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COVER STORY

TURNING THE TIDE

Though issues linger, Vietnam’s trade and especially its exports will
benefit from a host of growth drivers in the future.
| By AN CHI

PHOTOS: VIET TUAN
ietnam continued to record a trade in exports is gradually narrowing, from to increasing export turnover to China.
surplus in the first eleven months 12 per cent in the first half of 2023 to 5.9 This is the only market among Vietnam’s
V of 2023, of nearly $26 billion, an per cent in the first eleven months. major export destinations to post growth,
increase of 2.5-fold year-on-year and the While exports to major markets such which reversed from a decline of 2.2 per
largest for a decade, according to the Min- as the US, the EU, South Korea, and cent in the first half to an increase of 6.2
istry of Industry and Trade (MoIT). The Japan have fallen, exports to Africa, East- per cent in the first eleven months.
surplus contributes to stabilizing the coun- ern Europe, Northern Europe, and West The decline in exports by the domestic
try’s macro-economy, ensuring major eco- Asia have increased. The decline in exports economic sector of 2.2 per cent is much
nomic balances, and supporting its inter- to certain key markets has also narrowed less than the decline posted by the for-
national balance of payments. in the first eleven months compared to eign-invested sector of 7.1 per cent (includ-
the first half: to the US from 22.6 per ing crude oil), revealing the efforts of the
TRADE OVERVIEW cent to 13.1 per cent, to the EU from 10.1 domestic economic sector to maintain
Export turnover was estimated at to 8.1 per cent, and to South Korea from and expand export markets amid many
$322.5 billion in the first eleven months, 10.2 to 4 per cent. difficulties in the global economy.
down 5.9 per cent year-on-year, according Notably, the effective implementation There were 33 commodities recording
to the General Statistics Office of Vietnam of export solutions to countries with which export turnover of over $1 billion in the
(GSO). The MoIT said the recent decline Vietnam shares a border has contributed first eleven months, of which seven saw

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