According to a recent report by the World Trade Organization (WTO), Vietnam is among the Top 30 largest commodity exporting economies in the world, ranked 23rd.
Export and import are both in the Top 20 and 30 countries in the world.
The WTO specifies that the total turnover export of goods Vietnam's export turnover in 2023 will reach 354 billion USD, accounting for 1.5% of the world, Vietnam is in the Top 30 largest exporting economies in the world.
On the import side, in 30 economies import The world's largest, Vietnam ranks 22nd with 326 billion USD, accounting for 1.3% of global import volume.
However, in 2023, due to the strong impact of the Covid-19 pandemic, imports and exports decreased sharply compared to 2022 - the year when import and export turnover reached a record level of 730.28 billion USD. In 2024, the import and export situation regained growth momentum, continued to improve and was forecast to continue to reach a record level of 780 - 800 billion USD.
In the context of the early years of innovation, this achievement is even more remarkable, demonstrating consistency in policies as well as the efforts of businesses.
Talking to reporters of the Industry and Trade Newspaper, Dr. Le Quoc Phuong - former Deputy Director of the Center for Industry and Trade Information - Ministry of Industry and Trade said that with this achievement, Vietnam has now become one of the world's import-export powers. This is a huge effort and also a great achievement of Vietnam.
Vietnam experienced the first years of renovation with great difficulties in import-export activities when it had to import many goods, including rice. However, even in those difficult days, the 6th Party Congress (1986) determined that commodity export was one of the three fronts of the economy in the renovation period (alongside food production and consumer goods). The mid-term conference (7th Term) of the Party determined that Vietnam's economic development strategy was "Persistently focusing on export as the main direction, while replacing imports of some domestically produced products effectively".
Thanks to strong and correct policies, in the first period, from 1991 to 2010, Vietnam's annual export growth always reached a high rate, at double digits, even reaching over 15% in some years. In the period from 2011 to 2022, the growth rate of Vietnam's total export value reached an average of 12.6%/year.
If in 1991, Vietnam's total export turnover only reached 2.087 billion USD (import reached 2.338 billion USD), then by 2015, the total export turnover had reached 162.016 billion USD (import reached 165.775 billion USD), an increase of 77.63 times.
By 2022, Vietnam's export turnover had increased 2.29 times compared to 2015 and 177.9 times compared to 1991.
From those impressive results, looking at the import and export activities of the whole country, it can be seen that, in terms of import and export activities, Vietnam has had a high export growth rate for more than 3 decades, even during the Covid-19 pandemic (2019 - 2021). The export growth rate calculated for the entire period from 1992 to 2022 (31 years) reached an average of 17.96%/year. Vietnam has become the country with the highest export growth rate in the world for more than 30 years.
In addition, from 2016 to 2022, the Vietnamese economy has had 7 consecutive years of trade surplus. In 2023, Vietnam will continue to maintain its trade surplus achievement. For a developing country (large import demand, limited competitiveness of processed products in the international market), achieving a trade surplus is a remarkable achievement, reflecting the efforts and qualitative development of the economy.
Currently, Vietnamese export goods are present in nearly 200 countries and territories around the world, including large and demanding markets such as the US, Japan and the EU.
In particular, the structure of Vietnam's export goods has fundamentally shifted from intensive use of raw materials and primary products to processed and manufactured products. For agricultural products, the export output of high-value products is also increasing.
For example, with rice, Deputy Minister of Agriculture and Rural Development Phung Duc Tien said that in the past 5 years, the Ministry of Agriculture and Rural Development, in collaboration with provinces, cities, farmers and enterprises, has completely changed the structure to improve the quality of rice. Thanks to that, Vietnamese rice is expensive but countries still accept it.
In addition, the quality of Vietnamese rice is increasingly improving, meeting the standards of demanding markets such as the EU, the US, and Japan, opening up more export opportunities. It is forecasted that from now until the end of the year, businesses will likely continue to export with increased volume and better value.
Towards sustainable exports
The strategy for import and export of goods until 2030 is setting out goals for green export and sustainable export. This is considered an irreversible trend of the world.
Dr. Le Quoc Phuong emphasized that many Vietnamese products are in the top of exports such as: Rice, pepper, textiles... which means that Vietnam can be classified as one of the export powers. Therefore, it is necessary to have a response worthy of the position of a powerhouse. That is, there can be no delay in bringing products and exported goods to meet the increasingly strict standards of the market.
Therefore, first, businesses must learn about green production, green transformation, and sustainable export. It is reflected in the new regulations that countries have put forth and we must comply with them and learn them carefully.
After carefully studying information about green production and green transformation, businesses must review their production and business processes to see if there are any that do not meet green standards. Which stages need to be converted, and what are the conversion steps?
Next, businesses must invest in green transformation. This investment is very expensive, but businesses that have joined the game must accept it.
Enterprises must also seek external support, from consulting, guidance, connection, financial credit provision... Support sources can come from state management agencies, international organizations in Vietnam, advanced countries such as the EU... We must seek and take advantage of this support.
Finally, businesses need to see green transformation not only as a challenge and difficulty but also as a great opportunity for businesses to invest, transform production and business activities, invest in production processes, change equipment and input materials. Change will stimulate innovation and in the long run promote better transformation.
On the side of the Ministry of Industry and Trade, Ms. Nguyen Cam Trang - Deputy Director of the Import-Export Department - Ministry of Industry and Trade shared that the Ministry of Industry and Trade will focus on key issues related to market development and providing market information to businesses. In particular, the Ministry has directed the network of Vietnamese trade offices abroad to support businesses in promoting the efforts of Vietnamese businesses in adapting and meeting the green standards of other countries.
Guidance contents, information related to foreign regulations, and handbooks will also be implemented to provide associations and businesses with timely and fastest information so that businesses can proactively plan production and business to meet market requirements.
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