Vietnam’s 2024 Exports on Track to Exceed Targets
With the recovery of the global market and increasing export orders, trade activities in the first half of 2024 continued to thrive and achieved positive results.
Total import and export turnover is estimated at 368.53 billion USD, a 15.7% increase compared to the same period last year. Exports rose by 14.5%, while imports increased by 17%. The trade balance recorded a surplus of 11.63 billion USD.
Vietnam’s exports on track to exceed targets. Photo: Vietstock
|
Based on actual developments, the Ministry of Industry and Trade (MoIT) reported that export turnover has been steadily recovering in the first half of 2024. In the second quarter of 2024, export turnover is estimated at 97.2 billion USD, up 12.5% over the same period last year and a 4.6% increase compared to the first quarter of 2024.
For the first six months of 2024, export turnover is estimated at 190.08 billion USD, a 14.5% increase compared to the same period last year. The domestic economic sector achieved 53.39 billion USD, up 20.6% and accounting for 28.1% of total export turnover. The foreign-invested sector (including crude oil) reached 136.69 billion USD, a 12.3% increase, accounting for 71.9%.
| Export turnover in the first six months of 2024 is estimated at 190.08 billion USD, a 14.5% increase compared to the same period last year. With these results, the MoIT forecasts that export growth for the whole of 2024 could exceed the 6% target set at the beginning of the year… |
In the first half of 2024, 29 commodity groups recorded an export turnover of over 1 billion USD, accounting for 91.4% of the total export turnover (seven groups had export turnover of over 5 billion USD, accounting for 65.6%).
At the conference on “Summarizing export promotion activities in the first six months and deploying tasks for the last six months of 2024” held on July 2, Mr. Tran Thanh Hai, Deputy Director of the Import-Export Department (MoIT), stated that the domestic economy has both favorable opportunities and challenges. However, with the results of the first six months, export growth for the whole of 2024 is expected to exceed the 6% target set by the MoIT at the beginning of the year.
Retail Sales and Service Revenue Estimated at Over 3,098 Trillion VND
According to the MoIT, a bright spot in the economic picture is the positive growth of retail sales and service consumption revenue.
Retail sales and service revenue estimated at over 3,098 trillion VND. Photo: Vietstock
|
In June 2024, the market for goods did not experience significant fluctuations, and demand increased for cooling goods and services. The supply of goods always met consumer needs, and prices remained relatively stable, with some items experiencing large import and export volumes with foreign markets, causing prices to fluctuate according to world prices.
As this is also the peak season for summer travel, commercial activities were vibrant. Total retail sales of goods and service consumption revenue at current prices in June was estimated at 522.5 trillion VND, up 9.1% over the same period last year, due to increased revenue in food, foodstuffs, and accommodation and catering services.
With the above results, in the second quarter of 2024, total retail sales of goods and service consumption revenue at current prices was estimated at 1,558.4 trillion VND, up 1.2% compared to the previous quarter and up 8.8% over the same period last year.
For the first six months of 2024, total retail sales of goods and service consumption revenue at current prices was estimated at 3,098.7 trillion VND, up 8.6% over the same period last year (in the first six months of 2023, it increased by 11.3%). If excluding the price factor, it increased by 5.7% (in the first six months of 2023, it increased by 8.8%).
Some localities with high retail sales growth in the first six months of 2024 include Quang Ninh (up 9.5%), Hai Phong (up 9.0%), Da Nang (up 7.8%), Can Tho (up 7.6%), Hanoi (up 6.6%), and Ho Chi Minh City (up 6.3%).
|
Regarding solutions to stabilize and develop the domestic market, the MoIT said that it would continue to coordinate with ministries, sectors, and localities to closely monitor market developments, ensure sufficient supply of essential goods to meet people’s needs, especially during peak seasons like holidays and Tet, and prevent shortages and price hikes. At the same time, it will ensure the supply of gasoline in the market, contributing to controlling inflation in line with the Government’s goals. |
Song Linh
Hải Hà Petro and Xuyên Việt Oil accumulate bad debts of over 11,000 billion dong
Not only did these two petroleum companies commit violations regarding the Price Stabilization Fund and massive tax debts, but they also have bad debts at banks amounting to tens of thousands of billion Vietnamese dong.
Positive Signs in Exports and Imports: Early 2024
Vietnam’s total import-export turnover in January 2024 reached nearly $64.22 billion, representing an increase of 37.7% compared to the same period last year. This positive signal in the trade of goods shows a promising start to the year 2024.
2024: The Year of Economic Recovery
In 2023, our country achieved a GDP growth rate of 5.05%, which, although lower than the target, is relatively high within the region. Economic experts predict that 2024 will be a year of economic recovery and growth.
Revolutionize Trade Promotion to Boost Exports “Beyond Barriers”
In 2024, the activities of export and import will still face numerous risks and uncertainties. Therefore, it is necessary to continue innovating and promoting the diversification and flexibility of various forms of trade promotion to expand into new export markets…
Buzzing with Commercial and Service Activities on the Eve of Tet
January is a bustling time of the year as the Lunar New Year approaches. Commercial and service activities are in full swing to cater to the consumer needs of the people…
