Vietnam marks $9.8 bn trade surplus in Jan-Mar 2023: GSO

In detail, Vietnam’s export revenues reached around $136.17 billion, experiencing a year-on-year (YoY) slump of 11.6 per cent. Concurrently, the country’s imports amounted to $126.37 billion, showing a 17.9 per cent annual reduction.

The export market saw 23 items crossing the $1 billion-mark, contributing 87.4 per cent to the total export earnings. Processed goods accounted for the bulk of the export structure, generating $120.24 billion (88.3 per cent). Other significant contributors included fuel and minerals at about $1.77 billion.

On the import side, the domestic economic sector reported $43.95 billion worth of goods, marking an 18.5 per cent YoY decrease. Meanwhile, the foreign-invested sector recorded imports of $82.42 billion, down 17.5 per cent. Production materials soaked up $118.31 billion of the import revenue, while consumer goods accounted for $8.06 billion.

The US emerged as the leading buyer of Vietnamese products with $37.2 billion, and China was Vietnam’s largest import source with a trade value of $43.4 billion, according to GSO data.

In light of the unpredictable trends in import-export activities, the ministry of industry and trade has pledged to maintain a close watch on the global market, devising cooperation frameworks and solutions to cultivate traditional markets and diversify export markets. The ministry is also committed to aiding businesses in leveraging signed free trade agreements (FTAs) to access markets and spur exports effectively.

A shift towards export diversification is high on the ministry's agenda, with an emphasis on exports via cross-border e-commerce, foreign distribution systems, and brand development for Vietnamese goods. The ministry also intends to boost the export of highly processed and high-technology products. E-commerce is viewed as a vital distribution channel, particularly for agricultural products and consumer industrial goods.

Fibre2Fashion News Desk (NB)