The Ministry of Industry and Trade has just made a forecast that, for the whole year of 2022, Vietnam's total export turnover would reach about USD 732 billion, an increase of about 10% compared to 2021, maintaining a trade surplus for the 7th consecutive year, bringing Vietnam into the group of leading economies in international trade.

In the context of the world economy's decline, the decline in aggregate demand, and the weakening of demand in major export markets, the Ministry of Industry and Trade has focused on implementing synchronous solutions such as: Promoting the use of signed Free Trade Agreements (FTAs), focusing on exploiting new markets; promoting the role of the system of overseas Vietnamese commercial services to expand and diversify markets, supply chains and export products; innovating trade promotion, prioritizing resources for e-commerce development in order to promote goods consumption through e-commerce channels; improving efficiency and regulating the speed of customs clearance of import and export goods at the border gate area between Vietnam and China, especially for seasonal agricultural and aquatic products; at the same time promoting official export; supporting enterprises to access new regulations of importing countries; removing technical barriers for enterprises to penetrate new markets, etc. With the effective implementation of solutions, Vietnam's exports continue to overcome difficulties and maintain a high growth rate.

It is expected that for the whole year of 2022, Vietnam's total export turnover would reach about USD 732 billion, an increase of about 10% compared to 2021. In which, exports would increase by 10.5%, reaching about USD 371.5 billion, exceeding the target set by the National Assembly and the Government (the plan is to increase by 8%). There are 39 items with export turnover of over USD 1 billion (an increase of 4 items compared to 2021), of which 9 items achieved export turnover of over USD 10 billion (1 more item compared to 2021).

The structure of exported goods continues to improve in a positive direction, reducing the volume of raw exports, increasing exports of processed products and industrial products, creating conditions for Vietnamese goods to participate more deeply in the global production and supply chain. The group of processed industrial products continued to account for the main proportion in the export structure, accounting for more than 86% of total export turnover.

The trade balance continued to record a trade surplus for the 7th consecutive year with a surplus of nearly USD 11 billion, contributing positively to the balance of payments, helping to improve foreign exchange reserves, stabilize exchange rates and other macroeconomic indicators of the economy.

The export growth result in 2022 is a bright spot in the country's economic development, demonstrating the efforts of the Ministry of Industry and Trade in synchronously implementing solutions to remove difficulties, support businesses; shows the initiative and flexibility in production organization of export enterprises to seize opportunities for recovery and overcome scarcity of goods from import markets, effectively exploiting FTAs to quickly boost exports.

Kylie Nguyen