Import and export activities at inland ports in the North. (Photo: VietnamPlus)
Hanoi (VNA) – Although Vietnam's exports have shown signs of recovery, synchronous solutions are needed to support businesses in reducing costs, improving competitiveness, and expanding markets.
According to the Ministry of Industry and Trade, in June, the country's exports increased to 29.3 billion USD from 29.05 billion USD in May, bringing the export turnover of the first half of this year to 164.45 billion USD.
June is the 2nd month in a row that saw a rise in exports. Previously, exports in May increased by 4.3% compared to April.
Vietnam’s exports to its key markets decreased compared to the same period last year, for example, its exports to the US market decreased by 22.6%, the EU 10.1%; China 2.2%; Republic of Korea 10.2%, Japan 3.3%, and ASEAN 8.7%.
Consequently, the exports of many key products were affected. For example, the exports of textiles and garments decreased by 15.3%, footwear by 15.2%, phones and accessories by 17.9%, wood products by 28.8%, and fertilizers by 45.6%.
Chairman of the Vietnam National Garment and Textile Group (Vinatex) Le Tien Truong said that in 2023, the world is in a vulnerable situation and could face a dual crisis – debt crisis and inflation, which will likely take countries months to handle, and the gloomy market may last until 2024.
Enterprises are urged to promote management solutions and streamline production processes. (Photo: VietnamPlus) Despite difficulties, in the first half of the year, exports of agricultural products still saw positive growth. For example, rice export turnover increased by 34.7% over the same period last year; fruit and vegetable exports increased by 64.2%.
During the period, the country had five items with an export turnover of over 10 billion USD, accounting for 57.8% of the total.
With a turnover of nearly 165 billion USD, Vietnam’s exports recovered 87.9% over the same period in 2022.
Meanwhile, imports in the first half of this year decreased by 18.2% over the same period due to falling world demand that led to reduced imports of raw materials for production.
Statistics show that imports of all key products dropped. Specifically, exports of computers, electronic products, and components reached 38.27 billion USD, down 11.4% over the same period last year. Machinery, equipment, tools, and spare parts decreased by 12.3% to 19.7 billion USD; fabrics of all kinds decreased by 19.2%, to 6.4 billion USD; steel down 32.3%; petrol and oil down 18.4%; rubber down 41.2%; cotton down 21.5%; chemicals 24.2%; and fertiliser 28.1%.
Especially, the import turnover of phones and components continued to decline sharply with only 3.45 billion USD, down 66.5%.
In the first six months, the country had a trade surplus of about 12.25 billion USD while the same period last year posted a trade surplus of 1.16 billion USD.
According to a representative of the Ministry of Industry and Trade, the global economic, socio-political, and security situation is unpredictable with the Russia-Ukraine conflict, food, and energy crisis. This will have certain impacts on the growth of Vietnam's trading partners.
Therefore, to create momentum for exports in the following months, the ministry planned synchronous solutions to get new orders, and boost consumption.
Enterprises are urged to promote management solutions and streamline production processes. (Photo: VietnamPlus) Trade promotion activities help connect businesses and supply chains. (Photo: VietnamPlus)
Specifically, the ministry asked units to help businesses take advantage of commitments in free trade agreements especially the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). the Vietnam-EU Trade Agreement (EVFTA) to promote exports.
The ministry will also speed up negotiations and signing of new agreements, commitments, and trade links to diversify markets, products, and supply chains.
"The ministry joins hands in connecting local enterprises with FDI businesses so that Vietnamese enterprises can better enter overseas distribution systems,” a representative from the ministry said./.
