Thanks to the government's flexible policies and the efforts of companies to expand their export markets, the country's foreign trade showed impressive growth last year, exceeding 700 billion USD for the first time.
700 billion USD
In 2022, the import-export value of goods reached 732.5 billion USD, up 9.5% compared to 2021, informed Nguyên Thi Huong, head of the General Statistics Office.
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Exports amounted to 371.85 billion USD, and imports, 360.65 billion, up 10.6% and 8.4% respectively year-on-year. As a result, the trade balance in 2022 showed a trade surplus of USD 11.2 billion, she said. In 2022, 36 products earned more than $1 billion each through their exports, including eight with more than $10 billion each. At the same time, 46 imported products had a turnover of more than 1 billion USD each.
Vietnam is one of the "most open" country in Asia.
It exports electronic devices, integrated circuits and electronic micro-assemblies, footwear, technological products and machinery. Its imports are mainly electronic integrated circuits, semiconductor materials, etc.
Vietnam Top Business Partner 2023
Vietnam's main trading partners are the United States, China, Japan and the Republic of Korea.
The Vietnamese economic model remains highly dependent on foreign investment and exports, particularly to the United States and China. Vietnamese trade is characterized by a certain geographical inequality: the country has a trade surplus with Western countries, but has a trade balance deficit with some of its Asian neighbors. To pursue its development, the country must continue to increase the value of its exports and diversify its products.