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

VCN - In 2023, Vietnam's trade balance kept recording a trade surplus for the 8th consecutive year, with an estimated surplus of nearly 30 billion USD, an increase of nearly 3 times that of 2022.
Import-export turnover of goods through Tan Thanh border gate grow sharply Import-export turnover of goods through Tan Thanh border gate grow sharply
Import-export turnover across northern border soars Import-export turnover across northern border soars
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 limitations. 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).

By Ngọc Linh/ Thu Phuong

Related News

Mid-November: Vietnam

Mid-November: Vietnam's trade volume matches 2023 total, eyes record-breaking growth

VCN - By mid-November 2024, Vietnam's total import-export turnover reached an impressive US$681.48 billion, equaling the full-year trade figure for 2023
Preliminary assessment of Vietnam international merchandise trade performance in the first 9 months of 2024

Preliminary assessment of Vietnam international merchandise trade performance in the first 9 months of 2024

Highlights 1. According to trade statistics of Vietnam Customs, in September of 2024, a 8.0% downwards in total external merchandise turnover of Vietnam was recorded as compared to the result of August 2024. Exports went down 9.8 %, to USD 34.08 billion and imports decreased 5.9%, to USD 31.76 billion in terms of month-on-month basis. As a result, there was a USD 2.32 billion surplus in Vietnam’s trade balance in this month.
Preliminary assessment of Vietnam international merchandise trade performance in the second half of September, 2024

Preliminary assessment of Vietnam international merchandise trade performance in the second half of September, 2024

The Vietnam Customs Statistics announced that in the second half of September, 2024 the total Vietnam’s exports of US dollars 19.71 billion and imports of nearly US dollars 16.74 billion resulted in a trade surplus of US dollars 2.97 billion.

Latest News

VN

VN's food processing industry struggles to improve quality and value chain integration

Despite accounting for 19.1 per cent of Việt Nam’s processing sector, the food processing industry has been struggling with major issues such as poor-quality raw materials and subpar value chain integration, said industry insiders and economists.
Approach strategy of the seafood industry when implementing UKVFTA

Approach strategy of the seafood industry when implementing UKVFTA

VCN - As one of Vietnam's strong export industries to the UK, especially when the Vietnam - United Kingdom of Great Britain and Northern Ireland Free Trade Agreement (UKVFTA) comes into effect, with a detailed information approach strategy, it has created a great driving force to promote the export of Vietnamese seafood products to this market.
Vietnamese enterprises facing challenges from cross-border e-commerce platforms

Vietnamese enterprises facing challenges from cross-border e-commerce platforms

VCN – In recent years, with the rapid development of cross-border e-commerce (CBEC) platforms, domestic enterprises in Vietnam have been facing numerous difficulties and challenges.
Vietnam, Malaysia eye new milestone in trade ties

Vietnam, Malaysia eye new milestone in trade ties

The official visit to Malaysia from November 21-23 by Party General Secretary To Lam is expected to open up new opportunities for and mark a new milestone in the economic and trade cooperation between Vietnam and Malaysia. Vietnam and Malaysia are key economic, trade, and investment partners. Their economic and trade ties have steadily grown since the two nations established diplomatic relations in 1973.

More News

Shrimp exports surge in 10 months, generating 3.2 billion USD

Shrimp exports surge in 10 months, generating 3.2 billion USD

Vietnam’s shrimp exports in October reached US$394 million, a strong 24% increase year-on-year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Vietnam’s exports to the U.S. near US$100 billion milestone

Vietnam’s exports to the U.S. near US$100 billion milestone

VCN - By the end of October, Vietnam's exports to the United States approached US$100 billion, reaffirming its position as Vietnam's largest export market.
From the “abnormal” coffee price, worries about the new crop

From the “abnormal” coffee price, worries about the new crop

VCN - The Vietnamese coffee industry enters the new crop with the question of what is a reasonable price to ensure benefits for coffee growers while still retaining international consumers.
What obstacles limit the market share of Vietnamese goods in the UK?

What obstacles limit the market share of Vietnamese goods in the UK?

VCN - Vietnamese goods account for only about 1% of total imports into the UK market. One of the reasons is that they have not yet built their own brands and have not focused on effective strategies and approaches to market information.
Why seafood exports to some Middle Eastern Countries are stalled

Why seafood exports to some Middle Eastern Countries are stalled

VCN - Several shipments of seafood exported to certain Middle Eastern countries have been delayed due to legal challenges related to consular legalization procedures. This has created significant bottlenecks in accessing these markets.
Storm No. 3 destroys profits of many insurance companies

Storm No. 3 destroys profits of many insurance companies

VCN - Due to the impact of storm No. 3, the business results of the third quarter and the first 9 months of 2024 of the insurance sector have been significantly affected. This requires more efforts from businesses for the results of the whole year 2024.
Vietnam, Malaysia eye golden partnership opportunities in Halal industry

Vietnam, Malaysia eye golden partnership opportunities in Halal industry

Cooperation in the Halal industry can help Vietnamese products reach nearly 2 billion Muslim consumers worldwide, representing over 24% of the global population, according to Malaysia’s Minister of Investment, Trade, and Industry Zafrul Abdul Aziz.
Tra fish sector aiming for production, processing greening for sustainable development

Tra fish sector aiming for production, processing greening for sustainable development

Greening production and processing to meet export requirements is both a trend and a necessity for many industries, including the tra fish sector.
Developing supporting industries for the billion-dollar export commodity groups

Developing supporting industries for the billion-dollar export commodity groups

VCN - Electronic products and components are one of export commodity groups with turnover exceeding one billion USD, but the supporting industry for this group is still modest.
Read More

Your care

Latest Most read
VN

VN's food processing industry struggles to improve quality and value chain integration

Despite accounting for 19.1 per cent of Việt Nam’s processing sector, the food processing industry has been struggling with major issues such as poor-quality raw materials and subpar value chain integration, said industry insiders and economists.
Approach strategy of the seafood industry when implementing UKVFTA

Approach strategy of the seafood industry when implementing UKVFTA

VCN - Mr. Nguyen Hoai Nam, Deputy General Secretary, Vietnam Association of Seafood Exporters and Producers (VASEP), said that the advantage that UKVFTA brings is that the main products of the seafood industry enjoy 0% import tax to the UK, especially key
Mid-November: Vietnam

Mid-November: Vietnam's trade volume matches 2023 total, eyes record-breaking growth

By mid-November 2024, Vietnam's total import-export turnover reached an impressive US$681.48 billion, equaling the full-year trade figure for 2023
Vietnamese enterprises facing challenges from cross-border e-commerce platforms

Vietnamese enterprises facing challenges from cross-border e-commerce platforms

VCN - E-commerce platforms have emerged as crucial distribution channels, enabling goods to reach consumers quickly and conveniently.
Vietnam, Malaysia eye new milestone in trade ties

Vietnam, Malaysia eye new milestone in trade ties

The official visit to Malaysia from November 21-23 by Party General Secretary To Lam is expected to open up new opportunities for and mark a new milestone in the economic and trade cooperation between Vietnam and Malaysia. Vietnam and Malaysia are key economic, trade, and investment partners. Their economic and trade ties have steadily grown since the two nations established diplomatic relations in 1973.
Mobile Version