E-commerce continued to grow into a key distribution channel in 2022, as the size of Vietnam’s e-retail market is estimated at $16.4 billion, accounting for 7.5 per cent of total consumer goods revenue.

Vietnam’s exports are forecast to increase by 10.5 per cent to $371.5 billion in 2022, as compared to 2021, according to the country’s ministry of industry and trade. The country’s industrial production index is projected to increase by 9 per cent year-on-year. Total value of retail sales in Vietnam is also expected to soar by 21 per cent YoY in 2022.

The country’s total trade value is expected to reach $732 billion in 2022, the ministry of industry and trade said in a conference this week.

About 74 per cent of the total export turnover in Vietnam in 2022 came from foreign-invested enterprises. Exports from domestic enterprises, especially small- and medium-sized ones, remained modest.

Despite recording strong growth in 2022, Vietnam’s reliance on the foreign sector remained heavy, when foreign-invested firms accounted for nearly three-quarters of Vietnam’s total export revenues. Also, the rise in added value in export has not met expectations and the rate of market diversification remained slow, the ministry said.

In 2023, Vietnam aims to have export growth at 6 per cent, raise the proportion of manufacturing to GDP to 25.5 per cent, and increase the industrial production index by 8-9 per cent.

Fibre2Fashion News Desk (DP)