Suggestions for you

Feasible with the target of USD 368 billion in export of goods


In the context of the Russia-Ukraine conflict affecting the global supply chain, commodity exports from the beginning of the year so far have shown many positive signals. The target of export revenue of goods reaching USD 368 billion in 2022 is completely feasible.

According to information from the Ministry of Industry and Trade, from the beginning of the year to September 15, the country's export turnover reached USD 265.34 billion, an increase of 17.82% over the same period last year; import turnover reached USD 13.59 billion, an increase of 13.15% over the same period. Trade balance is in favor of trade surplus, reaching USD 4.64 billion.

Assessing the reason for the trade balance to continue to maintain a trade surplus, Deputy Director of the Import-Export Department (Ministry of Industry and Trade) Tran Thanh Hai analyzed, right from the beginning of the year, the biggest opportunity for exporters is that the Regional Comprehensive Economic Partnership (RCEP) came into effect, opening wider the door for Vietnam's exports to member countries.

Moreover, RCEP has the active participation of China, so it helps Vietnamese enterprises have more cheaper input materials, thereby producing goods for export to major markets in Europe, America... to increase profits and market share.

In addition, new-generation free trade agreements (FTAs) such as EVFTA, CPTPP have been entering the period of larger tariff reductions and more preferential treatment along with the Covid-19 pandemic being well controlled are the factors that promote trade.

The most obvious example is the export of rice. Many of Vietnam's exported rice products have gained brand recognition and found a foothold in high-end new markets such as the US, Europe, etc.

In particular, Japan has officially imported the first 100 tons of ST25 rice from Vietnam for sale at supermarkets and shops. Meanwhile, the world supply of wheat and cereals is scarce, therefore the demand for rice imports from Vietnam in the market is very high.

Deputy Minister of Agriculture and Rural Development Phung Duc Tien said that domestic and export rice prices are increasing sharply, which will help Vietnam soon achieve its rice export target in 2022 with an output of 6.3 tons, worth USD 3.3 billion.

Or for the export of timber and wood products also achieved positive results when product prices increased. For example, the export of wood pellets and chips has seized the opportunity when the EU, Japan and some Asian countries are looking for alternative raw materials for gas, therefore the price of wood pellets and chips has increased from 150 - 200%.

It is forecasted that with the current growth rate, it is likely that the total import-export turnover of the whole year 2022 will reach over USD 700 billion. The trade balance will maintain trade surplus and import and export will exceed the target set by the National Assembly and the Government of 7 - 8%.


Kylie Nguyen

© 2019 Vietnam Bank for Agriculture and Rural Development No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam
Follow us