Vietnam reported a trade surplus in 2022, the seventh consecutive year, of $11 billion, nearly three times higher than 2021.

The World Trade Organization (WTO) has warned member countries from adopting the new trade restriction measures, saying its implementation would have a negative effect on the economy.

Since the EVFTA came into effect on August 1, 2020, Viet Nam’s two-way trade turnover has achieved impressive growth, despite the severe impact of the COVID-19 pandemic, logistics and supply chain crisis, and geopolitical fluctuations.

The country has gradually developed into a semiconductor manufacturing hub for the growth of the chip manufacturing sector.

While circular economy has become a trend of developed economies, it could be implemented to develop Việt Nam if there is an appropriate legal and policy corridor, said experts.

Global trade will reach a record level of about $32 trillion for 2022, as trade in goods is expected to total almost $25 trillion, an increase of about 10 per cent from 2021. However, trade growth has been subdued during the second half of the year.

Vietnam's industrial sector grew by 9% in 2022, according to a report published on Monday by the Ministry of Industry and Trade (MoIT).

While the U.S. has sought to persuade countries to reduce their dependence on China, trade ties between the world’s second-largest economy and the rest of Asia are deepening as economies grow and companies refashion supply chains.

China’s reopening is expected to boost Vietnam’s GDP growth by over 2 percentage points next year, driven by the full resumption of Chinese tourist arrivals in the second half of 2023, Michael Kokalari, chief economist at investment fund VinaCapital, said in a recent report.

Deputy Prime Minister Le Minh Khai has just signed Resolution No. 163/NQ-CP on promoting the synchronous implementation of critical tasks and solutions to improve competitiveness and develop logistics services in Vietnam.