Vietnam’s import and export turnover exceeded 730 billion USD

According to the Ministry of Industry and Trade of Vietnam on December 26, Vietnam’s total import and export turnover in 2022 is expected to reach US $ 732 billion, up 10% compared to 2021.

In particular, export turnover reached 371.5 billion USD, up 10.5% compared to 2021. This is the first time Vietnam’s import – export turnover surpasses the milestone of 700 billion USD.

Among the export items, 39 items reached a turnover of over 1 billion USD and 9 items recorded a turnover of over 10 billion USD.

Processing industry groups continue to contribute greatly to exports, accounting for more than 86% of total export turnover.

Regarding imports, the annual record of 360.5 billion USD, up 8.5% compared to 2021.

Reaching 732 billion USD in trade volume brings Vietnam into a group of leading international economic economies.

According to Deputy Minister of Industry and Trade Tran Quoc Khanh, the structure of export goods continues to improve in a positive direction, including reducing raw items, increasing processing products and industrial products, creating favorable conditions for Vietnam to participate more deeply in the global supply chain.

However, exports increased slowly from the fourth quarter of 2022 due to the narrowing of orders, and the increasing competition in the global market.

In addition, exports still depend heavily on foreign invested enterprises (FDI), the exporting capacity of domestic enterprises is not high, businesses have not made good use of the signed FTAs.

The Ministry of Industry and Trade of Vietnam said that it would be more difficult for Vietnam’s import and export activities in 2023, due to the prospect of global economic recession, many economies facing high inflation. However, Vietnam still aims to increase the total export turnover of about 6% compared to this year and maintain a surplus.

About Viet Nguyen

Viet Nguyen is a writer for ScandAsia specialized in Nordic-Vietnamese bilateral affairs.

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