Vietnam may not reach 6% export growth target: Stakeholders

15 Mar '23

2 min read

Pic: Shutterstock/ Duc Huy Nguyen

Vietnam is facing challenges in achieving its export growth target of 6 per cent in 2023, stakeholders have warned. The global demand for Vietnamese products has decreased, leading to a reduction in orders for the country’s primary exports compared to the previous year.

Data from the General Department of Vietnam Customs shows that textile exports have declined by 19.6 per cent to $4.55 billion, while footwear exports have dropped by 15.8 per cent to $2.76 billion. This decline has put pressure on the Vietnamese government to find solutions to support businesses and bolster the country’s exports, according to local media reports.

To help companies during this challenging period, the Ministry of Industry and Trade (MoIT) has implemented various measures, such as trade promotional and networking events. The ministry has also urged Vietnam’s trade representative offices overseas to increase their efforts to assist businesses in entering new markets and resolving ongoing issues with their entry.

The MoIT has recommended that companies explore new markets, particularly in the Middle East, Eastern Europe, Latin America, and South Asia, as they wait for traditional markets such as the US, the EU, and Japan to recover.

The government hopes that these measures will help businesses overcome the difficulties they face and contribute to the country's economic growth.

Fibre2Fashion News Desk (NB)

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