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Vietnam's import-export volume drops in early 2023: Evaluation

The export value of goods in April was only 27.54 billion US dollars, a year-on-year decrease of 7.3% and a year-on-year decrease of over 17%. As of the first four months of 2023, the estimated export value of goods was 108.57 billion US dollars, a year-on-year decline of 11.8%. The Ministry of Industry and Trade predicts that the total import and export volume of goods in 2023 may be slightly higher than $600 billion, far below the target set at the beginning of the year of $77.5- $800 billion.

Read more: Vietnam’s exports fall in first half of April » Breaking News, Latest World News Updates - VietReader Viet Nam

According to the report of the National Bureau of Statistics, the total import and export volume of goods in the first four months is estimated to be 210.78 billion US dollars (of which the estimated export volume of goods is 108.57 billion US dollars, and the estimated import volume of goods is 102.22 billion US dollars). Although the trade surplus continues to reach $6.35 billion (much higher than last year's $2.35 billion), the significant decline in exports and imports in the double digits highlights the difficulties of export production and business.

From the export portfolio structure perspective, in the past four months, the Processing Industry Group is approximately $96.1 billion, accounting for 88.5%. It continues to be the country's leading export group. However, it faces many difficulties due to the overall decline in demand from countries around the world.
Specifically, textiles, footwear, computer electronics, and furniture have decreased by 2% -20%. Export values such as rubber and fishing have fallen by over 25%. The total export value of textiles and clothing in the first quarter was only 8.701 billion US dollars, a decrease of 18.63% compared to the same period in 2022. This number has significantly decreased compared to the same period many years ago.

According to the Ministry of Industry and Trade evaluation, many enterprises have led to a significant decline in product production and exports in the first few months of this year. This must include export market factors, such as high inflation rates, declining purchasing power, and difficulties the commodity industry faces, especially for non-essential consumer goods. The main export markets for industries such as textiles, footwear, wood, and seafood are the United States and the European Union. They saw the most significant decline. In addition, factors such as raw material costs, investment materials, labor costs, and transportation costs are also increasing. In contrast, failure to raise export prices will reduce the competitiveness of products.

The industrial and trade sectors have considered a range of output solutions for key industries. Nguyen Ngoc Thanh, Deputy Minister of Industry and Trade, stated that it is necessary to take advantage of public investment opportunities in large-scale infrastructure, transportation, and energy projects to create markets for industries such as steel, building materials, vehicles, mechanical manufacturing, and manufacturing.

To enhance purchasing power, revitalize the automobile market, and maintain and promote domestic automobile production and assembly activities, financial support policies are needed, such as extending the consumption tax payment period or offering preferential registration fees for domestically produced and assembled automobiles.

For key export industries (such as textiles, apparel, leather - shoes, and electronics), Mr. Nguyen Ngoc Thanh emphasized, along with actively seeking opportunities and new orders, enterprises need to meet "green" standards.' of export markets.

Read moreGarment exports slump in first quarter » Breaking News, Latest World News Updates - VietReader Viet Nam

"For textile, leather, and footwear orders in many export markets, the first requirement is quality, then fast. Enterprises must seek investment methodically in technology and people to meet the new requirements. The Department continues to monitor and coordinate with businesses and industries to jointly develop solutions soon, even recommending relevant policies to remove current difficulties and obstacles, "Mr. Thanh said.

In the local industry and commerce department, Mr. Ngo Quang Trung, the director of the local industry and commerce bureau (Ministry of Industry and Trade), stated that the focus would be on promoting projects in the industry and commerce department of the region, especially large-scale projects, which play an essential role in the field of primary industries, Energy and chemical industries. At the same time, measures will continue to be taken to promote the development of the domestic market with a population of 100 million.

Focusing on developing traditional markets and diversifying export markets are solutions actively implemented by departments and sectors. Mr. Nguyen Dinh Dai, Director of the Department of Industry and Trade of Lang Son province, said the reality of import-export cooperation with the Chinese market.

"The Department has carried out many programs of talks with Guangxi province (China) to unify trade and import and export between Lang Son and Guangxi. Additionally, many departmental and branch-level delegations of Lang Son and Guangxi also exchanged, negotiated, and signed agreements to promote cooperation in all fields, especially export and import goods", Mr. Dai informed.

With the Ho Chi Minh City Industry and Trade industry, Mr. Bui Ta Hoang Vu, Director of the Ho Chi Minh City Department of Industry and Trade, said that he would promote the organization of fairs of Vietnamese exports to create exchanges between buyers. , a large foreign supermarket chain, to meet Vietnam's big export manufacturers in Ho Chi Minh City. The People's Committee of Ho Chi Minh City will host and hold many focused promotions from May to June.

Strengthen negotiations and expand overseas markets by utilizing previously signed free trade agreements (FTAs); Industry and Trade Minister Nguyen Hong Dien instructed at the Trade and Trade Briefing in April 2023 to urgently promote trade and create conditions for businesses and industry associations to directly contact overseas trade institutions to understand and master the market.

The Ministry of Industry and Trade will soon connect with domestic associations and enterprises to directly communicate with Vietnam's overseas transactions to solve current problems and promote the wave of overseas exports in a more powerful, effective, and sustainable manner. More importantly, "Minister Nguyen Hong Dien said.

Also read: Removing difficulties for export activities » Breaking News, Latest World News Updates - VietReader Viet Nam

The head of the industry and trade department also requested that all units continue to pay attention to the development of the world economy, especially the policy adjustments of significant economies such as the United States, China, the European Union, and Japan, which may affect trade with Vietnam, thus issuing timely warnings to the business community. Provide appropriate policy responses to the government. At the same time, the Ministry of Industry and Trade leaders also emphasized that they will continue to propose and recommend policy solutions, especially loans, tax reductions, and debt relief, to maintain product stability and serve exports.

Also read:
Q1/2023: Vietnam's import-export turnover reaches US$154.27 billion (vietdata.vn) 
Vietnam's import-export activity slumps 44% in January 2023 (nhipcaudautu.vn) 
Viet Nam urged to ensure exports to Asian, African markets in 2023 (vietnamnews.vn) 
Exports overcome challenges to achieve 6% growth target for 2023 (vovworld.vn) 

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