Vietnam’s key exports enter 2023 with confidence

by NDO13 January 2023 Last updated at 17:46 PM

Seafood export revenue reaches a record 11 billion USD in 2022.
Seafood export revenue reaches a record 11 billion USD in 2022. - Building on the solid results in 2022, Vietnam’s main exports will work to take full advantage of opportunities to fulfil the targets set for this year.

Outstanding performance

After the Tan Lac red-flesh pomelo, Hoa Binh Province recently exported the first batch of Yen Thuy Dien pomelos to the UK, which is expected to arrive in the European country just in time for the Lunar New Year.

Along with Hoa Binh’s specialities, in late November last year, the first shipment of green-skinned pomelo grown in Ben Tre Province was also exported to the US, becoming the seventh Vietnamese fruit to be allowed entry into the world’s largest economy through the official channel, after mango, longan, lychee, dragon fruit, rambutan and star apple.

With a long storage duration, pomelo is promising to be a highlight of Vietnam’s agricultural exports to this large and highly demanding market, helping local enterprises and farmers to earn high income from this fruit.

Along with fruits and vegetables, the club of 10-billion-USD exports got a new member in 2022, that was the seafood industry, raising the club membership to eight. It is notable that it took the sector just 11 months to reach the historic milestone. Last year, seafood export revenue was estimated at a record 11 billion USD, up 23.8% against a year earlier.

Another bright spot in the 2022 export picture is rice with 4 billion USD for 7 million tonnes. According to Vice Chairman of the Vietnam Food Association Do Ha Nam, 2022 was a year with many volatilities in the market when prices dropped at the start of the year and only recovered in the third quarter. But it can be affirmed that 2022 continued to be a successful year for rice exporters and producers with the higher-than-expected figure of 7 million tonnes.

Data released by the General Department of Customs showed that Vietnam’s export revenue in 2022 rose by 10.5% to 371.3 billion USD, with many exports surpassing 1 billion USD, signs of a strong rebound in global consumption in the post-pandemic period.

What’s next in 2023?

The global economic outlook is forecast to see many uncertainties in 2023. In a worst-case scenario, developed economies will fall into recession while developing and emerging economies will see a growth slowdown. In such a context, it is necessary to correctly identify the challenges to come up with flexible responses.

According to Chairman of the Vietnam Textile and Apparel Association Vu Duc Giang, the sector has solid grounds to believe that it can achieve the export target of 47-48 billion USD in 2023. Firstly, garment companies are starting to switch from knitting to weaving. Secondly, they are looking to secure small orders with quick turnaround times. Thirdly, markets are diversifying, with increased attention to the former Soviet Union countries, Africa and the Middle East. China is also a major market of Vietnamese garment products.

General Director of Garco 10 Than Duc Viet said the company is concentrating on three categories, namely office wear, jackets and knitted products. Among them, office wear is still receiving orders and is expected to continue selling well despite rising inflation.

For agricultural goods such as fruit, vegetables and rice, experts also made a positive forecast. Do Ha Nam stated that he is optimistic about rice export since food is one of the essential goods. Furthermore, high prices at the end of the season, especially in late 2022, will provide a momentum for rice exporters to negotiate good contracts for 2023.

However, agricultural exporters must focus on the issues of quality control and storage technology. For fresh fruits, the time needed to get from farm to factory must be shortened as much as possible to ensure quality.

In the coming period, the Ministry of Industry and Trade will introduce policies to give priority to exports with high revenue and strong competitiveness such as electronics, garments, footwear, agricultural goods and timber products, aligned with diversifying and enhancing the quality of export goods.

Vietnam will also seek to raise the proportion of highly processed goods, with high added value and domestic content, that meet the stringent quality and sustainable development standards.


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