Vietnam’s exports to major markets have rebounded well in the first month of 2024. Notably, export turnover has grown strongly and steadily in both the agricultural and food sector (up to 98.6%) and the processing industry sector (up 38.4%). Many key export items in the processing industry group have achieved high growth rates, even reaching double or triple digits, such as textile and garment products (up 28.6%); wood and wood products (up 74.6%); all types of footwear (up 35%); computers, electronic products, and components (up 57.4%)…
Many new contracts creating motivation
Mr. Nguyen Dinh Dat, Director of the Department of Industry and Trade of Lang Son Province said that the export of goods in the province has been lively in the first month of 2024, mainly focusing on agricultural products and fruits. Thanks to good regulation, the import-export situation through border gates has not seen any congestion. On average, during the days leading up to Tet holiday, customs clearance reached approximately 400 vehicles per day.
“Before the requirement to build smart border gates, the Department of Industry and Trade of Lang Son Province has proposed to the Ministry of Industry and Trade to coordinate and support the locality to effectively carry out this task. At present, we are preparing for a meeting with the Party Secretary of four provinces in China. Lang Son Province hopes for support in logistics to fulfill our tasks,” Mr. Dat proposed.
Fruit exports to China through Lang Son Province
In the first month of 2024, Vietnamese companies won 10 bidding packages to supply over 300,000 tons of rice to Indonesia and it is expected that these shipments will be delivered to Indonesia immediately after Tet holiday. In addition to Indonesia, South Korea also plans to allocate a quota for rice imports from Vietnam in 2024. These contracts are creating strong motivation for rice growers in the Mekong Delta region.
Mr. Ha Vu Son, Director of the Department of Industry and Trade of Can Tho City said that from February 15th, Trung An company (Can Tho City) has exported the first batch of rice to Malaysia. Many units in the area have also received orders from South Korea until the end of 2024. “The Department of Industry and Trade of Can Tho City suggests that the Ministry of Industry and Trade propose competent agencies to resolve difficulties and support companies in exporting rice by organizing online meetings with Commercial Counselors to promote exports. Along with that, facilitate companies’ access to capital sources for the export of seafood, rice, etc.,” Mr. Son expressed his wishes.
Updated information from the Department of Agriculture and Rural Development of An Giang Province reveals that GAP Cu Lao Gieng Cooperative (Cho Moi District) has just completed the export of 13 tons of small mangoes to the Korean market. Not only mangoes, in the first few days of the year, many batches of durian exports from An Giang have been accepted by international markets, with the export turnover reaching nearly 2.2 billion USD, a 4.8-fold increase compared to the same period last year.
Increasing formal exports associated with brand building
According to representatives from the Ministry of Industry and Trade, in 2024, the world is forecasted to continue to undergo major and unpredictable changes with a mix of opportunities and challenges. The global economy is facing challenges from weak growth and high inflation. Expected growth will slow down mainly due to tightening monetary policies implemented over the past 2 years. The instability and uncertainty of the global economy are at their highest levels in years, affecting the macroeconomic stability and growth prospects of Vietnam – an economy with a high degree of openness – in the near future.
Therefore, the functional units of the Ministry of Industry and Trade should make good use of market opening opportunities, implement synchronized trade promotion measures, open markets to boost exports to traditional markets, potential neighboring markets, markets of partner countries that have signed Free Trade Agreements (FTAs), especially new generation FTAs. Monitor, update, and ensure the progress of customs clearance of agricultural commodities at northern border gates after Tet holiday. Coordinate with local ministries and departments to promote formal exports associated with brand building.
Vietnamese rice is attracting attention from many markets in 2024
Regarding the import-export situation in 2024, Mr. Tran Thanh Hai, Deputy Director of Import – Export Department (Ministry of Industry and Trade), stated that in 2024, the global panorama is forecasted to continue undergoing unpredictable and major changes, with a mix of opportunities and challenges.
“The trend of de-globalization is emerging strongly, and protectionist policies are reemerging in many countries in different forms. Developed countries are increasingly concerned about consumer safety, sustainable development, climate change adaptation, from which they are setting up new standards and regulations for imported products,” Mr. Hai analyzed.
However, Mr. Tran Thanh Hai believed that Vietnam’s exports have many growth opportunities in 2024, as the high inventory issue in many countries is gradually being resolved. Domestic businesses continue to take advantage of the benefits from free trade agreements for import and export. The Import – Export Department expects that the target for the total export turnover in 2024 will increase by over 6% compared to 2023, and the trade balance will continue to have a surplus.
