Import and export turnover of Vietnam 2022

Market Information
icon date25/07/2023

Over the years, Vietnam’s import and export goods have made strong progress in terms of scale and speed, reaching the number of USD 5.146 billion.

Vietnam’s import-export turnover reaches 700 billion USD
Although orders in the last months of 2022 decreased, the key import and export industries of Vietnam such as phones, computers, textiles, footwear, etc. still increased rapidly by several tens of billions of dollars.
By the end of November 2022, the import-export turnover has reached more than 342.21 billion USD, up 13.4% over the same period in 2021.
As of mid-December, with an average scale of more than 61 billion USD/month in total import and export turnover reached 700 billion USD, marking a new milestone of Vietnam on the global trade map.
According to the latest updated data of the General Department of Customs, there has been a very fast growth in Vietnam’s import and export industries, which helps the Vietnamese market become more and more known.
Specifically, the growth rate of import and export increased rapidly to major markets such as the US by 18%; EU increased by 21%; Japan increased by 21.2%; Korea increased by 13.4%, ASEAN increased by 19.3%…
The Chinese market is a key unit both importing and exporting Vietnamese goods, despite being affected by the Covid-19 epidemic, nearly 53 billion USD of goods have been successfully exported after 11 months.
With an increase of even one digit, but due to the large volume of exports, which have made an important contribution to the overall growth, there is good news when the Chinese market is open to a wide range of agricultural products such as durian, passion fruit, bird’s nest, sweet potato… from Vietnam.
Orientation of Vietnam’s import and export industry in the future
Orientations in Vietnam’s import-export industry in the future are:
Continue to exploit and take advantage of opportunities from free trade agreements to find solutions to develop the market, along with helping to remove barriers to entering new markets.
Continue to closely monitor the evolution of the disease to propose appropriate handling, support businesses, and make recommendations to import-export agencies and businesses.
Aware of the world situation to take advantage of all opportunities, maintain import and export strengths in the current context.
Prioritize implementation of export promotion activities and export markets to recover soon after the great enemy. Focus on closely monitoring the situation of each market to review and identify the types of goods that countries are in demand of importing to exploit and promote exports.
Strengthening activities to support businesses in the market, reform administrative procedures related to import and export, remove difficulties in input, support information and promote the organization of online trade promotion activities, in order to promote the export of goods.
Difficulties that Vietnam’s import-export industry needs to overcome
The difficulties that greatly affect Vietnam’s import and export activities are largely caused by the covid 19 pandemic, which are:
The global economy suffered a large-scale decline: According to the survey, in 2020 at the beginning of covid 19, the global economic growth dropped the deepest since the recession, down 4.2% compared to 2019. In 2020, the majority of economies and economic regions around the globe had negative growth except China and Egypt.
The export market of Vietnam’s goods has also been severely affected, the euro area’s common currency decreased to 7.3%; US decline by 3.5%; China’s growth was only 2.3%, the slowest pace since the 2008 global financial crisis.
Global trade narrowed sharply: export and import activities in most countries in the world were disrupted in terms of the supply chain of goods, and production materials fell sharply.
Supply chain disruptions, investment shifting trends, value chain disruptions: Because the implementation of measures to blockade and close borders has led to global trade stagnation, supply chains are broken, leading to a wave of bankruptcies for many businesses around the world.
Because of the sudden disruption of the global supply chain, the phenomenon of scarcity of goods has occurred all over the world, especially in the fields of manufacturing, automobile manufacturing, medical equipment…
Supporting industries are still underdeveloped: Vietnam has not yet been able to produce products that ensure quality and scale to be able to participate in the supply chain of products and components for businesses when exporting to the market.
Despite many practical difficulties, the import and export volume of Vietnam is still increasing. This has confirmed Vietnam’s position in the international arena.