Vietnamese businesses could join global supply chains with sound strategies: experts
Hanoi, The Gulf Observer: Imports and exports continue to be a bright spot for Vietnam despite facing numerous difficulties and Vietnamese enterprises can penetrate deeper into the global supply chains with good strategies, according to experts.
Tran Phu Lu, Deputy Director of the Investment and Trade Promotion Centre of Ho Chi Minh City (ITPC), said Vietnam’s economy experienced impressive growth in 2022. In addition to a faster-than-expected recovery in the fields of manufacturing, services and domestic consumption, exports were a main driving force, he said.
The import-export turnover of goods in the first 10 months of 2022 reached 616 billion USD, up 14% over the same period in 2021. Of which, the export value was 312 billion USD, up 15.9 % year-on-year.
A survey conducted by the association showed 63% of Japanese enterprises said they would continue investing in operation expansion in the next 1-2 years, reflecting that investors have great expectations for Vietnam’s economic growth
He cited Ho Chi Minh City as an example, attributing the city’s growth rate of over 9% to the great contribution of import and export activities.
The total export turnover of goods by city enterprises through Ho Chi Minh City ports, including crude oil, in the 10 months of 2022 hit nearly 36 million USD, up 10.1% over the same period in 2021. Commodity groups that have enjoyed robust year-on-year growth are textile and garment, up 42.7%; machinery, tools and spare parts, 33.5%; and seafood products, 69.7%.
China remained the largest export market for Ho Chi Minh City enterprises with 10-month export turnover reaching 8.2 trillion USD, up 7.3% year-on-year. It was followed by the US and Japan, with 6.3 trillion USD and 2.4 trillion USD, respectively.
