Exports enjoy spectacular growth after Vietnam enters the “ new normal' after all COVID-19 restrictions were lifted (Photo: VietnamPlus)
Hanoi (VNA) – The resumption of supply chains - often likened to the "lifeblood" of commercial flow, has created a strong momentum in trade activities, helping promote Vietnam's imports-exports activities with many countries after a long period affected by the COVID-19 pandemic.
March 15 marks one year of the "new normal" since the Government decided to fully open the economy after the success of the COVID-19 vaccination campaign.
Strong bounce
The "new normal" period started on March 15, 2022 as the Government decided to fully open the economy, marking a new milestone for the trade sector after a long time under the pressure of the COVID-19 pandemic when hundreds of factories had to close, and a large number of workers had to quit work or work in shifts.
Looking back on the two difficult years during the COVID-19 crisis, General Director of Garment 10 Corporation Than Duc Viet said the firm has implemented proactive and flexible production plans in order to meet export orders to the main markets such as the US, Europe and Japan.
Businesses fully tap opportunities to boost exports. - Illustrative image (Photo: VietnamPlus)
The textile and garment industry not only contributes to economic development through exports but also ensures social welfare. The continuous breakthrough achivements over the past period have reflected the great efforts of the sector, which employs the largest workforce in the country.
After two decades, the industry earned 40.4 billion USD from exports in 2021, accounting for 12% of the total export turnover of the country, compared to just 1.96 billion USD in 2001.
Despite global and domestic economic difficulties in 2022, the sector’s export turnover reached 44 billion USD, up 8.8% compared to 2021.
Cao Huu Hieu, General Director of Vietnam National Garment and Textile Group (Vinatex) said the firm raked in over 1.18 trillion VND (49.8 million USD) in profit in the first nine months of 2022, 24% higher than the set target.
However, at the beginning of the fourth quarter of 2022, garment businesses faced many difficulties when the demand dropped sharply, he noted.
Maintaining development pillar
Exports - one of the three main pillars of Vietnam's economy - have enjoyed spectacular growth in 2022 despite negative impacts caused by the pandemic and political conflicts in some countries around the world.
According to Minister of Industry and Trade Nguyen Hong Dien, with the timely and effective involvement of the whole political system, along with the great efforts made by the business community, the country’s economy has recovered strongly, achieving important and positive results.
Notably, export-import activities continued to witness stable growth, setting a new record with a total turnover of about 732 billion USD, maintaining a trade surplus for the 7th consecutive year, placing Vietnam in the group of 30 countries and territories with the largest import and export value on a global scale.
Up to 39 items in the export commodity list brought home an export turnover of over 1 billion USD (an increase of 4 items compared to 2021). - Illustrative image (Photo: VietnamPlus)
The export turnover increased by 10.5% to about 371.5 billion USD, exceeding the targets set by the National Assembly and the Government.
Dien highlighted the importance of the results, saying that they show the effectiveness of Vietnam's foreign affairs in general and economic diplomacy in particular.
According to economist Vu Dinh Anh, the country's ability to achieve double-digit export growth reflects the effectiveness of its export-oriented strategies, and this is a miracle.
Up to 39 items in the export commodity list brought home an export turnover of over 1 billion USD (an increase of 4 items compared to 2021), with eight of them having export turnover surpassing 10 billion USD.
The export commodity structure has undergone positive shifts, aligning with the strategic objectives set forth. The group of processed industrial goods continues to be the key impetus behind export growth, hitting 294.5 billion USD, an increase of 13.3% compared to the same period last year, accounting for 86.1% of the total export turnover.
This is a bright picture, helping the economy not only stand firm against the "storm" of the pandemic, but also accelerate its recovery in the near future, Anh said.
Deputy Director of the Import – Export Department under the Ministry of Industry and Trade Tran Thanh Hai attributed the positive results in export to efforts made by businesses in maintaining export to traditional markets and seeking new markets.
Success in controlling the COVID-19 pandemic as well as efforts to promote post-pandemic production recovery has created a great motivation for producing commodities for export activities, as well as for importing necessary raw materials for production, Hai stressed./.
