Note the export bright spot

At the Export Forum2022 with the theme "New opportunities for exports - taking advantage of opportunities for Vietnamese enterprises to rise up" on December 8, Mr. Tran Phu Lu - Deputy Director of Ho Chi Minh City Investment and Trade Promotion Center. Vietnam's economic recovery is expected to continue in the last two months of 2022, supported by strong economic fundamentals, flexible monetary policy and a recovery, said the Ho Chi Minh City Stock Exchange (ITPC) (ITPC). faster than expected in manufacturing, services and domestic consumption. In the first 11 months of 2022, the country's total import and export turnover of goods reached US$673.82 billion, up 11.8% over the same period last year, exceeding the result in 2021 (US$668.5 billion). In which, exports reached 342.21 billion USD, up 13.4%; imports reached $331.61 billion, up 10.1%. City only. Ho Chi Minh City recorded a "bright spot" in the field of import and export of goods in the first 11 months of 2022, reaching about 40 billion USD, up 10,

Exporting businesses need to quickly adapt to the new business context to ensure sustainable growth

Up to now, Vietnam's export goods have gradually affirmed the quality and brand reputation, especially agricultural, forestry and fishery products, textiles, footwear, phones and accessories, and electronic goods. - items that are accounting for a large proportion in the export structure. The structure of Vietnam's exports has also had a strong shift from raw exports to exports of highly processed products, processed and manufactured industrial products with high added value.

From the perspective of export businesses , Mr. Nguyen Dinh Tung - General Director of Vina T&T Group said that in the business context with the most changes, the current inflation of Vietnam and the world, if predicted, will help Enterprises have more options to adapt to the new situation. Inflation initially affected the export of fruits and agricultural products. The orders of businesses to the US, Australia and Canada have slowed down, the demand of consumers in these countries is quite limited. Therefore, opening new markets and developing the domestic market is still an important and transparent goal of enterprises.

Pursuing the goal of bringing processed food products such as dried vermicelli, dry noodle to the US market, Ms. Nhu Thi Lan Phuong - Sales Director of Tan Nhat Huong Company shared that: Processed food products are still The best growth is after the pandemic so far. It is expected that when signing export orders to the US, the company will focus on importing the main raw materials and rice varieties that meet the standards for processing to export to this potential market.

Restructuring export enterprises to adapt to the new situation

However, with the forecast that the difficulties of the world economy and global trade will last until 2023, Vietnam's export growth will depend on the development of military conflicts, the situation of controlling inflation and developments. Economic situation in markets with large import scale, but this is an opportunity, however, this is also a new opportunity for Vietnamese exporters to rise up and continue to maintain the growth of commodity exports. on the basis of making effective use of the advantages. Specifically, the tariff reduction roadmap of FTAs that Vietnam has signed, especially new-generation free trade agreements such as CPTPP, EVFTA, RCEP....

Mr. Alex Tatsis - Head of Economic Department - US Consulate General in Ho Chi Minh City. Ho Chi Minh shared, the US supply chain links with Vietnam are not just one-way. Vietnam is the 10th largest trading partner of the US globally and an important node in the supply chain of essential goods for the US economy. Two-way trade helps Vietnam develop its domestic economy and export to markets around the world.

"Neither the United States, Vietnam nor any other country can produce or supply all the products and goods they need. We live in a connected world and cooperation with Vietnam as well as other partners. Other partners play a very important role to strengthen the adaptability of the global supply chain "- Mr. Alex Tatsis emphasized.

Dr. Tu Minh Thien - Economic expert said that restructuring export enterprises to adapt to the changes of new conditions for small and medium enterprises is an important issue in the current context. now. So far, Vietnam has signed more than 15 bilateral and multilateral free trade agreements with regions and countries around the world. Free trade agreements require our country to revise the legal system, legal documents ... in line with international standards and conventions, businesses must change their thinking and get used to them. with international regulations and laws in trade and investment.

In order to restructure export enterprises, enterprises need to pay attention to issues such as building business strategies for each specific product and each target market. Selecting market segments and distribution channels suitable to the product and size of the business. International exhibitions, roadshows…

In addition, businesses need to increase products in niche markets and access new markets. In addition to the traditional markets; It should be noted that under-exploited markets such as markets of Arab countries, Islamic countries or product lines dedicated to separate customer segments, niche markets... Diversification forms of advertising, trade promotion, support from international organizations, taking advantage of online tools, especially platforms.