Vietnam’s trade turnover projected to set new record
![]() |
Electronics are expected to see high export growth |
Is the US$600 billion mark in Vietnam’s foreign trade turnover feasible this year?
Vietnam’s total export-import turnover is expected to reach about US$640-645 billion this year, with a slight trade surplus. It will be a great achievement in the context of the heavy impact of the Covid-19 pandemic that has hit the country’s key economic regions.
Despite the difficulties posed by the pandemic, businesses have made efforts to maintain trade and production activities. The garment and textile, leather and footwear sectors completed their targets sooner than expected, while mobile phones, electronics, machinery and equipment are expected to achieve export growth of 15-25 percent this year.
|
How have new-generation free trade agreements facilitated Vietnam’s export-import activities?
After three years of implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and over one year of implementation of the EU-Vietnam Free Trade Agreement (EVFTA), Vietnam’s exports have thrived. With the CPTPP, the country’s exports to Canada, Mexico and Peru have expanded by 25-30 percent per year.
Previously, Vietnam benefited from the Generalized Scheme of Preferences (GSP). With the EVFTA, goods can now enjoy more sustainable tariff incentives. The GSP is a unilateral mechanism that can be removed once the economy thrives further, while the EVFTA is a bilateral commitment and its incentives last longer.
The rate of utilizing incentives through the issuance of certificate of origin (C/O) has increased to around 20 percent. Moreover, many types of goods now enjoy low tariff rates so that businesses do not need to apply for C/O but still benefit from the EVFTA. For shipments valued below EUR6,000, firms are allowed to self-certify their origin on commercial documents, which is also a great advantage.
What are the major difficulties facing businesses?
Major difficulties facing businesses include labor shortage, especially in southern localities, as well as a lack of materials for production and high logistics costs.
Although the Vietnamese government has switched to safe and flexible adaptation and effective control of Covid-19, many localities have still applied restrictions to prevent and control the pandemic, causing worries for businesses. Localities need to comply with Governmental Resolution 128/NQ-CP and closely follow the government’s directions, contributing to preventing the spread of Covid-19, ensuring people’s lives and maintaining trade and production activities.
See also

Vietnamese authorities move to facilitate farm produce exports to China
09:22 | 07/06/2023 Foreign trade

Outlet stores - solution to weakening consumption
06:00 | 03/06/2023 Trade

Australian state of Queensland promotes trade with Vietnamese enterprises
16:30 | 01/06/2023 Trade

Ample room remains for Vietnamese exports to Africa
06:00 | 01/06/2023 Foreign trade

Exports to China recover
06:00 | 31/05/2023 Foreign trade

Việt Nam is RoK's 4th largest rubber supplier
16:12 | 30/05/2023 Foreign trade
See more news

New FTAs: Market expansion expected
06:00 | 29/05/2023 Foreign trade

Smart logistics key for competitiveness improvement experts
06:00 | 27/05/2023 Foreign trade

Bac Giang boosts lychee exports to US
06:00 | 27/05/2023 Trade

Businesses asked to keep close watch on US investigation into boltless steel shelving imports
09:22 | 25/05/2023 Foreign trade

Timber exporters face a sharp decline in orders
06:00 | 25/05/2023 Foreign trade

Enhancing Exports to China
06:00 | 23/05/2023 Foreign trade

VN to play a greater role in global commodity exchanges
06:00 | 23/05/2023 Foreign trade

Exploring new markets expected to fuel foreign trade
06:00 | 21/05/2023 Foreign trade

FDI sector posts trade surplus of over US$14 billion in four months
09:37 | 19/05/2023 Foreign trade

2 representatives from Vietnam excellently won the 2nd prize in ICAEW China and South-East Asia Business Challenge 2023
08:56 | 19/05/2023 Trade

Nine Vietnamese universities listed in THE Impact Rankings 2023
10:05 | 07/06/2023 Infographic

Vietnamese authorities move to facilitate farm produce exports to China
09:22 | 07/06/2023 Foreign trade

Ambassador calls for more investment from Japan’s Tochigi prefecture
09:07 | 07/06/2023 FDI

Vietnam, China exchange market management experience
08:58 | 07/06/2023 Domestic market

Vietnam promotes green, circular economy
06:00 | 07/06/2023 Economy
Multimedia

Nine Vietnamese universities listed in THE Impact Rankings 2023
10:05 | 07/06/2023 Infographic

Sunset Town – A journey to love on Vietnam's Phu Quoc Island
14:06 | 06/06/2023 Tourism

