Vietnam's economy has just gone through a difficult year. In the general difficult situation, the economic growth slowed down, many plans of the business community were forced to reset to match the actual situation. Resolution No. 128/NQ-CP provisionally stipulating "Safely adapting, flexibly, effectively controlling the Covid-19 epidemic" issued by the Government in the last months of the year has brought about the more favorable condition for economic development, circulation of goods, business for people and businesses, helping to restore the economy strongly.
The fact of production in the last months of the year with the highlight of open export market, which helps enterprises to be more optimistic about the prospects in the new year.
In the midst of difficulties, businesses are
still optimistic about the prospect of production recovery in 2022
Exports continue to be expected
In the context that all countries are affected by the Covid-19 epidemic, Vietnam's exports still have a very positive growth. In 2021, the country's export turnover reached US$336.25 billion, up 19% compared to 2020. There are 8 export items of over US$10 billion, accounting for 69.7%. Vietnam has a trade surplus of US$4 billion worth of goods.
During the year, thanks to great efforts from the Government, the business community as well as the results of the implementation of free trade agreements (FTAs) have greatly supported businesses to cope with difficulties caused by the pandemic. Market structure and structure of export and import goods have changed strongly and positively. Commodities are increasingly diversified and groups of processed industrial products account for 86% of the country's export value, while raw materials and minerals continue to decline in proportion. The export and import market of Vietnam's goods continues to expand and diversify. This brings better balance and autonomy to import and export activities in the context of disrupted domestic and world production and supply chains. Enterprises have exploited and made better use of opportunities from international economic integration, participating in FTAs to develop import and export markets.
In Dong Nai, there are disturbances in the export market depending on the disease spread of the province as well as the whole country. In the first 6 months of 2021, exports had breakthroughs when reaching nearly US$11.6 billion, up 34.17% over the same period in 2020. However, since July 2021, the export value decreased because localities had to apply social distancing in some areas to prevent and control the epidemic. Export-manufacturing factories also had to limit production, reduce capacity, separate shifts and worker group, and even many companies had to temporarily close during the 3rd Quarter of the year, so exports during this period decreased. This is also the time when the local economy as well as the whole country sharply fell. In the 4th Quarter, exports recovered strongly, especially in the last 2 months of the year. This has brought the export turnover for Dong Nai for the whole year 2021 to more than US$21.8 billion, up 16.16% compared to 2020, exceeding the set target of 8.1% - 8.5% increase. The goods trade balance in 2021 has a trade surplus of US$3.15 billion, despite facing difficulties due to the impact of the epidemic, Dong Nai still has a high trade surplus.
To make the "spearhead" of exports become more balanced
According to economic experts, although there have been some impressive results in the period affected by the Covid-19 epidemic, objectively, exports still have limitations. Specifically, Vietnam is still passive in responding to adverse developments in the international market and is too dependent on a number of import and export markets, which have also made the growth of export and import has not yet met the expectation. In addition, import and export activities are still mainly focused on foreign-invested enterprises. While the domestic economic sector reached US$88.71 billion, accounting for 26.4% of total export turnover, the FDI sector reached US$247.54 billion, accounting for 73.6%. In Dong Nai, the situation is similar, the foreign-invested economy accounts for more than US$17 billion of the total export of US$21.8 billion. Some key markets such as the U.S., China, Japan, and South Korea have accounted for over 50% of Dong Nai's total exports.
To well take advantage of the market, Director Tran Ba Phu of the Trade Promotion Department, Ministry of Industry and Trade said that the Ministry of Industry and Trade has supported the organization of more than 1,000 online conferences or combined face-to-face and online meetings nationwide on trade promotion for businesses in the digital environment. In addition, the participation and organization of domestic and international fairs and exhibitions are also organized online by the Ministry of Industry and Trade. This is consistent with the economic context during the epidemic period and is also a trend that continues to be implemented in line with the national digital transformation and international trade trends. Promotion in the digital environment has helped export enterprises save costs, increase speed, shorten distance and time, and increase the scope and quantity of market access and potential customers.
Phan Anh
Reader Comments
Newer articles
Older articles
Today
Total
