Vietnam's total import-export turnover this year is estimated at 683 billion USD

Total import-export turn over in 2023 is estimated to reach 683 billion USD, of which exports are hoped to reach 354.5 billion USD.

At the Conference summarizing the work in 2023 taking place on December 20, Deputy Minister of Industry and Trade Phan Thi Thang said that amid the universe socio-economic chaos and fluctuation have negative impact on the world economy recovery. Many countries, including our country's major trading partners, have slowed growth, posing many potential risks; Although inflation has cooled down, it is still anchored at a high level, leading to many major economies maintaining tight monetary policies, high interest rates, decreasing demand in other countries, directly affecting large open economies, including Vietnam...

However, the Industry and Trade sector still recorded positive results in many aspects of its work. Specifically, the added value of the industrial sector is estimated to increase by 2.98% for the whole year, of which the processing and manufacturing industry is estimated to increase by 3.48%, positively contributing to the recovery of the economy.

Many localities have made efforts to overcome difficulties, gradually restore production, maintain good industrial achievements with the IIP index increasing in most localities across the country, many key industrial areas continue to recover or maintain positive momentum like Ba Ria - Vung Tau; Binh Duong; Vinh Phuc; Vinh Long; Quang Ninh, Ho Chi Minh City...

Especially, import and export activities have actively taken advantage of opportunities from the recovery of large, traditional markets to boost exports. Total import-export turnover in 2023 is estimated to reach 683 billion USD, of which exports are estimated to reach 354.5 billion USD and imports are estimated to reach 328.5 billion USD.

The trade balance continueed to record a trade surplus for the 8th consecutive year with an estimated surplus of nearly 30 billion USD, an increase of nearly 3 times by 2022, positively contributing to the balance of payments, helping to increase foreign exchange reserves, stabilizing exchange rates and other macroeconomic indicators of the economy. In the context of many difficulties in the world economy and a decline in world aggregate demand, although Vietnam's export activities have not yet increased compared to the previous year, the decline has narrowed significantly.

Especially, although the export capacity of 100% domestic-owned enterprises has clearly improved, the export reduction of this region is much lower than that of the FDI sector (including crude oil); Trade promotion has expanded export markets with positive results, combining maintaining traditional markets with actively exploiting new markets such as Africa, Eastern Europe, Northern Europe, and Western Europe. ASIAN. The level of decline in exports is increasingly narrowing (from a decrease of 12% in the first half of 2023 to a decrease of about 4.6% for the whole year 2023).

Leaders of the Ministry of Industry and Trade said that domestic trade activities, in 2023 continued to effectively exploit the purchasing power of the market, recover positively, and achieve outstanding growth compared to the overall growth rate of the economy. Total retail sales of goods and service revenue in 2023 is estimated to increase by 9.6% compared to 2022, exceeding the industry's planned target (target increase of 8-9%).

However, leaders of the Ministry of Industry and Trade also frankly acknowledged the shortcomings and limit ations. For example, although the index of industrial production (IIP) has shown positive changes, the transformation is still slow, only starting to recover from the end of the third quarter.

The processing and manufacturing industry has been the driving force for economic growth in previous years; however the growth only targeted at a modest rate in 2023 due to the production of processed goods (garment, footwear, electronics, wooden furniture) ... much lower than the same period in 2022 because of reduced world market demand and shortage of orders.

Manufacturing and exporting enterprises continue to face a lack of orders from the international market, a part of enterprises has to narrow production scale and cut output; others have to be dissolved and bankrupt.

Export turnover to most major markets has roughly halved although the decline is gradually narrowing. On the other hand, the level of dependence on the FDI sector in exports is still large when the export turnover of FDI enterprises (including crude oil) still accounts for about 73% of the total export turnover of the country.

Besides, commercial infrastructure is unevenly developed, especially in disadvantaged and extremely difficult areas. Investment in synchronous infrastructure development has not been attracted, especially large, pervasive infrastructure. There is a lack of close connection between parties in the goods supply chain (manufacturers, distributors, transporters, consumers).