Strong recovery in import, export

(VOVWORLD) - From the beginning of the year to August, import and export were a highlight of Vietnam’s economy, with revenues of nearly 500 billion USD, contributing to a trade surplus of 5.5 billion USD. This can be attributed to supportive administrative procedures and businesses’ efforts to restore production, trade, and supply chains following the COVID-19 pandemic. Despite many challenges, exporters are confident of reaching their targets for the remainder of the year.
 Strong recovery in import, export - ảnh 1Vu Duc Giang, Chairman of the Vietnam Textile and Apparel Association (

The Ministry of Industry and Trade says export revenue has rebounded strongly, with exports to major markets like the US, the EU, and Japan reaching double digits.

Businesses have been active

Vietnamese businesses took advantage of market opportunities once the COVID-19 epidemic was under control and the demand for essential goods worldwide increased again. Vietnam’s export surplus in the first 8 months of 2022 is a very positive result compared to other countries.

The textile and garment industry had a trade surplus of 12 billion USD, while some countries are still applying strict epidemic preventive measures that affect the supply chain of materials and consumption.

Vu Duc Giang, Chairman of the Vietnam Textile and Apparel Association, said: “In the remainder of the year, facing market challenges and high costs of input materials, Vietnamese textile and garment businesses aim to maintain growth rate, workers, market shares, and customers. Businesses will minimize the increase of costs that affect profitability. We must make a profit to pay workers’ salaries and bonuses. Only then will we have the momentum to realize next year’s targets.”

The leather and footwear industry is another key export industry.  Phan Thi Thanh Xuan, Vice President and Secretary General of the Vietnam Leather, Footwear, and Handbag Association, said that the sector has made good use of Free Trade Agreements.

“We’re trying to reach our export target of 23 to 25 billion USD. To compete we need to increase the value of our products. We intend to make good use of FTAs to import high-value materials, new technology, and advanced equipment, so we can produce high-end products. We are aiming for sustainable production and clean green technologies, so it’s important to exploit the potential of foreign markets to serve technological innovation,” said Ms. Xuan.

 Strong recovery in import, export - ảnh 2Deputy Minister of Industry and Trade Tran Quoc Khanh (photo:

Access information, promote exports

Deputy Minister of Industry and Trade Tran Quoc Khanh says global trade requires closer and more effective coordination between overseas Vietnamese Trade offices and ministries, sectors, localities, associations, and enterprises.

The Ministry will help businesses access market information, promote exports, and take advantage of FTA commitments.

“Agricultural products, textiles, and footwear are all key export items of Vietnam. These items are all subject to market requirements. In the face of declining demand in some markets, our task is to try to fully exploit all markets at the same time and relieve bottlenecks in the supply chain. If we can address these issues, we hope to maintain the current export growth rate in the remaining months of the year,” Khanh said.

The Ministry of Industry and Trade will continue to help businesses complete administrative procedures such as tax refunds, customs clearance, and certificates of origin. The Ministry will help businesses find alternative sources of supply to ensure input materials for production at reasonable costs.

If the growth rate of the last 8 months is sustained, Vietnam’s export revenue this year could reach 740 billion USD.

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