Strategy for importing-exporting Vietnamese goods to 2030

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On April 19, 2022, the Government issued Decision No. 493/QD-TTg approving the Strategy for import – export of goods to 2030 with the goal of sustainable import – export with a balanced, harmonious structure, promote competitive advantages, comparative advantages, develop brands of Vietnamese goods, improve the country’s position in the global value chain, to be the motivation for fast and sustainable economic growth.

Illustration. Source: Internet

In order to achieve the set goals, in the coming time, in addition to implementing a number of solution tasks set out in Decision No. 493/QD-TTg, it is necessary to focus on a number of key tasks.

Promoting import – export of goods contributing to economic recovery and growth

Developing import – export in accordance with a sustainable and reasonable growth model, associated with the policy of international economic integration and the process of trade liberalization of Vietnam over the past time is a consistent and transnational policy and throughout the Party and Government.

In recent years, especially before the impact of the COVID-19 pandemic, which has stalled consumption, entertainment and tourism activities, reduced consumer demand and caused disruptions in the global supply chain, Vietnam’s import – export still achieved very positive results. In particular, in terms of growth scale, Vietnam’s total import – export turnover officially surpassed the USD 500 billion mark in December 2019.

Exports recorded a strong growth in size, from $162 billion in 2016 to $281.5 billion in 2020. Export growth in the period 2016 to 2020 averaged 12.5%/year. From 2016 up to now, the trade balance has always achieved a surplus with the trade surplus increasing gradually over the years. Specifically, in 2016 the trade surplus increased from 1.77 billion USD to 2.1 billion USD in 2017; 6.8 billion USD in 2018 to 10.9 billion USD in 2019 and 2020 continue to record 19.1 billion USD.

In 2021, although the situation of the COVID-19 epidemic is much more complicated, the total export – import turnover of goods for the whole year reached a record number of USD 668.54 billion, up 22.6% compared to 2020, in which exports increased by 19%; imports increased by 26.5%. In the first 3 months of 2022, goods import and export activities recovered strongly with the total import and export turnover of US$ 176.35 billion, up 14.4% over the same period last year, of which export and import turnover reached US$ 176.35 billion. exports increased by 12.9%; imports increased by 15.9%.

In order to promote import – export activities by 2030 to promote rapid and sustainable economic growth of the country, on April 19, 2022, the Government issued Decision No. 493/QD-TTg approving Commodity import – export strategy to 2030. With the goal of sustainable import – export development with a balanced and harmonious structure, promoting competitive and comparative advantages, developing the brand of Vietnamese goods, improve the country’s position in the global value chain, to be the motivation for fast and sustainable economic growth, the Government has set many specific goals such as:

– Commodity export growth rate is 6 to 7%/year on average in the period of 2021 to 2030, of which in the period of 2021 to 2025, average export growth is 8 to 9%/year; the period 2026 to 2030 average growth of 5 to 6%/year.

– The average growth rate of goods imports is 5 to 6%/year in the period 2021 to 2030, in which the average import growth rate is 7 to 8%/year in the period 2021 to 2025; the period 2026 to 2030 average growth of 4 to 5%/year.

– Increase the proportion of exported processed and manufactured industrial goods to 88% of total export turnover by 2025 and 90% by 2030; in which, the export proportion of medium and high-tech goods will reach about 65% by 2025 and 70% by 2030.

– Increase the proportion of export markets in the EU to 16 to 17% of total export turnover by 2025 and 18 to 19% by 2030; the Americas to 32 to 34% of total export turnover by 2025 and 33 to 34% by 2030; the share of export market in Asia is about 49 to 50% in 2025 and 46 to 47% in 2030.

– Increase the proportion of import market from the EU to 8 to 9% of total import turnover by 2025 and 10 to 11% by 2030; the Americas region to 8 to 9% of total import turnover by 2025 and 10 to 11% by 2030; reduce the share of the import market from Asia to about 78% of total import turnover by 2025 and 75% by 2030.

Difficulties, challenges

However, it is also necessary to clearly recognize a number of difficulties, challenges affecting the import – export activities of Vietnam from up to now to 2030, such as:

First of all, the COVID-19 pandemic may continue to develop in a complicated and prolonged manner and generate new variations. This may affect global trade and trade activities, thereby affecting the needs of Vietnam’s traditional and potential import – export markets.

Second, state management of import – export activities will face many difficulties due to the increasingly large scale of import – export. With the increasing economic openness and the participation in many free trade agreements, it will also cause many difficulties for management, administration activities to both create favorable conditions for the business community but also management, inspection to ensure compliance with the provisions of law.

