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COVER STORY

IMPORT AND EXPORT TURNOVER, 2013 - 2021 ($ BILLION)
336.25
Exports Imports 332.25

254.98
223.9
195.4 216.33 234.79
192.88
195.4 157.8
138.33 151.33 160.03 157.8
137.36 134.06
120.49 119.9

2013 2014 2015 2016 2017 2018 2019 2020 2021

Source: General Statistics Office (GSO)

- $109.9 billion, up 30.5 per cent year-on- at the beginning of the year, which will own domestic markets,” he explained.
year, followed by South Korea with $56.1 give an added boost to Vietnam’s exports. “Therefore, there is no one specific sector
billion, up 19.6 per cent. One factor likely to impact export driving growth in imports and exports.
Mr. Hong Sun, Vice Chairman of the prospects is rising logistic costs, though rather, each side has its respective strengths
Korean Chamber of Commerce and Indus- they are expected to normalize starting and these are behind the rise in bilateral
try (KorCham), said that trade cooperation from the end of 2021 thanks to Vietnam’s trade.” For instance, Vietnamese exports
is a spearhead field and the relationship high vaccination rate and an easing in con- of coffee, seafood, footwear, textiles, and

between Vietnam and South Korea con- tainer shortages. Stable logistics costs will machine parts are in high demand in
tinues to rapidly develop. “Since the free create favorable conditions for Vietnamese Europe. Machinery and appliances alone

trade agreement between the two countries enterprises to boost exports throughout made up over 50 per cent of Vietnamese

took effect, bilateral trade has continued 2022, especially to the uS and the Eu. exports to Europe in 2020, representing
to increase,” he added. “We expect Vietnam’s exports to maintain more than €18 billion ($20.4 billion) in
Mr. Alain Cany, Chairman of the Euro- a high rate, growing 12.5 per cent year-on- value. Footwear and textiles made up a
pean Chamber of Commerce in Vietnam year in 2022,” a VnDirect report noted. further 20 per cent, or €7 billion ($7.9 bil-
(EuroCham), told VET that Eu-Vietnam “Exports will continue to be the main growth lion). The largest European exports to Viet-
trade remained robust in 2021 despite the engine for the Vietnamese economy.” nam, meanwhile, included pharmaceutical
significant and widespread challenges of In terms of goods, when Covid-19 is products, chemicals, and transport equip-
doing business during a global pandemic. brought under control, fishers, farmers, ment. “Demand for European goods and
“One reason for this is the implementation and businesses will boost output and export services will continue to grow as Vietnam’s
last summer of the Eu-Vietnam Free Trade turnover of seafood, according to VnDirect. economic success creates a larger middle-
Agreement (EuVFTA),” he said. Analysts also expect that the performance class consumer market,” Mr. Cany said.

Vietnam’s export activities also saw many of Vietnam’s textile and garment industry Mr. Hong Sun said that trade and

advantages in December, according to in 2022 will depend on recovery in the uS investment between Vietnam and South

MoIT. Countries around the world, especially and the Eu. The Vietnam Textile and Korea will develop in many fields, from
key export markets for Vietnam such as Apparel Association (VITAS) has forecast traditional endeavors such as textiles and
the uS and the Eu, implemented plans to that textile and garment export turnover garments, bags, and shoes to electronics
reopen, introduce vaccine passports, reor- will reach $38 billion in 2022, up 8.5 per such as household appliances, with a focus

ganize economic, cultural, and social activ- cent, and $43 billion in 2023, up 13.1 per on mobile phone manufacturing and large-
ities, and open up tourism, with demand cent. Wood exports will continue to grow scale investments in key industries such
for Vietnam’s exports to increase as a result. well, thanks to significant increases in the as agriculture-forestry-fisheries and energy.
Market demand is also rising because of uS, China, and Japan. Steel demand will According to the MoIT, the number of
end-of-year shopping, especially goods remain high during the first quarter of people being vaccinated and the pace of
where Vietnam holds advantages, pushing 2022, as major economies promote the the campaign is increasing in Vietnam.
up the annual export turnover figure. disbursement of public investment, espe- Thanks to the effectiveness of its anti-
cially the uS. China has also reduced steel pandemic measures, Vietnam has enjoyed
LOOKING TO 2022 production and restricted exports, to ensure a relatively long period organizing pro-
The prospects for Vietnam’s exports it meets its emission reduction target. duction, preparing sources of goods, and
this year are extremely promising given Mr. Cany said that a strength of Eu- exporting and importing to be ready for
that global trade is expected to continue Vietnam trade is the fact that both markets the “new normal”. Its FTAs, especially
to recover, according to VnDirect. The complement one another. “In other words, new-generation FTAs, have passed the
regional Comprehensive Economic Part- we each produce goods that the other initial stage of implementation, and busi-
nership (rCEP) is due to come into effect either cannot or does not produce in their nesses have gradually adapted to commit-

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