Vietnamese exports face array of challenges ahead in 2023
VOV.VN - Vietnamese exporters are required to swiftly grasp information in order to adjust production activities in line with market conditions amid global high inflation, along with rising domestic exchange rates and interest rates, according to insiders.
During a recent trade promotion conference held with Vietnamese Trade Offices abroad in January, Minister of Industry and Trade Nguyen Hong Dien assigned overseas Vietnamese trade offices to intensify trade promotion activities to boost exports amid a decline in orders, thereby fulfilling this year's export growth target of 6%.
Statistics compiled by the General Department of Vietnam Customs indicate that the country’s total import-export value in January stood at an estimated US$46.56 billion, representing a fall of 17.3% compared to the previous month and a decline of 25% compared to the same period from last year.
In terms of the figure, exports stood at an estimated US$25.08 billion, a decline of 13.6% from the previous month and a drop of 21.3% against last year’s corresponding period.
This fall in exports has been reflected in all key export groups, including phones, down by 18.6%, computers, down by 11.5%, machinery and equipment, down by 25.2%, agricultural and aquatic products, down by 30%, coffee down, by 29.2%, and rice, down by 17.4%.
The current situation can largely be attributed to the traditional Lunar New Year, known locally as Tet, as well as global economic uncertainties, both of which have caused a decrease in consumer demand and new export orders.
Vu Ba Phu, director of the Vietnam Trade Promotion Agency under Ministry of Industry and Trade (MoIT), pointed out that amid difficulties facing the global and national economy, the country has approved 76 trade promotion projects by sending businesses to join prestigious exhibitions abroad. This is along with efforts to organise trips for trade delegations to conduct market surveys in Vietnam.
Aside from a decline in export orders, there are set to be further trade barriers in the near future as many major importers of Vietnamese goods in the EU, or market areas under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and European Union-Vietnam Free Trade Agreement (EVFTA), continue to introduce key changes relating to regulations on imported goods.
For example, the EU has also issued official and emergency control measures for imported goods, thereby forcing Vietnamese exporters to enhance their competitiveness as a means of meeting stringent regulations.
Tran Thu Quynh, Vietnamese Trade Counselor in Canada, has requested that local firms specialise in exporting copper pipe fittings to the Canadian market to gain more insights into new decisions made by the Canada Border Services Agency (CBSA) regarding whether or not to continue to impose anti-dumping or subsidy duties on Vietnamese products moving forward.
