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According to import and export data, in the first five months of 2023, Vietnam's total export value is expected to be 136.17 billion US dollars, although it has decreased by 11.6% year-on-year, but the momentum of export has shown signs of recovery. In May 2023, Vietnam's export value is expected to be 29.05 billion US dollars, an increase of 4.3% month on month, a decrease of 5.9% year-on-year, which is significantly slower than last month.

The sharp decline in global demand for non essential consumer goods has led to difficulties in the export of relevant industries, especially the decline in exports of textiles and clothing, footwear, timber, aquatic products, etc. to the United States and the European Union. According to the import and export data, chenqinghai, deputy director of the import and Export Bureau of the Ministry of industry and trade, said that the inflation rate in some markets began to decline and predicted that the export of consumer goods would gradually recover in the coming months. As advanced countries pay more and more attention to security issues, set new standards and technical barriers for export products, and China's reopening has intensified the competition in Vietnam's export market, it is expected that Vietnamese export enterprises will face no small challenges from now to the end of the year.

However, Vietnam's participation in a series of new generation free trade agreements will help enterprises enjoy many preferential tariff policies and improve product competitiveness. It is worth noting that, according to the import and export data, Vietnam's industrial production index has been continuously improving in recent months, and the import of raw and auxiliary materials shows signs of increasing, indicating that the production, import and export situation will be improved and become more positive.

Faced with the declining situation in major markets, some enterprises chose to shift their export markets to Australia, the Middle East, Asia, Arabia, New Zealand and other markets. Although these markets are small, they also make up for the shortage of orders in the main markets.

According to import and export data, in May 2023, Vietnam's exports of agricultural, forestry and fishery products reached US $2.9 billion, up 9.5% month on month and 8.5% year on year. Import and export data show that the export value of vegetables and fruits nearly doubled month on month, and is expected to reach 500million US dollars; The export value of white rice increased by 53.1% to 530million US dollars; Coffee exports increased by 28.5% to 418million US dollars.