Third, import – export activities continue to face many problems such as: Technical factors, rules of origin of goods, origin of imports; technical regulations, goods quality standards of goods, environment for export of goods; all domestic production and sustainable supply…

Fourth, economic integration also brings potential risks to import – export activities such as the fact that a large amount of foreign goods can be transported through Vietnam to cheat the origin; protectionist, trade remedies will be applied more and more by countries…

Proposed Solutions

In the coming time, in addition to implementing the solutions set out in the Commodity Import-Export Strategy to 2030, it is necessary to urgently implement the following key solutions:

Firstly, perfecting the institution, strengthening the state management in the organization of import and export activities

Facing the country’s policy of economic integration, Vietnam’s import – export activities in recent years have continued to grow in value and scale. In that context, it is necessary to continue to improve institutions, strengthen state management in the organization of import – export activities in order to facilitate trade, combat trade fraud and move towards fair trade. Some of the following should be focused on:

– Institutional reform, improving business investment environment, reforming administrative procedures, creating a competitive environment.

– Guiding, supporting businesses to apply and achieve certificates of green growth, sustainable growth, in accordance with international standards and standards of target markets.

– Finalize laws, policies on trade remedies, consider amending relevant legal documents in the field of trade remedies or study and develop the Law on Trade Remedies. Strengthen inspection, supervision and handling of environmental protection violations in import – export activities, violations of trade fraud, origin fraud and evasion of trade remedies.

Second, to develop production, create a sustainable supply for export

For industrial production: It is necessary to restructure industries associated with digital transformation, especially in the processing, manufacturing industries in order to create a breakthrough and new motivate for growth in production, export. Remove barriers in legal system and economic, financial policies for science – technology and innovation activities, encourage projects, research on new materials, production and export environmentally friendly products, products with high innovation content.

For agricultural production: Implement the agricultural restructuring plan in association with digital transformation, digital economy development, develop a green, clean, sustainable production, develop tourism and cuisine; To adopt policies to develop agricultural production for each level of key products: (i) National product; (ii) Local products; (iii) OCOP products; the policy of building a concentrated production area of raw materials – applying advanced technical processes for the processing of agricultural products for export. Besides, developing preservation technology to increase added value for processed agricultural products; promote the implementation, application of traceability system for agricultural, aquatic products for export.

Third, develop export, import markets

Developing export, import markets is very important in Vietnam’s import – export strategy to ensure sustainable growth in the long term. Accordingly, it is necessary to focus on the following contents:

– Building, consolidating and developing economic, trade cooperation relations with other countries through effective implementation of commitments in free trade agreements; negotiating Free Trade Agreements with partners approved by the Government, focusing on partners with large market capacity and willingness to open the market for Vietnamese goods; feasibility study on negotiating, signing preferential trade agreements with a number of potential new partners.

– Improve capacity and strengthen monitoring, market research, forecasting, updating of changes in trade policies, non-tariff barriers in export markets.

– Promoting Vietnamese enterprises to directly participate in goods distribution networks in foreign markets.

– Strengthening measures to support the protection of intellectual property and geographical indications of Vietnam’s potential export products in key foreign markets; strengthen propaganda, training on intellectual property for import-export enterprises.

– Consolidate the organization and improve the capacity of the trade promotion network in the country and abroad in order to promote trade promotion at the Government, industry, local and enterprise levels.

– Implement export – import promotion plans according to the strategic orientation of key market groups, priority product groups in each period. Innovating, diversifying trade promotion methods for import and export through accelerating the application of information technology and digital transformation in trade promotion activities, effectively combining promotional activities with other trade promotion activities. trade promotion with investment promotion, culture, tourism…

Fourth, enhancing the role of industry associations and nuclear enterprises, promoting the formation of large-scale export value chains.

Continue to promote the role of the industry association as a bridge between state management agencies and businesses, protecting the legitimate rights and interests of businesses in international trade disputes. In addition, it is necessary to focus on developing private enterprises, supporting export enterprises to overcome barriers and trade remedies in foreign markets. Strengthening the connection between foreign-invested enterprises and domestic enterprises, creating spillover, co-linking, cooperation and development…

Tài liệu tham khảo:

  1. Thủ tướng Chính phủ (2022), Quyết định số 493/QĐ-TTg ngày 19/4/2022 phê duyệt Chiến lược xuất nhập khẩu hàng hóa đến năm 2030;
  2. Trần Thị Thu Hiền (2022), Cơ hội và thách thức đối với xuất khẩu hàng hóa việt nam khi tham gia các fta thế hệ mới. Viện Nghiên cứu Chiến lược, Bộ Công Thương;
  3. Ngọc Diệp (2022), Xuất khẩu năm 2022: Những thuận lợi và khó khăn. Báo Thời nay;
  4. Xuất nhập khẩu giai đoạn 2016-2020: Dấu ấn chuyển mình của các doanh nghiệp trong nước, Tạp chí Công Thương, 2021.

(*) ThS. Bùi Thị Quỳnh Trang – Viện Đào tạo Quốc tế, Trường Đại học Thương mại.

(**) Bài đăng trên Tạp chí Tài chính kỳ 1 – tháng 5/2022.

Source of Finance: http://tapchitaichinh.vn