As of September, there have been six key Vietnamese commodities with export value enduring a decrease of at least US$1 billion each, according to the General Department of Vietnam Customs.

Textile, footwear, and wooden furniture businesses moaned about a sharp fall in export orders.

The US is Vietnam’s biggest export market, accounting for about one-quarter of its total exports, but its exports to the market fell by more than 20 per cent yoy in the first seven months.

Although difficulties remained, enterprises expect to see slight improvements in orders in the coming months, pinning hopes on easing inflationary pressure for a better year in 2024.

Dwindling demands in the global market are posing challenges for Vietnam to meet its considerable export target for this year.

Vietnam’s export landscape continues to regain momentum on account of gradually recovering demands, but risks are still looming.

Vietnam’s export sector has encountered a significant slowdown in 2023, with both exports and imports falling at a double-digit rate in January-July, reported the Ministry of Industry and Trade.

Online exports are seen as a “launchpad” that helps businesses maintain sustainable revenue and increase exports in the context of rising inflation and consumers tightening their spending, according to insiders.

Vietnam will be a key driver of global trade growth, with its exports projected to reach US$618 billion by 2030, an annual growth rate of 7 per cent, outpacing the global average of 5 per cent by a significant 2 percentage points.

Vietnam’s import-export value in the first five months of this year was estimated at 262.54 billion USD, down 14.7% year-on-year, with a trade surplus of 9.8 billion USD, the General Statistics Office (GSO) announced on May 29.

Last year over 3.5 billion USD was spent importing CBU (completely built unit) mobile phones in Vietnam, with 1.6 billion USD for iPhones alone.

Vietnam produced a trade surplus of US$6.35 billion in the first four months of the year, announced the General Statistics Office (GSO) on April 29.

Hanoi was named among the country’s top 10 localities in exports in 2022 in the latest annual report on imports and exports unveiled by the Ministry of Industry and Trae (MoIT) on April 27.

The MXV Index has at times witnessed a sharp fall of 10 percent compared with late last year.

Inflation is still high in many countries, leading to the trend of monetary tightening and interest rates which are expected to continue to increase in the first half of the year.

Imported seafood is no longer the food of the rich. Vietnamese are consuming more seafood from Japan, Australia, South Korea and Canada.

Despite decreases in both imports and exports, the country still enjoyed a trade surplus of 3.6 billion USD in the first month of 2023, according to the General Statistics Office (GSO).

Vietnam has been continuously listed among the group of 30 countries and territories with the largest import and export value on a global scale, according to the rankings compiled by the World Trade Organization (WTO).

The country’s exports amounted to US$342.2 billion while its import spending totaled US$331.6 billion between January and November, generating a trade surplus of US$10.6 billion, according to the General Statistics Office of Vietnam.