Sunday , February 25 2024

Việt Nam’s export revenue up 4.1% in first half of January

Trade activities at Gemalink Port, Bà Rịa-Vũng Tàu Province. — VNA/VNS Photo

HÀ NỘI — Việt Nam had shipped US$15.08 billion worth of products overseas as of January 15, a year-on-year increase of 4.1 per cent, the General Statistics Office has announced.

Foreign firms occupied $11.06 billion, up 1.9 per cent against the same time last year, while the domestic sector made up $4.02 billion of the total, a year-on-year rise of 10.4 per cent.

During the period, the country enjoyed a trade surplus of $0.38 billion as compared to the $0.73 billion recorded in the same time last year.

Exports posting earnings of more than $1 billion included telephones and components ($2.86 billion, up 6.7 per cent year-on-year); electronics, computers and components (over $2.24 billion, up 22.1 per cent), garment and textile ($1.29 billion, down 17.8 per cent), and machinery, equipment, tools and spare parts ($1.63 billion, down 4.6 per cent).

The Ministry of Industry and Trade is eying $377 billion in export revenue in 2024, rising 6 per cent from 2023, and a trade surplus of $15 billion.

The General Statistics Office said the ministry should complete mechanisms and policies to create favourable macro-economic environment for exports, and develop a sound business climate for enterprises.

The sector should work to reduce the risks posed by trade defence investigations from importers towards sustainable export growth, enhance forecast and give early warnings to businesses whose products are at risks of being investigated.

Besides, it is necessary for the ministry to pen additional tax incentives, especially for machinery and equipment purchased from the markets that Việt Nam are running trade surplus with.

Maintain major markets

In order to achieve the target of 6 per cent rise in exports this year, exporters are advised to maintain major markets such as the US, the EU, Japan, the Republic of Korea and China.

Experts held that markets that decide the export growth of Việt Nam include the US, China, the EU, and ASEAN countries.

Tạ Hoàng Linh, director of the MoIT’s European-American Market Department, underlined that the Europe and America have still been important markets for Vietnamese products, especially electronics, footwear, garment and textile, wooden products, and farm produce.

Meanwhile, 2023 was the third consecutive year that the import-export revenue between Việt Nam and the US had exceeded $100 billion. Particularly, US President Joe Biden’s visit to Việt Nam and the upgrade of the bilateral ties to a comprehensive strategic partnership have created opportunities for Việt Nam’s exports to this market, he said.

At the same time, exports to Asian-African markets last year reached $183 billion, similar to that in 2022, accounting for 51 per cent of Việt Nam’s total export revenue, Linh noted.

MoIT Deputy Minister Phan Thị Thắng highlighted that when Việt Nam’s exports to other region dropped, the results in the Asian-African regions were still maintained, which is a foundation for the further expansion for following years.

For China, one of the most important export markets of Việt Nam, the country spent $3.4 billion on importing Việt Nam’s fruits and vegetables last year. The country will open its door for Việt Nam’s frozen fruits and vegetable and fresh coconuts in the coming time.

Many organisations have forecast that the economy of the world and European countries this year is likely to see a lower growth than in 2023, while the European market has heightened its standards for imports. Therefore, experts held that Vietnamese exporters should continue improving the quality of their products to maintain their market shares.

A recent survey conducted by the General Statistics Office showed that 24.6 per cent of the businesses expect increase in the number of new export orders, while 46.8 per cent predict stable order number, and 28.6 per cent foresee a decrease.

The Singapore-based ASEAN+3 Macroeconomic Research Office (AMRO)’s report forecast that Việt Nam will post a 6 per cent economic growth this year thanks to export recovery.

Meanwhile, VinaCapital predicted that Việt Nam’s export growth will recovery from a fall of 4 per cent in 2023 to a rise of 7 per cent in 2024. — VNS

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