AsemconnectVietnam - Exports are an important driving force for Vietnam's economic growth. In many major markets, the year-end recovery in consumption of goods has created more room for industries to contribute to export turnover.

Positive signals
Although the global economy in 2024 is assessed to still face many risks and unpredictability, Vietnam's key export industries such as textiles, footwear, wood and products, electronics, etc. have been and are regaining growth momentum, with the opportunity to receive many new international orders.
Notably, more than 36 billion USD of goods manufactured in Vietnam were successfully exported in July of 2024. This performance is very impressive, recording the recovery of consumer demand in many major markets, supporting domestic production and export activities.
The preliminary statistics figures from the General Department of Customs showed that by August 15, 2024, Vietnam's total export value reached 244.41 billion USD, an increase of 16%, equivalent to an increase of 33.7 billion USD compared to the same period of 2023.
In particular, some groups of goods increased, such as computers, electronic products and components increased by 9.55 billion USD, equivalent to an increase of 28.9%; machinery, equipment, tools and spare parts increased by 5.27 billion USD, equivalent to an increase of 21.3%; phones of all kinds and components increased by 3.48 billion USD, equivalent to an increase of 11.1%; wood and wood products increased by 1.79 billion USD, equivalent to an increase of 23.2% compared to the same period of 2023.
According to preliminary statistics figures of the General Department of Customs, in July, the total import-export turnover of the whole country reached 70.11 billion USD, an increase of 9.4% (equivalent to an increase of 6 billion USD) compared to the previous month. Of which, exports reached 36.23 billion USD, an increase of 7.7% (equivalent to an increase of 2.58 billion USD) and imports in July of 2024 reached 33.88 billion USD, an increase of 11.2% (equivalent to an increase of 3.42 billion USD).
In the first 7 months of this year, the total import-export turnover of Vietnam reached 440.45 billion USD, an increase of 17.2% (equivalent to an increase of 64.66 billion USD) compared to the same period last year. Of which, exports reached 227.49 billion USD, up by 16% (equivalent to an increase of 31.34 billion USD) and imports reached 212.96 billion USD, up by 18.5% (equivalent to an increase of 33.32 billion USD).
The trade balance in July had a trade surplus of 2.35 billion USD and the total trade surplus in 7 months was 14.53 billion USD.
According to Deputy Minister of Industry and Trade Phan Thi Thang, in the last months of the year as well as the following years, the domestic and foreign context still has many fluctuations, posing many challenges for domestic manufacturing industries.
Moreover, the world and regional situation continues to evolve rapidly, complicatedly and unpredictably.
Geopolitical tensions, competition between major countries are increasing, the recovery of major trading partners is still slow, and there are risks of disruptions to the global supply chain and production chain.
Import and export activities continue to depend on a number of markets, goods and FDI sectors. Some key export items to major markets such as the EU and the United States continue to face pressure from trade defense investigations and technical barriers.
According to the Ministry of Industry and Trade, based on the export results of the first half of 2024, through analysis of favorable and difficult factors, achieving the export growth target of 6% in 2024 is entirely possible.
To promote import and export of goods in the last months of the year, the Ministry of Industry and Trade said that the important solution at this time is to continue to closely monitor developments in markets and import and export policies of countries to promptly inform associations and businesses; especially focusing on closely monitoring the Russia-Ukraine war situation; escalating conflicts in the Gaza Strip and the Red Sea; developments in the China-EU trade conflict; sustainable development trends and greening in EU industries, new regulations in assessing the supply chains of EU countries for export industries. Vietnam needs to focus on promoting export activities for key markets, especially making the most of incentives brought by FTAs such as CPTPP, EVFTA, RCEP...; speed up negotiations, signing, ratification of FTAs, new economic linkages, first with Israel, UAE, to diversify markets, supply chains and boost exports; at the same time, coordinate with domestic agencies and localities to increase exchanges with Chinese agencies and localities to improve efficiency and regulate the speed of customs clearance of import and export goods at border gates on the Vietnam - China border.
Vietnam also needs to promote early warning of foreign trade defense cases against Vietnamese export goods; continue to support businesses in responding to trade defense cases that have been and are being investigated by foreign countries.
CK
Source: VITIC/ haiquanonline.com.vn