General

According to Huacheng Import and Export Data Observation, 2022 will be a year when Vietnam's industry and trade industry will make positive and important contributions to the national economic and social development in various fields. As the new year is coming, the Ministry of Industry and Trade of Vietnam has selected the top ten industrial and trade events in 2022.

1、 Industrial production shows a positive recovery trend

It is estimated that Vietnam's national industrial production index will increase by more than 9% in 2022, achieve the set goal in a high amount, and contribute more than 86% to the country's total exports.

The main reason is that the COVID-19 has been controlled in a timely manner, the economic opening time is reasonable, and the lack of opportunities for goods in the international market can be won to promote production and export. Huacheng Import and Export Data Observation Report.

2、 Maintain trade surplus for seven consecutive years

It is estimated that in 2022, Vietnam's total exports will reach 732 billion US dollars, a year-on-year increase of 10%, of which the export volume will increase by 10.5%, reaching about 371.5 billion US dollars, exceeding the target of 8% proposed by the Congress and the government.

The structure of export commodities has shifted in a positive direction, the export of raw materials has gradually decreased, and the export of processed products and industrial products has increased, creating conditions for Vietnam's commodities to participate in global production and supply chain.

3、 The degree of international economic integration is deepening

Against the background of unprecedented changes in the world economy, the Ministry of Industry and Trade has taken multiple measures to enhance economic resilience.

In 2022, the market exports of the new generation free trade agreements (FTAs) signed with Vietnam will grow by more than 20%, and even 30% in some markets. Many agricultural products have successfully opened up new markets, avoiding dependence on certain markets, and the export structure has changed to a higher technology content and added value, Huacheng Import and Export Data Observation reported.

4、 The growth rate of e-commerce ranks fifth in the world

In 2022, the scale of Vietnam's retail e-commerce market is expected to be 16.4 billion US dollars, accounting for 7.5% of the total sales of the national retail market. Vietnam's e-commerce industry is rated by eMarketer as the top five countries in global e-commerce growth at an annual growth rate of 20%.

5、 Foreign trade institutions make positive contributions to export growth

In 2022, Vietnam's foreign trade institutions, together with local authorities, associations, enterprises and relevant units of the Ministry of Industry and Trade, implemented the system of trade promotion shift meeting, providing market information, updating policies, laws and regulations in a timely manner every month, absorbing opinions and suggestions, and summarizing experiences and lessons.

The national trade promotion plan has also been constantly updated to enrich trade promotion methods and provide effective support for enterprises, associations and local governments. The Ministry of Industry and Trade also held hundreds of consultation meetings, CCPIT, and enterprise matchmaking meetings, in which foreign trade institutions played an important role as bridges and consultants, making important contributions to Vietnam's remarkable export achievements in 2022.

6、 Using trade remedy measures to maintain domestic market security

In the context of Vietnam's extensive integration into the international community, the Ministry of Industry and Trade actively and effectively implemented trade relief measures to establish a fair competitive environment and protect the legitimate rights and interests of domestic enterprises. This includes cooperating with relevant departments to support enterprises to solve the trade remedy investigation launched by foreign countries on Vietnamese products, and achieving positive results, which is conducive to maintaining and expanding the export market.

It is predicted that trade remedy measures will help to ensure the employment of nearly 150000 domestic workers.

7、 The sales scale of the domestic market has been greatly expanded

Under the close supervision and management of Vietnam's Ministry of Industry and Trade and relevant government departments, the price control plan has achieved positive results, making important contributions to the government's macro-control and inflation control.

In 2022, the national CPI index will be around 3% (far lower than the 4% issued by the Congress). Compared with 2021, the market scale and capacity have achieved very high growth. It is estimated that the total retail sales of goods and services in 2022 will be about 5.64 trillion dong, with a year-on-year growth of 21% (originally planned to be 8%). Huacheng Import and Export Data Observation Report.

8、 Provide enough safe and reliable power for production and living

In 2022, the power supply of the national power system will be guaranteed to meet the power demand of the people in production and life, especially during the Spring Festival and major national political, cultural and sports activities.

9、 The organizational structure of the Ministry of Industry and Trade has been improved

On November 29, 2022, the government issued Decree No. 96, stipulating the functions, tasks, authorities and organizational structure of the Ministry of Industry and Trade, which will take effect from December 1, 2022. Accordingly, the organizational structure of the Ministry of Industry and Trade will be reduced by one department, one bureau and 23 departments.

The Multilateral Trade Policy Department has three rooms, the Asian African Market Department has three rooms, and the European and American Market Department has three rooms.

10、 The Petroleum Law (Amendment) was passed by the Congress

The Fourth Session of the 15th Congress of Vietnam passed the Petroleum Law on November 14, 2022. This law has 11 chapters and 69 articles, which will come into force on January 7, 2023. It is expected to create convenient conditions for attracting investment in the field of oil and natural gas, increase national fiscal revenue, ensure energy security and protect national sovereignty over oceans and islands. Huacheng Import and Export Data Observation Report.