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| Illustrative photo (Source: baodautu.vn) |
Michele Wee, CEO of Standard Chartered Vietnam, said that Vietnam holds tremendous potential to be a global trading hub.
Compared with the report released by Standard Chartered in 2021, which expected Vietnam's exports to reach more than USD535 billion by 2030, after only 2 years, the forecast has increased by USD83 billion.
On the import side, Standard Chartered estimated that by 2030, Vietnam's import turnover will be USD578 billion, an average increase of 6.9% per year. Thus, Vietnam's trade balance continues to have a surplus, but this mainly belongs to FDI enterprises.
China, the Republic of Korea and the US remain important trading partners of Vietnam in the coming years. These three markets imported from Vietnam USD171 billion in 2022. Besides, trade with India, Singapore and Indonesia is forecasted to grow strongly in the period 2021-2030.
With increasing international trade activities, Vietnam has emerged as an important production location, attracting FDI from Japan, the Republic of Korea, the US, and the EU. The fields of machinery and electrical equipment, textiles and electronics will continue to make great contributions to exports.
According to Ms. Michele Wee, the world's growing demand for electronic products, investment activities and sustainable development initiatives will continue to boost Vietnam's exports of key commodities.
In 2022, the electronics industry alone contributed to export turnover of over USD100 billion out of the total turnover of USD371.3 billion of the whole economy. With investment incentive policies, FDI enterprises expanding investment in this industry is the basis for impressive growth in export turnover.
One positive move was that Korean President Yoon Suk-yeol had a visit to Vietnam on June 22-24, accompanied by leading corporations including Samsung Electronics, SK, Hyundai Motor, LG and Lotte. All five of these groups have invested a large amount of capital in Vietnam and are preparing to expand their investment, in which, Samsung alone will invest an additional USD3.3 billion in Vietnam.
Meanwhile, the textile and garment and footwear industries also contributed over USD71 billion last year. In the Development Strategy of Vietnam's textile, garment and footwear industry, an export target of USD108 billion by 2030 is also set.
In addition, being a large open economy, 15 free trade agreements (FTAs) in force have brought Vietnam many advantages, helping to promote exports, strengthen value chains in other sectors, as well as creating many jobs.
Assessing the impact of FTAs on exports, Mr. Do Thang Hai, Deputy Minister of Industry and Trade, said that a series of new generation FTAs have undergone initial implementation. Businesses have made better use of the incentives, and adapt quickly and flexibly in diversifying markets.
These factors have created confidence to be optimistic about Vietnam's trade growth prospects in the future./.