Vietnam’s trade value expected to reach 732 billion USD in 2022

The total value of Vietnam’s export and import in 2022 is expected to reach 732 billion USD, up 10% from last year, reported the Ministry of Industry and Trade (MOIT) at a conference on December 26.

Deputy Minister Tran Quoc Khanh said exports are forecast to go up by 10.5% to 371.5 billion USD, while the industrial production index is projected to increase by 9%, higher than the previous year’s 4.8% rise.

Domestic commercial activities also made a solid recovery, with the total value of retail sales and services expected to surge by 21%, far beyond the target of 8%.

E-commerce continued to grow into an important distribution channel. In 2022, the size of Vietnam’s e-retail market was estimated at 16.4 billion, accounting for 7.5% of total consumer goods and services revenue.

With an annual growth rate of 20%, Vietnam was rated by the market research company eMarketer as one of the five fastest-growing countries in terms of e-commerce growth.

Besides such positive results, Vietnam’s industry and trade sector still had some weaknesses, including the slow improvement in industrial production capacity, especially in key industries, which primarily rely on the import of machinery and raw materials for domestic manufacturing.

Although Vietnam recorded strong growth in 2022, reliance on the foreign sector remained heavy, when foreign-invested firms accounted for nearly three-quarters of Vietnam’s total export revenues.

Furthermore, the rise in added value in export has not met expectations and the rate of market diversification remained slow.

In 2023, Vietnam aims to increase the industrial production index by 8-9%, raise the proportion of manufacturing to GDP to 25.5%, and have export growth at 6%.