The import-export strategy to 2030 was issued with many important highlights
Vietnam is embarking on a new phase of development that requires rapid and sustainable economic growth through innovation and creativity, taking advantage of the opportunities presented by the fourth industrial revolution. However, the global economy is predicted to continue experiencing complex and unpredictable challenges from factors such as geopolitical conflicts, trade wars, epidemics, and economic crises, leading to disruptions in supply chains, energy shortages, and inflationary pressures.
Therefore, ensuring the sustainability of exports, one of the three pillars of Vietnam’s economy, is crucial for future growth. To achieve this, the government must update and develop new policy directions and strategic solutions for export and import activities in the long term.
Vietnam import-export activities in past years
Vietnam has made significant progress in import and export activities over the past decade, contributing to the country’s economic growth and international status. The total import and export turnover increased by 2.7 times from 203.6 billion USD in 2011 to 545.3 billion USD in 2020, with an average growth rate of 14.6% per year. The country’s export scale rose from 41st to 22nd position and import scale from 33rd to 19th position in the world. However, the growth of exports is not sustainable, and the country’s import market structure needs improvement, and the bilateral trade balance with some large markets is not reasonable.
To address these issues, the government has issued a new Import-Export Strategy to ensure the quality and sustainability of import-export development. The Strategy for Import and Export of Goods up to 2030 aims to follow the Party’s socio-economic development guidelines and directions in the new period and adapt to new trends in the global economy and trade, such as the green economy, digital economy, and circular economy.
The Strategy focuses on the quality and sustainability of import-export growth, with clear goals and solutions. It aims to diversify export markets, improve the competitiveness of export products, reduce import dependence, and ensure the balance of trade with key partners. The Strategy will promote the development of priority sectors, such as agriculture, fisheries, and processing industries, by improving productivity, quality, and sustainability.
To achieve these objectives, the Strategy emphasizes the need for innovation, technology, and digital transformation in import-export activities. It also aims to enhance trade promotion, market intelligence, and logistics infrastructure to support import-export activities. The Strategy also calls for the strengthening of institutional and policy frameworks to ensure effective implementation and monitoring of import-export activities.
Overall, the new Import-Export Strategy for the period up to 2030 aims to build on the achievements of the previous decade and address the shortcomings and limitations to ensure the quality and sustainability of import-export growth. The Strategy provides a clear roadmap for the government to enhance Vietnam’s position and influence in the international arena while contributing to the country’s socio-economic development.
New in Strategic Perspective
Vietnam’s new Import and Export Strategy for 2030 highlights three key viewpoints that focus on the quality, drivers, and methods of import and export development. The strategy emphasizes the need for sustainable export development, promoting a balance between structural harmony, trade, short-term and long-term goals, social justice, and environmental protection. It also addresses new driving forces such as the digital economy, green economy, circular economy, and innovation. Lastly, the strategy recognizes the roles of different sectors and localities in promoting their comparative advantages and efficiently utilizing opportunities while minimizing challenges associated with international economic integration commitments.
New in Strategic Objectives
The newly released Import and Export Strategy emphasizes the importance of sustainable and balanced development of import and export. The overall objective of the strategy is to promote competitiveness, enhance the brand value of Vietnamese goods, and position the country well in the global value chain to drive fast and sustainable economic growth. Unlike the previous strategy for the period of 2011-2020, the new strategy does not set specific numerical targets but rather aims for sustainable development. The strategy identifies goals related to the structure of exports, import markets, and trade balance, to concretize the idea of sustainable import and export development based on commodity and market structures, and trade balance with each market and area.
New point in Strategic orientation
The strategy outlines three main directions for commodity export, import, and the development of import and export markets. These directions include:
- Prioritizing the development of the import market for goods, alongside the task of developing the export market for goods.
- Focusing on sustainable export development that promotes comparative advantages and transforms the growth model into a more comprehensive and rational approach, emphasizing the efficient use of resources, protection of the ecological environment, and addressing social issues.
- Emphasizing the export of green and environmentally friendly economic products and discouraging the development of resource-intensive and environmentally polluting products, while not specifically mentioning the orientation of the fuel and mineral export sector, which currently accounts for only 1% of export turnover.
New point in Strategy implementation solution:
The Vietnamese government has developed a new import-export strategy for the 2021-2030 period, focusing on sustainable development, green trade, and fair trade. The strategy aims to promote sustainable import-export growth and create a balanced and harmonized structure that enhances Vietnam’s position in the global value chain, promotes the development of Vietnamese goods, and facilitates rapid and sustainable economic growth. The strategy includes three major orientations: import market development, commodity export orientation, and export sector orientation. To achieve these goals, six main groups of solutions have been identified, including developing production, export and import markets, and institutions, mobilizing and effectively using resources for export development, managing and controlling imports, and enhancing the role of industry associations and nuclear enterprises. The Prime Minister has assigned the Ministry of Industry and Trade to coordinate with other ministries and branches in formulating an action plan to implement the Strategy. This plan will identify the specific tasks of each agency, the completion time, and the resources required for implementation, and will be promulgated in the third quarter of 2022.
In conclusion, the Vietnamese government has taken a proactive approach to promoting sustainable import and export growth in the country. Through the newly released Import-Export Strategy for the period 2021-2030, the government has identified key goals and orientations to enhance the competitive and comparative advantages of Vietnamese goods, while also ensuring the protection of the environment and promoting social justice. The Strategy also includes a comprehensive set of solutions, which focus on developing production, expanding export and import markets, improving state institutions, mobilizing and effectively using resources, managing imports, and enhancing the role of industry associations and key enterprises. With these measures in place, the government is well-positioned to foster a healthy and balanced import and export industry, which will support Vietnam’s rapid and sustainable economic growth in the near future