According to preliminary statistics of the General Department of Customs, during the Lunar New Year in 2023 (7 days from January 20 to January 26, 2023), there were 769 Vietnamese enterprises participating in import and export activities nationwide. Within 7 days of the public holiday, the total value of imported and exported goods of the whole country reached 1.65 billion USD, of which export reached 1.04 billion USD; 1.7 times higher than the figure of 0.61 billion USD for import value. During the same period, there were a total of 8,500 import and export declarations registered at 123 Customs Sub-Departments of 34 Customs Departments of provinces and cities.

From January 1 to the end of January 26, 2023, cumulative preliminary statistics show that the total import-export value of the whole country reached 39.08 billion USD, 29% lower than the same period in 2022; in which, export of goods reached a total value of nearly 20.85 billion USD, 24.2% lower than the same period in 2022 and import of goods reached a total value of 18.23 billion USD, 33.8% lower. Thus, from the beginning of the year to the end of January 26, 2023, Vietnam had a trade surplus of 2.62 billion USD.

79 countries imported from Vietnam, with China being the biggest market

During the Lunar New Year in 2023, Vietnamese goods have been exported to all 79 countries and territories. In which, the biggest export market is China with a value of 259.4 million USD, accounting for 24.9% of the total export value; followed by markets: the US with 137.7 million USD (accounting for 13.2%), South Korea with 73.4 million USD (accounting for 7%), the UK with 61.8 million USD (accounting for nearly 6%), etc.

The main export categories of Vietnam include phones and components worth 702.5 million USD, accounting for 67.4%; computers, electronic devices and components worth 168.4 million USD, accounting for 16.2%; followed by machinery and equipment with USD 69 million, accounting for 6.6%, etc. Thus, the total export value of the three largest categories of goods accounted for 90.2% of the total export value.

Import from Korea reached 240.8 million USD, accounting for 39.4% of the total import value

During this public holiday, Vietnamese enterprises imported goods originating from 62 countries and territories, of which the main import market was Korea with 240.8 million USD, accounting for 39.4% of the total import value; followed by goods originating from China with 140.4 million USD (accounting for 23%), Japan with 35.5 million USD (accounting for 5.8%), Indonesia with 31.6 million USD (accounting for 5.2%), etc.

The main imported categories are computers, electronic devices and components worth 319.3 million USD, accounting for more than 50% of the total import value; followed by the category of petroleum products with 53.9 million USD, accounting for 8.8%, the category of phones and components worth 39.2 million USD, accounting for 6.4%, etc. Thus, these three largest commodity groups accounted for 67.5% of the total import value during this public holiday period.

2023 – forecasted challenges for small and medium enterprises (SMEs)

It can be seen that Vietnamese enterprises are still making good use of their advantages with key export categories including mobile phones and components; computer products, electronic devices and components; and the category of machinery and equipment. However, 2023 is forecasted to bring challenges for Vietnamese businesses, especially SMEs when Vietnam's major import and export markets such as China, Korea, and the United States are forecasted to narrow down due to the impact of world economic and political instability. News will be updated to readers in the upcoming articles of GroBanc.

As a B2B networking platform, GroBanc hopes to become a strategic partner to help import and export enterprises, especially SMEs, find customers and suppliers, not only in Vietnam but also on a global scale. Besides, GroBanc also provides financial and digital solutions to help exporters and importers operate efficiently and develop sustainably.

GroBanc – The Finance and Growth Hub for SMEs

Source: Industry and Trade Magazine (2023)