January surplus signals good foreign trade year

Vibrant foreign trade

Positive signs of import, export activities in the first month of the year promise satisfactory results of foreign trade throughout 2023.

The border crossings with China in Quang Ninh, Lao Cai and Lang Son provinces have resumed busy operations after the week-long Lunar New Year (Tet) holiday (January 20-26). On the morning of January 28, 120 trucks carrying import, export goods passed Bac Luan 2 Bridge and pontoon bridge Km3+4 Hai Yen of the Mong Cai International Border Crossing in Quang Ninh Province.

A representative of the Customs Division of the Lao Cai Border Crossing said that during the seven-day Lunar New Year holiday, some 285 customs clearance declarations were received at the Kim Thanh Border Crossing. Given these positive signs and easing of China’s COVID-19 prevention policy, import-export activities through the Lao Cai crossings are expected to thrive in 2023.

On January 28, China resumed customs clearance for import-export activities through five Lang Son Province border crossings: Huu Nghi, Tan Thanh, Chi Ma, Dong Dang, and Coc Nam.

The textile and garment sector expects its 2023 export value to reach US$47-48 billion

Business confidence

In terms of business activities after the Lunar New Year holiday, the Hoa Phat Group Joint Stock Company, for example, received orders for exports to the US, Canada, Mexico, Puerto Rico, Australia, Belgium, Malaysia, Hong Kong (China), and Cambodia.

Businesses have set export targets for 2023. Vu Duc Giang, President of the Vietnam Textile and Apparel Association, said the textile and garment sector expects its export value to reach US$47-48 billion. According to him, this target is based on the following factors: 1) businesses have begun to shift production from knitting to shuttle weaving; 2) businesses are seeking small orders with quick delivery; and 3) export markets have been diversified, including those in the former Soviet Union, Africa, and the Middle East. China is also a major export market of Vietnamese textiles and garments.

Do Ha Nam, Vice President of the Vietnam Food Association (VFA), said rice exports are forecast to yield satisfactory results in 2023, especially in the winter-spring crop.

However, experts are urging farm produce exporters to tighten controls and use suitable preservation technology to ensure product quality and origin traceability, and to harvest and transport fresh farm produce to processing factories during the shortest possible time.