According to the Ministry of Industry and Trade (MOIT), Vietnam’s total import and export turnover is estimated to reach $732 billion, up $10 percent over 2021. Particularly, export turnover is estimated to rise by 10.5 percent to $371.5 billion.

Deputy Minister of Industry and Trade Tran Quoc Khanh said that Vietnam’s exports still heavily rely on the foreign-invested sector (its export turnover, including turnover from crude oil, accounted for 74 percent of total export turnover), while the added value in export turnover remains below expectations.

The diversification of some products is still slow, which explains why Vietnam cannot satisfy all requirements on standards of markets and take full advantage of preferential tariffs in free trade agreements (FTA)s.

Regarding the petroleum supply, MOIT said 2022 was an extremely tough year for the domestic market. Fuel price increases in line with global prices and fuel shortages occurred at times in some localities.

In such conditions, MOIT implemented measures to ensure fuel supplies. It asked manufacturers and distributors to increase imports and purchases from domestic sources, and increase production capacity to the maximum level.

Minister of Industry and Trade Nguyen Hong Dien mentioned the slowdown in the industrial production growth rate. He cited other problems that had existed for a long time: enterprises still cannot join global supply chains, exports rely on foreign invested enterprises (FIEs), and domestic companies' export capability has not improved much.

One of the solutions for 2023 Dien said is to give advice to agencies to negotiate and sign bilateral and multilateral cooperation agreements.

2022 was a bumper year for farm produce with total export turnover of the agriculture sector reaching VND53.22 billion.

The agricultural production value is estimated to increase by 3.33 percent, while added value of the sector rose by 3 percent. Of this, exports of major farm produce reached $22.59 billion.

Eleven categories of agricultural products have joined the ‘$1 billion club’, i.e., the group of products with annual export turnover of $1 billion or more.

Luong Bang