In the first half of January, Vietnam’s export revenue increased by 4.1% year-on-year to $15.08 billion, according to the General Statistics Office. This growth was driven by a 10.4% increase in exports from the domestic sector, reaching $4.02 billion, and a 1.9% rise in exports by foreign firms, totaling $11.06 billion. The country recorded a trade surplus of $0.38 billion, although it was lower than the previous year’s $0.73 billion.
Key export products included telephones and components, electronics, computers and components, garment and textile, and machinery, equipment, tools, and spare parts. Notably, electronics and computer components saw a significant increase of 22.1% in earnings, while garment and textile exports declined by 17.8%.
The Ministry of Industry and Trade (MoIT) has set a goal of achieving $377 billion in export revenue for 2024, aiming for a 6% increase from 2023 and a $15 billion trade surplus. The MoIT plans to support this growth by improving the macro-economic environment for exports, offering tax incentives, and addressing trade defense risks.
To sustain and enhance export growth, Vietnamese exporters are encouraged to focus on major markets including the US, the EU, Japan, the Republic of Korea, and China. These regions are critical for Vietnam’s export success, with the US and China being particularly important markets. Efforts to maintain export growth include improving product quality to meet the increasing standards of European markets and taking advantage of new opportunities in the US market following President Joe Biden’s visit and the upgrade of bilateral ties to a comprehensive strategic partnership.
Despite potential challenges in the global economy, forecasts by AMRO and VinaCapital predict a 6% economic growth for Vietnam in 2024, driven by a recovery in export growth.
Source: Việt Nam News