Vietnam to face challenge of achieving targeted export growth in 2023

HANOI: Vietnam is facing an uphill battle to achieve its goal of 6 per cent export growth this year amid dwindling global demand, local media reported on Wednesday.

Amid decreasing demand, the country's major exports, such as furniture, footwear and seafood, received far fewer orders than last year, Xinhua news agency reported citing the local media.

Lower demand in the world's major markets on top of a large inventory held by retailers has resulted in fewer orders placed this year, said Cao Huu Hieu, general director of Vinatex, one of the country's largest textile groups.

Several measures have been taken to support businesses, including trade promotional and networking events, according to the Ministry of Industry and Trade.

Vietnam's trade representative offices overseas have been told to step up efforts to help businesses enter new markets and resolve on-going issues with their entry.

The Ministry said while businesses wait for traditional markets such as the US, European Union and Japan to recover, they must seek out other alternatives, especially markets in the Middle East, Eastern Europe, Latin America and South Asia.

Minister of Industry and Trade Nguyen Hong Dien once said that Vietnam's exports will face difficulties due to shrinking markets, falling orders and rising competition.

Last year, the country posted a foreign trade record of $732.5 billion, up 9.5 per cent year on year, with a trade surplus of $11.2 billion, according to the country's General Statistics Office.