The comments were made at the “Briefing Session on Trade Promotion with Vietnam’s Overseas Trade Bureau System in October 2022” on October 31, 2022, chaired by the Ministry of Industry and Trade in cooperation with other ministries and sectors, organized by local industry associations.

THE LEFT MONTHS ARE VIEWED WITH MANY MANY THE DIFFERENCES

According to the Ministry of Industry and Trade, the goods export turnover was estimated at US$30.27 billion in October 2022, rising 1.5% month-on-month and increasing 4.5% year-on-year.

In general, goods export turnover was estimated at US$312.82 billion in the first 10 months of 2022, up 15.9% from the same period last year.

In terms of the structure of export product groups in the first 10 months of 2022, the group of processed industrial products accounted for 89.1%. Imported goods revenue in October 2022 was estimated at US$28 billion, down 1.4% month-on-month and increasing 7.1% year-on-year.

The United States is Vietnam’s largest export market with an estimated turnover of US$93.4 billion. China is Vietnam’s largest import market with an estimated turnover of US$100.7 billion.

The balance of trade in goods in October 2022 was estimated at a trade surplus of USD 2.27 billion. In the first 10 months of 2022, the goods trade balance is estimated at a trade surplus of USD 9.4 billion (in the same period last year the trade deficit is USD 0.63 billion).

However, for the remainder of 2022, the main export industries continue to face many difficulties and challenges: rising inflation in many market areas, the risk of economic recession. There are many uncertainties, especially in the EU, USA and China are large and important export markets for Vietnam.

According to the World Bank in Vietnam, uncertainties related to the slowdown in the global economy, rising domestic inflation and tightening conditions for global financial mobilization are mounting.

With the economy not fully recovering and growth in key export markets expected to slow, we must proactively respond to market fluctuations by regularly monitoring and updating market information, adjusting import and export schedules to take advantage of new market opportunities, and Avoiding risks, in particular the effects of adjusting fiscal and monetary policies.

EXPANDING OPPORTUNITIES IN NEW MARKETS, STRONG PRODUCTS

Mr. Vu Ba Phu, director of the Department of Trade Promotion (Ministry of Industry and Trade), said the challenges in the period ahead are very clear, such as the trend of high inflation in the world, which will lead to foreign central banks’ interest going to raise prizes to collect money.

This indirectly reduces demand as well as the ability of consumers around the world to pay, disruptions in the supply chain…Vietnam’s export results risk slowing.

Therefore, in order to maintain the level of imports and exports in the coming period and to overcome the difficulties related to the many swings of the world in the opposite direction to our economy, trade promotion activities must be carried out.

Especially in niche markets, new markets for products that match the strengths and capabilities of Vietnamese companies, such as African market, Middle East, Far East of Russia, Central Asia and America purely…

The Vietnam Trade Office branch in Nanning, China suggested that in the context of the limited trade promotion budget, we need to develop a plan with a focus on some product lines or product groups with export strengths in order to avoid spillover effects on other groups of the same type.

As with the Chinese market, consider focusing on promoting image building for Vietnamese durian and mangosteen (two products that cannot be made in China) by organizing a week of Vietnamese agricultural history, culture and cuisine via durian , mangosteen, etc. to create a brand for Vietnamese goods, thus helping to create Vietnamese goods spillover effect for other Vietnamese fruit products in the Chinese market.

It is necessary for companies to actively work with import partners to build and promote the image of the company and its key products, in addition to mastering and meeting the inspection requirements, the quality of the Chinese market.

At the same time, actively build a direct communication channel with the Commerce Bureau based on understanding the export needs of local companies. There is effective coordination with trade offices in the process of connecting foreign importers with local exporters.

Mr. Nguyen Manh Hung, head of the Vietnam Trade Promotion Office in New York, recommends companies to use the strengths of regional specialties and competitive advantages. At the same time meeting the different needs of customer groups (Asian, African, Latino communities).

In addition, close cooperation with trade associations, retail chains and importers. Compliance with registration, labelling, traceability and quality requirements. Pay attention to labor, environmental and social standards.

Businesses wishing to export to the United States must register to comply with FDA regulations and U.S. consulting firm records, or if businesses require information, consulting firms may contact Contact the Office to inquire about availability.