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Dear readers,
Vietnam has completely reopened its Covid-19-hit economy under Resolution No. 11/NQ-CP dated
January 30 from the government on the socio-economic recovery and development program.
The pandemic prevention and control program for 2022-2023 remains in place and is being
conducted in parallel with the recovery and development program, directed by the Prime Minister
under a dispatch issued on February 12.

The reopening of the economy will present new opportunities for the country’s exports to grow
significantly.

Vietnam’s economy was hit hard last year by the pandemic, with GDP growth coming in at just 2.58
per cent; the lowest for a decade. Export turnover, however, broke records in reaching $336.31
billion, up 19 per cent year-on-year.

One important factor behind this success was the bilateral and multilateral free trade agreements
(FTAs) Vietnam has signed.

These have opened the door for the country to integrate further into the global value chain and
production network.

According to the Ministry of Industry and Trade (MoIT), the EUVFTA, which came into effect on
August 1, 2020, has given a huge boost to exports, with export turnover to the bloc hitting some
$40.07 billion last year, up 14 per cent.

The UKVFTA, meanwhile, which took effect at the beginning of 2021, did a similar job, with two-
way trade standing at nearly $6.6 billion. Increases in import and export value were both in the
double digits, at 24.1 per cent and 15.4 per cent, respectively.
And under the CPTPP, Vietnam’s exports to Canada and Mexico rose 19.5 per cent and 46.1 per cent,
respectively, last year.

It is clear that FTAs have played a significant role in Vietnam’s export growth since being signed.
Such wonderful figures will act as a springboard for continued growth in shipments this year.

The MoIT will place focus during 2022 on effectively implementing FTAs and especially on plans for
implementing new-generation agreements towards gaining a more balanced import-export picture
and ensuring that markets remain stable.

Its FTAs are expected to continue to drive Vietnam’s economic growth in general and its exports in
particular into the future.

Our Cover Story in this March edition therefore focuses on the prospects for exports throughout
2022, which will no doubt grow substantially due in large part to the effective implementation of
FTAs signed in a spirit of “win-win” cooperation.

DR. CHU VAN LAM
Editor-in-Chief