Vietnam's trade recovers strongly since reopening
A year since Vietnam reopened after a global pandemic, the country has seen trade recovering strongly.
The reopening, which was made possible with a nationwide vaccination programme, has allowed the supply chain to come back, giving a much-needed boost to industries and trade as well as to the country's export sector.
Our approach during the pandemic was to move as much of our operations as possible online while staying flexible to deliver on our promises with international customers.
The situation will likely remain grim in the foreseeable future until purchasing power in large consumer markets such as the US, the EU and China recover.
Minister of Industry and Trade (MoIT) Nguyễn Hồng Diên said Vietnam's export sector managed to have a successful year, despite numerous difficulties and setbacks, largely caused by international geo-political events.
Vietnam's import-export revenue last year was reported at $732 billion, maintaining a trade surplus ($11.2 billion in 2022) for 17 consecutive years. It has put the Southeast Asia economy among some of the most robust economies in the world.
In addition, a number of key trade agreements including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the European Union–Vietnam Free Trade Agreement (EVFTA), the UK-Vietnam Free Trade Agreement (UKVFTA) and the Regional Comprehensive Economic Partnership (RCEP) have put the country in a prime position to boost the export of many of its products. Export to the above-mentioned markets recorded a 20 per cent yearly increase last year.
