According to the Vietnam Textile and Apparel Association (Vitas), fiber exports in the first half of 2022 stood at approximately $3 billion, with Vietnam surpassing South Korea for the first time to become the sixth-largest fiber exporter in the world. To seize market opportunities and increase market share, many Vietnamese enterprises have boosted investments and expanded production.

According to the General Statistics Office, total trade turnover reached $371.17 billion in the first half of 2022, up 16.4 per cent year-on-year, with exports at $185.94 billion, up 17.3 per cent, and imports at $185.23 billion, up 15.5 per cent. Trade was therefore in surplus by $710 million. The US was Vietnam’s largest export market, with turnover of $55.9 billion.

Vietnam posted a trade surplus of $59 million in July with members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), an increase of 60.52 per cent compared to June. This shows that the CPTPP holds significant potential as an export market.