In the initial three quarters of 2023, Vietnam’s exports encountered notable hurdles, largely stemming from sluggish expansion in both the US and EU markets, collectively representing around 40% of Vietnam’s goods exports. Nevertheless, a more in-depth examination of the data uncovers a more complex perspective.
According to the General Customs Department, Vietnam’s total export turnover in the first 9 month of 2023 was estimated at US$259.7 billion, signifying an 8.2% decrease compared to the same period in 2022. Particularly, the domestic sector recorded a turnover of US$68.9 billion, contributing 26.5% to the total export turnover. Meanwhile, foreign-invested companies’ exports reached US$190.8 billion, constituting 73.5% of the total export turnover.
Despite the challenges, there are positive signs. Quarter-over-quarter growth showed an encouraging trend, with Q2 witnessing an 8.1% increase compared to Q1, and Q3 achieving a growth rate of 10.3% compared to Q2. This suggests resilience and adaptability within Vietnam’s export sector.
Looking at major product groups, six categories with export turnover exceeding US$10 billion, such as computers, phones, machinery, textile and garment, footwear, and transportation vehicles, accounted for a substantial 62.2% of the total export turnover. Notably, high-value commodities such as transportation vehicles and cameras are among the few manufactured goods that maintained positive growth at 16.7% and 6.4% respectively. This shift towards more technologically advanced and value-added products is a testament to the country’s increasing expertise and competitiveness on the international stage.
Though most major markets experienced a downturn in the first three quarters of 2023, China stood as an exception, exhibiting 2.1% of growth as part of Vietnam’s exports. This growth was primarily driven by the substantial volume of agricultural products exported to China.
Source: General Customs Department
Looking ahead, there’s optimism for a robust finish in Vietnam’s exports in the final quarter of 2023. Anticipated factors include diminishing inflation in major economies, heightened year-end consumer demand, and the advantageous shift of production from China to Vietnam by multinational corporations. These dynamics suggest that Vietnam is well-poised to capitalize on emerging opportunities and continue its dynamic journey in the global trade landscape.
