The Ministry of Industry and Trade announced on Wednesday that Vietnam is poised to achieve a trade surplus of $30 billion this year, marking a threefold increase from the previous year.

According to a ministry report, exports in 2023 are projected to reach $354.5 billion, indicating a 4.6% annual decrease. However, retail sales for the year are anticipated to rise by 9.6% compared to the previous year.

This marks the eighth consecutive year that Vietnam has registered a trade surplus, contributing to the strengthening of foreign exchange reserves and the stabilization of the foreign exchange rate, as per the ministry.

The ministry attributed the decline in annual exports to subdued global demand.