1. Global export trends and Vietnam's position
According to the World Trade Organization (WTO), in 2023, total global export turnover reached 23.8 trillion USD, down 5% compared to the previous year. In this context, the fact that Vietnam maintained relative stability with only a slight decrease of 4.6% compared to 2022, equivalent to 17.04 billion USD, is a notable bright spot. Vietnam still maintains its influence in the context of many major economies in the world suffering a deeper decline.
Some key products such as phones and components, textiles, and footwear all witnessed a decline. In particular, phones and components decreased by 5.61 billion USD, textiles decreased by 4.27 billion USD, and footwear decreased by 3.66 billion USD. The decline reflects the difficulties in manufacturing industries that have been hit hard by disruptions to global supply chains, as well as declining demand from major markets.
RANKING Country Global share 2023 (%) Value (billion USD)
1 China 14.2 3,380
2 US 8.5 2,020
3 Germany 7.1 1,688
4 Netherlands 3.9 935
5 Japan 3.0 717
6 Italy 2.8 677
7 France 2.7 648
8 South Korea 2.7 632
9 Mexico 2.5 593
10 Hong Kong 2.4 574
11 Canada 2.4 569
12 Belgium 2.4 562
13 UK 2.2 521
14 UAE 2.1 488
15 Singapore 2.0 476
16 Taiwan 1.8 432
17 India 1.8 432
18 Russia 1.8 424
19 Spain 1.8 423
20 Switzerland 1.8 420
21 Poland 1.6 382
22 Australia 1.6 371
23 Vietnam 1.5 354
24 Brazil 1.4 340
25 Saudi Arabia 1.4 322
26 Malaysia 1.3 313
27 Thailand 1.2 285
28 Indonesia 1.1 259
29 Turkey 1.1 256
30 Czech Republic 1.1 255
World 100 23,784
2. Bright spots in exports
Despite difficulties in many key export sectors, Vietnam still achieved positive results in some important areas. Fruit and vegetable exports increased impressively by 2.24 billion USD, vehicles and components increased by 2.17 billion USD, while rice and cashew also recorded growth of 1.22 billion USD and 558 million USD, respectively. These figures reflect the transformation and diversification of Vietnam's export products, helping to minimize risks from dependence on a few key commodities.
3. Challenges and opportunities from global trade fluctuations
Amid rising trade barriers and protectionist trends around the world, Vietnam's economy has shown remarkable resilience. Factors such as competitive labor costs, a strategic geographical location, and a diverse network of free trade agreements (FTAs) have contributed to increasing Vietnam's competitiveness in the international market. However, facing uncertainties such as trade conflicts and changes in supply chains requires Vietnam to continue to innovate and adapt quickly.
4. The future of Vietnam's export industry
It is forecasted that in the coming years, Vietnam will continue to promote its strategy of diversifying export products and seeking new markets. Building sustainable trade relationships, along with investment in technology and sustainable development, will be the key for Vietnam to continue to affirm its role in the global economy.
