General

According to Huacheng Import and Export Data Observation, Vietnam's economic growth forecast for 2023 continues to be among the top in Southeast Asia. However, international organizations have pointed out that due to the tightening of monetary policies by major central banks around the world, it may affect the export market of Vietnamese goods, leading to a decrease in the driving force of export growth.

According to Huacheng Import and Export Data Observation, in the first two months of this year, the total import and export volume of Vietnamese goods decreased by more than 13% year-on-year, with exports decreasing by 10.4% and imports decreasing by 16%. It is worth noting that Vietnam's largest export market, the United States, saw the largest decline in export volume. The export volume to other key markets such as the European Union, ASEAN, South Korea, and Japan has also decreased compared to the same period last year. The export growth rate of most major industries, such as electronics, computers and components, textiles, footwear, wood and wood products, has all decreased simultaneously.

In addition, the decrease in imports is faster than that of exports, indicating that companies are restricting the import of goods and production materials in the context of slower product output and insufficient orders. The decline in exports has also affected industrial production. In the first two months, both the industrial production index and the growth rate of the processing and manufacturing industry have decreased year-on-year. Huacheng Import and Export Data Observation Report.

In order to achieve the overall economic growth target and even the export target, it is necessary for all ministries, industries, local governments, industry associations, and enterprises to make great efforts in cooperation and management. Based on this, it is necessary to make a determination to implement the measures proposed in the Government Resolution No. 1 of 2023. The policy focus is to continue to track, analyze, and predict changes in the market and trade policies of countries and major partners, in order to take timely response measures; Promote trade promotion, connect supply and demand, and expand export markets; Continue to reform and simplify administrative procedures, improve the legal framework for e-commerce, electronic transactions, and the digital economy; Pay attention to utilizing various free trade agreements (FTAs), especially the new generation of free trade agreements, as reported by Huacheng Import and Export Data Observation.

Due to the decrease in total demand and high inflation in many large economies, market conditions are difficult, and export enterprises must have more flexible access to information and adjust production activities according to market conditions. Enterprises must continue to exert their initiative and creativity, explore new markets, and leverage the advantages brought about by free trade agreements. Huacheng Import and Export Data Observation Report.