AsemconnectVietnam - In the context of the global economy in 2024, which 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 regaining growth momentum, with the opportunity to receive many new international orders.

For the textile industry, after a difficult year in 2023, which made many enterprises in the textile industry exhausted, in 2024, positive signals from the recovery of the world economy, along with the resilient resilience of Vietnamese enterprises, have gradually brought textile and garment export turnover from negative growth last year to positive growth.
According to the Vietnam Textile and Garment Group, July was the first month in 2024 that Vietnam's textile and garment export turnover exceeded the 4 billion USD mark and was also the month with the highest export turnover since August of 2022. Specifically, Vietnam's textile and garment export turnover reached 4.29 billion USD in July of 2024, up by 12.4% over the same period last year and up by 16.1% over the previous month.
In the first 7 months of 2024, Vietnam's textile and garment exports reached 23.9 billion USD, reaching over 50% of the year's export target.
According to Mr. Truong Van Cam, Vice President and General Secretary of the Vietnam Textile and Apparel Association, the Vietnamese textile and garment industry has improved because most major markets such as the United States and Europe have controlled inflation, helping to increase purchasing power.
The inventory of brands in 2023 has decreased, and some textile and garment enterprises have now gone through the association to find smaller companies to re-process orders.
In addition, Vietnamese textile and garment enterprises have also proactively diversified their markets and customers in recent times.
Along with textiles, footwear is also one of Vietnam's "billion-dollar" export industries, as it is increasingly gaining a good position in the world.
According to Ms. Phan Thi Thanh Xuan, Vice President and General Secretary of the Vietnam Leather, Footwear and Handbag Association, with the current growth rate, the industry is expected to reach 26-27 billion USD in export turnover for 2024.
The wood and wood products industry is also an export industry that brings in billions of USD to the economy. Although the industry suffered a severe decline in 2023, the past months of 2024 have recorded a positive recovery in the industry when the export value of wood and wood products in the first 7 months of 2024 was estimated at 8.8 billion USD, an increase of 21.9% over the same period of 2023.
The Import-Export Department (under the Ministry of Industry and Trade) assessed that although it is not yet the peak season, the recovery of the consumption market has promoted the export of wood and wood products of Vietnam to achieve positive results.
This shows that Vietnam's wood products have met the consumer demand in large markets around the world. To do this, wood industry enterprises have invested heavily in production technology, improved product quality and diversified designs.
At the same time, businesses also focus on using sustainable raw materials and improving production processes to protect the environment, helping to increase product value and attract customers in demanding markets.
Exports of processed and manufactured industrial products are still fluctuating
Processed and manufactured industrial products currently account for 84.6% of total export turnover (according to the results of 7 months of 2024).
Exports at the end of the year are forecast to improve further. However, Deputy Minister of Industry and Trade Phan Thi Thang said that there are still many challenges that the economy in general and industrial production in particular will have to face.
In particular, major bottlenecks of industry in the past long time have not been effectively overcome; production is still heavily dependent on external factors, especially on the FDI sector; the added value of domestic industries is still low; supporting industries are underdeveloped and there are not many domestic industrial products with high technology content.
In addition, industrial production is also assessed as not recovering fully. In the first 7 months of 2024, 3/63 localities had a decrease in IIP. Some key manufacturing industries still decreased compared to the same period - such as smart phones, televisions, automobiles, crude steel, draft beer, etc.
Some key export items such as footwear, wood, phones of all kinds and components, etc., although recovering positively, have not yet returned to the peak level of the same period in 2022.
According to Deputy Minister of Industry and Trade Phan Thi Thang, the processing and manufacturing industry has returned to playing a leading role in economic growth. Export orders have grown positively in Vietnam's key export industries such as textiles, footwear, electronics, and food processing.
In particular, the capacity of enterprises, especially domestic enterprises, has been improved thanks to the combined impact of the Government's support policies. New positive signal when domestic enterprises export growth is nearly twice that of FDI enterprises.
CK
Source: VITIC/haiquanonline.com.vn