Vietnam is set to fetch US$732 billion in foreign trade this year, an increase of 10 percent against 2021, according to data given by the Ministry of Trade and Industry at a year-end meeting in Hanoi on Monday.
This is the first time the country’s import-export turnover has surpassed the $700 billion mark.
Of the total, exports are projected to rise 10.5 percent to $371 billion.
The country has spent $360.5 billion on imports, up 8.5 percent.
As a result, the national economy has enjoyed a trade surplus of approximately $11 billion, marking the seventh straight year that it has reported a trade surplus.
However, Vietnam’s exports are facing more and more investigations and trade remedies from other countries, with cases now totaling 225.
In addition, about 74 percent of the export value was generated by foreign direct investment (FDI) businesses, while the export capacity of domestic enterprises, especially small and medium enterprises, remained weak.
Deputy Minister of Industry and Trade Tran Quoc Khanh said exports began to fall in the fourth quarter due to shrinking consumer demand as a result of soaring inflation globally, falling orders, tough competition, and rising input costs.
The diversification of markets for some products, such as vegetables and fruits, is still slow, as local exporters fail to meet the requirements of standards and quality, or have yet to make good use of the free trade agreements Vietnam signed with its partners.
Despite those shortcomings and difficulties, the ministry has set a target to raise the total export turnover by about six percent next year, according to the Vietnam News Agency.