Children's artwork displayed at HCM City exhibition
06:00 | 04/06/2023 Lifestyle

A memorable summer with fireworks and fun festivals in Đà Nẵng
09:41 | 02/06/2023 Tourism

Top models to compete in national modeling reality TV show
09:30 | 02/06/2023 Lifestyle

Viet Nam-Laos agreement on mutual judicial assistance in civil matters ratified
15:41 | 06/06/2023 Policy

PM issues directive to enhance data sharing for e-commerce development
09:06 | 02/06/2023 Policy

Deputy PM urges acceleration of electricity licensing for finished wind, solar power projects
10:06 | 25/05/2023 Policy

Specific mechanisms, policies needed to drive HCM City’s growth
06:02 | 20/05/2023 Policy

More assistance for supporting industry
06:00 | 06/06/2023 Support industries

Cement industry suffers financial losses during Q1
09:54 | 02/06/2023 Industry

Việt Nam has major opportunities to engage in global Halal industry Deputy minister
06:00 | 31/05/2023 Industry

Cut on automobile registration fees to facilitate auto industry
14:33 | 30/05/2023 Industry

Ambassador calls for more investment from Japan’s Tochigi prefecture
09:07 | 07/06/2023 FDI

Vietnam – attractive destination for Italian firms: forum
13:00 | 04/06/2023 FDI

FDI enterprises urge investment environment improvement
06:00 | 01/06/2023 FDI

Vietnam's five-month FDI rises sharply nationwide
13:03 | 29/05/2023 FDI

SBV Governor explains high lending rates, credit room management
09:50 | 05/06/2023 Finance-Banking

Important: Multi-target monetary policies needed
06:00 | 02/06/2023 Finance-Banking

Dozens of commercial banks cut savings interest rates
09:31 | 30/05/2023 Finance-Banking

Central bank continues to reduce policy interest rates
06:12 | 27/05/2023 Finance-Banking

HCM City promotes digital transformation in waste management
15:14 | 06/06/2023 Environment

PM urges stronger wildfire prevention measures amid strong heatwaves
06:00 | 28/05/2023 Environment

Vietnam targets development of green, plastic waste-free tourism
06:00 | 28/05/2023 Environment

Đồng Nai afforestation programme kicks off
06:00 | 27/05/2023 Environment

Police warn against illegal forex trading platforms
06:00 | 06/06/2023 Science - Technology

Over 77,000 computers in Vietnam suffer data encryption in 7 months Bkav
06:00 | 04/06/2023 Science - Technology

Vigorous changes in science and technology
06:00 | 03/06/2023 Science - Technology

Internet speeds up as four of five undersea cables repaired
08:56 | 02/06/2023 Science - Technology

Vietnamese, Bulgarian news agencies ink cooperation pact
15:32 | 06/06/2023 Society

Hanoi: Agricultural development policies lack real-world effectiveness
06:00 | 04/06/2023 Metropolis

New Zealand provides 40 full micro-credentials scholarships for Vietnamese learners
16:23 | 26/05/2023 Society

Mong Cai city imports electricity from China’s Dongxing
10:37 | 25/05/2023 Energy

• Tripadvisor highlights the sole hotel in Da Nang in the prestigious Travelers' Choice Best of the Best award
09:30 | 28/05/2023 Vietnamese Brands

Pfizer Vietnam, VNVC sign MoU to protect public health
09:00 | 26/05/2023 Vietnamese Brands

Vietjet offers 50% discount on SkyBoss Business tickets
08:55 | 26/05/2023 Vietnamese Brands

Positioning Vietnam’s Green National Brand
06:00 | 26/05/2023 Vietnamese Brands

Children's artwork displayed at HCM City exhibition
06:00 | 04/06/2023 Lifestyle

Top models to compete in national modeling reality TV show
09:30 | 02/06/2023 Lifestyle

International festival provides platform to young musicians
06:00 | 30/05/2023 Lifestyle

Bát Tràng ancient pottery exhibited at Việt Nam National Museum of History
06:00 | 28/05/2023 Lifestyle

Vice-Chairman of Da Nang City People's Committee “DIFF is a push to fuel tourism”
15:06 | 06/06/2023 Tourism

Sunset Town – A journey to love on Vietnam's Phu Quoc Island
14:06 | 06/06/2023 Tourism

Experience healing with world-renowned practitioners at Four Seasons Resort The Nam Hai, Hoi An
14:15 | 05/06/2023 Tourism

A memorable summer with fireworks and fun festivals in Đà Nẵng
09:41 | 02/06/2023 Tourism