Vietnam has 15 products exported to Europe and America, with a turnover of over USD 1 billion. In 2022, a number of items recorded double-digit growth such as: Machinery, equipment, tools and spare parts; computers, electronic products and components; textiles; footwear; seafood; coffee, etc.

Reporting at the Conference on Promoting Domestic Consumption and Expanding Export Markets on February 3, Director General of the Europe-America Market Department (Ministry of Industry and Trade) Ta Hoang Linh said that 2022 is the year the world economy in general and the Europe-America region in particular face many difficulties and uncertainties.

However, trade in goods between Vietnam and European-American market countries basically maintained a fairly high growth rate, making an important contribution to Vietnam's trade surplus in 2022.

Specifically, in 2022, the total import and export turnover of goods between Vietnam and the European and American regions witnessed a growth of about 9.4% compared to 2021, reaching more than USD 230 billion.

In which, exports reached USD 184 billion, an increase of 12.3% and accounting for nearly 50% of Vietnam's export turnover in 2022. Imports reached more than USD 46 billion, a decrease of 1% and accounted for 12.8% of Vietnam's import turnover. The trade surplus with this market reached USD 138 billion, helping Vietnam's trade balance reached a surplus of USD 12.4 billion.

The above positive results came from the positive export growth in key export markets such as: the US with USD 109.4 billion, an increase of 13.6% compared to 2021; the EU with USD 46.8 billion, an increase of 16.7%; CPTPP countries in the Americas with USD 13.1 billion, an increase of 8.7%; the UK with nearly USD 6.1 billion, an increase of 5.2%.

Entering 2023, it is said that: Import and export activities between Vietnam and the European-American market will have favorable conditions, the existing free trade agreements (FTAs) with European-American market partners (CPTPP, Vietnam-Chile, EVFTA, VN-EAEU FTA, UKFTA, etc.) continue to have a positive impact on Vietnam's trade, investment and especially exports.

Although the main export market in European countries may slow down, it will still maintain a positive growth rate (except Russia). The fact that Western countries (Europe and America) maintain or increase sanctions against Russia; continue to restrict investment flows to China leads to these countries increasing their search for alternative sources of goods and alternative investment locations while Vietnam can be a a priority choice of agricultural product strengths.
 

Kylie Nguyen