Despite major efforts to implement solutions and take advantage of existing opportunities, Vietnam’s exports reached just $355.5 billion in 2023, down 4.4 per cent against 2022, according to the General Statistics Office of Vietnam (GSO). Import turnover, meanwhile, was estimated at $327.5 billion, down 8.9 per cent, with Vietnam posting a trade surplus of $28 billion; the eighth consecutive year it has done so. The result contributed positively to Vietnam’s balance of payments, helping increase foreign exchange reserves and stabilize exchange rates and other macro-economic indicators in the economy. Though exports saw more positives towards the end of the year, this was the first time in the 2012-2023 period that Vietnam’s export turnover declined, clearly demonstrating the general difficulties in the global economy from falling demand.