Vietnam’s import-export revenue is likely to hit a record of 728.9 billion USD in 2022, according to the General Department of Vietnam Customs.

As of December 15, the country’s total import-export turnover had reached 701.3 billion USD, including 355.82 billion USD worth of exports, the highest so far.

Strong growth was seen in the exports of both domestic and foreign-invested sectors, with the later contributing 74.6%.

Upturn was reported in the export revenue of 35 out of 45 commodities, with 11 enjoying an increase of over 1 billion USD.

Meanwhile, 36 out of 45 exports recorded revenue of over 1 billion USD, including eight with more than 10 billion USD.

As of December 15, the country enjoyed trade surplus of 10.36 billion USD.

Economist Dinh Trong Thinh held that the surge in exports showed the efficiency of Vietnam’s market opening policy and post-pandemic recovery  measures.

Some experts attributed the results to the recovery of export markets and advantages from free trade agreements (FTA). At the same time, foreign corporations' investment shifting for the restructuring of supply chains with larger production scale has also motivated import-export activities.

Minister of Industry and Trade Nguyen Hong Dien said that in 2023, the global trade is facing many pressures due to complicated developments of geopolitical tensions and increased inflation. This has forced many governments to tighten fiscal and monetary policies.

He advised businesses to change their mindset and pay greater attention to “greening” the supply chain in the international trade to meet increasing technical requirements of the world market.

The minister stressed the need to keep a close eye on the domestic and global economic developments to give timely response.

He also pointed to the necessity to strengthen market forecasts and the update of new policies and regulations in foreign markets, while continuing to optimise advantages from FTAs./.