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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

        en.vneconomy.vn                                                        JANUARY 2024  |  VIETNAM ECONOMIC TIMES  |  11
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