Vietnam set a target to earn US$393-394 billion in export revenue in 2023, up $22 billion or six percent over last year, said Phan Van Chinh, head of the Agency of Foreign Trade under the Ministry of Industry and Trade.

At a conference on domestic production and consumption promotion and export market expansion held by the Ministry of Industry and Trade on Friday, Chinh said that the target is challenging as the local export sector has been facing many shortcomings, such as high but unsustainable growth and trade deficits with some large markets.

To reach the target, the industry and trade sector should take measures to boost exports, and bilateral and multilateral cooperation activities to seek new markets and exploit the export potential of sectors in which Vietnam has advantages, Chinh added.

In addition, it is essential to foster trade promotion in the domestic market and the distribution of goods via digital and e-commerce platforms to encourage consumption and develop local brands.

At the conference, Prime Minister Pham Minh Chinh requested the industry and trade sector to continue expanding export markets.

According to the government leader, Vietnam’s exports remain reliant on foreign direct investment (FDI) enterprises, which needs adjusting.

Moreover, it is a must to diversify markets, products, and supply chains, and convert from unofficial to official exports.

Chinh also stressed the need to encourage local consumers to use made-in-Vietnam products.

He required completing energy development plans with a focus on the appropriateness of electricity prices to the economy’s resistance, removing difficulties and boosting production in association with digital transformation.

Meanwhile, Vu Ba Phu, head of the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade, said that despite multiple programs to develop the local and foreign markets, the country’s capital for these programs has been kept at VND136 billion (some $5.7 million) per year, which is unreasonable.

Meanwhile, other countries have spent big on trade promotion activities, such as Thailand with $74.6 million, China with $15 million, and South Korea with $330 million.

The small capital has hindered Vietnam’s trade promotion programs.

Therefore, Phu proposed increasing the investment in trade promotion and market development to support export enterprises.

Vietnam generated import-export turnover of $732 billion last year, up 10 percent year on year.

Of the total, the country exported $371.5 billion worth of products, rising 10.5 percent.

The country enjoyed a trade surplus for the seventh consecutive year, at nearly $11 billion, according to the Ministry of Industry and Trade.

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