Vietnam’s foreign trade sector struggles as global demand weakens

HCMC – Vietnam’s export sector has encountered a significant slowdown in 2023, with both exports and imports falling at a double-digit rate in January-July, reported the Ministry of Industry and Trade. The country’s total export revenue in July reached US$29.68 billion, up 3.5% compared to the same period last year. In the first seven months of the year, Vietnam’s total export turnover was estimated at US$194.73 billion, a 10.6% decrease from the previous year. Weak global demand has had a significant impact on Vietnam’s imports in the seven-month period, which decreased by 17.1% year-on-year. The Ministry’s efforts aim to support businesses, enhance production, and bolster Vietnam’s export competitiveness amidst prevailing challenges.