulties due to shrinking markets, falling orders, and rising competition, so Vietnamese businesses need to effectively implement the free trade agreements that have come into force to expand and diversify markets, supply chains, and export products.

Dien underscored the need to strengthen the exploitation of markets and help localities and businesses shift quickly to official export channels closely linked with brand building.

He called on “Businesses to take the initiative in advising authorities to negotiate and sign new bilateral and multilateral cooperation mechanisms and urging overseas Vietnamese trade agencies to help localities. Meanwhile business associations should effectively use the FTAs to expand and diversify markets, supply chains, and export products.”

To reach growth targets, the trade sector will help enterprises find raw materials, spare parts, and components for production and participate in the global supply chain.

Source: VOV