Vietnam's import and export strategy from 2022 to 2030

Proportion of exports of the manufacturing industry by 2030

According to Article 1 of the Decision No. 493/QD-TTg in 2022, the specific goals of the goods import and export strategy by 2030 are as follows:

- Stable export and import, healthy and reasonable trade balance:

+ The annual export growth rate will be 6-7% in the 2021-2030 period, with an annual export growth rate of 8-9% in the 2021-2025 period and 5-6% in the 2026-2030 period.

+ The annual import growth rate will be 5-6% in the 2021-2030 period, with 7-8% in the 2021-2025 period and 4-5% in the 2026-2030 period.

+ Balance trade in the period 2021 – 2025 with a view to maintaining the sustainable trade surplus during 2026 – 2030 with a view to achieving healthy and reasonable trade balance with key trade partners.

- Sustainable development of export and import with the structure of commodities and balanced and harmonious market:

+ To increase the rate of export-processing and manufacturing industry to 88% of the total export value by 2025 and 90% by 2030; in which the export rate of medium-tech commodities will reach around 65% by 2025 and 70% by 2030.

+ To increase the export market share in European region to 16-17% of the total export turnover by 2025 and 18-19% by 2030; the uropean region to 32-33% of the total export turnover by 2025 and 33-34% by 2030; the export market share in the Asian region will be around 49-50% by 2025 and 46-47% by 2030.

+ To increase the rate of import market from European to 8-9% of the total import turnover by 2025 and 10-11% by 2030; in the American to 8-9% of the total import turnover by 2025 and 10-11% by 2030; to reduce the rate of import market from Asian to 78% of the total import turnover by 2025 and 75% by 2030.

Accordingly, the import and export strategy will be divided into two following objectives by 2030:

- The growth rate is set for the period from 2021 to 2030 which is expected to be from 5% to 6% for the average growth rate of import and export of goods and from 6% to 7% for the average growth rate of export of goods. In addition, this is the balance of trade in the period 2021-2025 towards sustained trade surplus in the period 2026-2030.

- Commodity and market objectives: To increase the import ratio from Europe and America; to reduce the import ratio from Asia. In addition, it is expected that an increase in the proportion of products of the manufacturing industry in which the average technology products are required to reach approximately 65% by 2025 and 70% by 2030.

Vietnam's import and export strategy from 2022 to 2030

Markets to which Vietnam will increase its export in the 2022 period to 2030

Pursuant to Section III Article 1 of the Decision No. 493/QD-TTg in 2022, the orientation of the import-export market to 2030 is as follows:

"III. ORIENTATIONS FOR GOODS IMPORT AND EXPORT

…

3. Orientations for development of export and import markets

- To diversify markets and avoid reliance on a single market area, striving for a healthy and rational bilateral trade balance, ensuring sustainable growth in the long term.

- Make effective use of market opening opportunities from international economic integration commitments in free trade agreements to promote export to major markets such as EU, Japan, China, Korea and ASEAN, etc.

- To promote the exploitation of potential markets such as the United States, Russia, Eastern Europe, Northern Europe, India, African, Middle Eastern and Latin American to build stable and long-term trade frameworks.

- Continue to restructure the import market towards reducing the proportion of import from low-technology and intermediary technology markets, and increase the proportion of import from source technology markets."

Thus, Vietnam will diversify import-export markets to avoid overdependence on a single market. In addition, Vietnam will further promote the exploitation of potential markets such as the United States, Russia and India, and Latin America, etc.

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