Vietnam is expected to make around $368 billion in 2022 in export revenue, which is a 9.46 per cent year-on-year increase. The figure would exceed targets fixed by the ministry and the national government by about 8 per cent. As the country’s imports are worth $367 billion for the year, there has been a trade surplus of around $1 billion — meeting the set target, as per a report by Vietnam’s Ministry of Industry and Trade (MoIT). In the first six months of 2022, Vietnam’s export-import value exceeded $371.3 billion, which includes exports worth more than $186 billion — a surge of 17.3 per cent from the corresponding period the previous year. Moreover, the country’s foreign direct investment (FDI) sector saw a growth of 16.6 per cent, while its domestic economic sector jumped by 19.5 per cent owing to efforts made by domestic companies regarding supply chain resumption, production, and business recovery despite issues.
“Vietnam experienced export growth in the markets it has FTAs with, ranging from 12-34 per cent,” said Tran Thanh Hai, deputy head of the MoIT’s Agency of Foreign Trade. “A growth rate of 30 per cent was seen in such markets as Canada and Mexico.” The ministry also revealed that businesses have optimised free trade agreements (FTAs) such as the CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership), EVFTA (European Union–Vietnam Free Trade Agreement), UKVFTA (UK Free Trade Agreement), and RCEP (Regional Comprehensive Economic Partnership) to improve exports and restructure administrative procedures.