In 2022, the total import-export turnover reaches its highest level over the past many years, at 732.5 billion USD. (Photo: VietnamPlus) Hanoi (VNA) - The year 2022 wrapped up with a vibrant economic picture, wherein the total import-export turnover reached its highest level over the past many years, at 732.5 billion USD.
The trade balance continued to see a trade surplus for the seventh consecutive year, which more than tripled the figure recorded three years ago.
These impressive figures demonstrated bright spots in Vietnam's export activities in the year, despite complex developments of the COVID-19 pandemic in many countries, especially inflation that led to a decrease in overall demand.
Notably, Vietnam's key sectors continued affirming their role as pillars in national economic growth, with marked results.
Hitting targets early
Last year, despite a host of challenges and difficulties, the trade turnover still set a new record, increasing by 9.5% compared to 2021.
The export sector alone hit the target impressively amid market hurdles, with 371.5 billion USD, a 10.6% rise, surpassing the targets set by the National Assembly and the Government.
The number of the exports with turnover exceeding 1 billion USD stood at 39, up four compared to 2021, including eight with values of over 10 billion USD.
Phones and components still took the lead with 59.29 billion USD, representing a year-on-year rise of 3.1%. This was followed by electronics, computers and components, with some 55.24 billion USD, and machinery, equipment and spare parts, 45.72 billion USD. The textile and garment sector also posted marked results.
Vu Duc Giang, Chairman of the Vietnam Textile & Apparel Association (VITAS), said 2022 was a year full of fluctuations for the industry, especially in the last six months when Vietnam's key textile and garment markets experienced inflation and a significant decline in purchasing power.
He attributed the export turnover of 44 billion USD to efforts by domestic textile and garment enterprises.
In 2022, the "10 billion USD club" also saw contributions by the leather, footwear, and handbag industry, with a value of some 27 billion USD, up over 30% year-on-year.
Aquatic products had also joined the club for the first since the sector embarked in export activities more than 20 years ago, with 10.93 billion USD, a rise of nearly 2 billion USD from the previous year.
Coffee processing for exports (Photo: VietnamPlus) Another club member was the wood and wooden sector that jumped 7.1% to earn 15.86 billion USD.
Improved goods restructuring
The structure of exports has been improved positively as the import value was estimated to grow 8.5% from 2021 and put under control.
Statistics from the Ministry of Industry and Trade show that in 2022, the total export turnover of the agricultural sector was over 53.22 billion USD, an increase of 9.3% compared to 2021, resulting in a trade surplus of about 8.5 billion USD, up 30% increase year-on-year.
In the processing industry, the export turnover was estimated at 294.5 billion USD, a 13.3% increase.
The highlight was in the decline in the export volume of raw materials, and the increase in the export of processed and industrial products, creating conditions for Vietnamese goods to participate more deeply in the global supply chain, with the processing industry accounting for 89%, up nearly 3 percentage points against 2021.
Therefore, in 2022, the trade balance continued to record a surplus for the seventh consecutive year, at 11.2 billion USD.
Such results demonstrate efforts by the Government, ministries, and sectors in implementing measures concertedly to remove difficulties and support businesses, as well as the proactive and flexible organisation in production by exporters.
Deputy Minister of Foreign Affairs Nguyen Minh Vu hailed the Ministry of Industry and Trade (MoIT)’s performance in maintaining its impressive export achievements, establishing trade and investment relations with over 220 foreign markets, and ensuring goods supply and market price stability in the context of certain commodities being heavily impacted by the global market.
Vietnam's industrial products attract international visitors. (Photo: VietnamPlus) Minister of Industry and Trade Nguyen Hong Dien described the export results a silver lining in national economic development, and highlighted contributions by new-generation free trade agreements (FTAs).
That Vietnamese goods have found their foothold in demanding markets reflects improvements in national competitiveness, especially in the industrial sector, he said.
To achieve better results, the MoIT has focused on measures in support of import-export activities, improving the role of Vietnam’s trade offices abroad, in order to assist localities, associations, and businesses in effectively utilising the signed FTAs to expand and diversify markets, supply chains, and imports-exports.
At the same time, the ministry has supported localities and businesses in shifting to export through the official channel, building brands, promoting sustainable exports, while optimising e-commerce platforms and streamlining administrative procedures./.
