AsemconnectVietnam - In the first 7 months of 2024, Vietnam’s exports of goods of the domestic economic sector increased sharply, higher than the export growth of the foreign-invested sector.

Specifically, the export turnover of the domestic economic sector increased by 21.1% after 7 months, higher than the 13.8% of the foreign-invested sector (including crude oil).
Export growth of domestic enterprises in July and the first 7 months of 2024
The exports of goods continued to be a bright spot in the overall picture of the economy in the first 7 months of 2024, showing a strong recovery. According to the Ministry of Industry and Trade, the export turnover of goods in July of 2024 was estimated at 35.92 billion USD, up by 19.1% over the same period last year. Of which, the exports of the domestic economic sector increased by 25.9%, while the exports of the foreign-invested sector (including crude oil) increased by 16.7%.
In the first 7 months of 2024, the export turnover of goods was estimated at 226.98 billion USD, up by 15.7% over the same period last year. Of which, the exports of the domestic economic sector reached 63.08 billion USD, up by 21.1%; while the exports of the foreign-invested sector (including crude oil) reached 163.9 billion USD, up by 13.8%.
Thus, in addition to the significant growth in general export turnover, the domestic economic sector continues to be a bright spot in import-export activities with stable growth, even much higher than that of foreign-invested enterprises. Reasons for high export growth in the domestic economic sector
The reason is that enterprises in the domestic economic sector mainly operate in industries such as agricultural exports, textiles, footwear, etc. Meanwhile, all areas have seen many improvements in the past 7 months.
Specifically, the total export turnover of agricultural products was estimated at 21.4 billion USD after 7 months, up by 19.6% over the same period of 2023, accounting for 9.4% of the total export turnover of the country. Due to the increase in export prices, most of the items in this group achieved high export turnover growth rates at double digits compared to the same period last year, such as: coffee increased by 30.9%; rice increased by 25.1%; tea of all kinds increased by 34.8%; vegetables and fruits increased by 24.3%; cashew nuts increased by 22.1%; pepper increased by 46.3%; cassava and cassava products increased by 12.5%.
For the group of processed industrial goods, wood and wood products exports increased by 23.3%; iron and steel of all kinds increased by 9.8%; textiles and garments increased by 4.3%; footwear of all kinds increased by 10.1%.
For textile and garment orders, after 2 years of facing numerous difficulties, the number of orders have now begun to return. Mr. Cao Huu Hieu - General Director of Vietnam Textile and Garment Group said that most garment enterprises under the group have enough production orders until the end of the third quarter of 2024 and continue to negotiate and sign for the fourth quarter of 2024 - the peak production season for orders at the end of the year and Tet. The Group is aiming to reach the finish line in 2024 with a consolidated revenue target of 17,900 billion VND, equal to 101.63% compared to 2023; consolidated profit reached 550 billion VND, equal to 102.13% compared to 2023
For fruits and vegetables, according to statistics from the Vietnam Fruit and Vegetable Association, in the first 7 months of 2024, the export turnover of fruits and vegetables was estimated to reach more than 3.8 billion USD, an increase of 23.4% over the same period of 2023. In 2024, Vietnam's fruit and vegetable exports could reach 7 billion USD, a record high in many years.
The growth rate of fruit and vegetable exports in the first 7 months of this year showed that the quality of Vietnamese fruits and vegetables is getting better and better, meeting the requirements of the export market.
Notably, in the export structure, Northeast Asian countries such as China, Korea, Japan, etc. accounted for 80% of the turnover; the remaining 20% came from Europe, the US, Australia, and the Middle East. The two Northeast Asian countries, China and South Korea, were also the two countries with the highest export turnover. Of which, China is the leading market, accounting for 64% of total export turnover with 2.1 billion USD, up by 22% over the same period last year. The next was South Korea with 164 million USD, up by 55% over the same period last year.
CK
Source: VITIC/congthuong.vn