Vietnam has set an export target of $454 billion this year—a 12% year-on-year (YoY) rise in spite of recent warnings of slowed exports resulting from global economic constraints. Several analysts believe that reaching this will call for extraordinary efforts from companies and wise policies from regulatory agencies.
Official statistics reveal that the nation exported goods valued at $65.2 billion in the first two months of this year, a 9.9% YoY rise. Meanwhile, imports over the period totalled $62.9 billion, growing by 16% YoY, producing a trade surplus of $235 million, a domestic media site said.
According to Nguyen Anh Son, director general of the Ministry of Industry and Trade’s (MoIT) Agency of Foreign Trade, depending too much on big markets like the United States, the European Union (EU), and China exposes the nation to global political and economic swings.
The textile sector plays a crucial role in Vietnam’s export ambitions, being one of the largest contributors to the economy. With a strong demand for Vietnamese textiles in international markets, the industry significantly boosts employment and enhances the country’s trade balance. However, it also faces challenges, including the need for sustainable practices and compliance with international quality standards.
Apart from physical limitations, especially the inconsistent investment in seaports and transportation systems, which lead to high shipping costs and extended delivery times, Son pointed out that the growing demand for quality and sustainability in external markets presents a problem.
Many businesses find their production planning challenged by inadequate market intelligence, he said.
