Turn challenges into opportunities

The export growth target of 12% is quite challenging in a market with many risks, requiring businesses to diversify their markets.

Challenging 2025 export target

Import and export in the first month of 2025 only reached over 63 billion USD, decreasing both export and import, making the export growth target for the whole year of 2025 challenging.

In 2025, the target is to increase the export turnover of goods by 10-12% compared to 2024.

According to the General Department of Customs, in January 2025, goods exports reached only 33.2 billion USD, down 6.6% compared to the previous month and down 4% compared to the same period last year. On the contrary, goods imports in January 2025 reached more than 30 billion USD, down 14.1% compared to the previous month and down 2.6% compared to the same period in 2024. Thus, in the first month of the year, Vietnam had a trade surplus of more than 3 billion USD.

The reason why import-export turnover in January decreased compared to the same period last year is because the month includes the 2025 Lunar New Year holiday, while last year's Lunar New Year holiday fell in February 2024.

Speaking to reporters from the Industry and Trade Newspaper, Associate Professor, Dr. Dinh Trong Thinh - an economic expert - said that export orders by the end of November 2024 will decrease compared to the end of November 2023. This is a cause for concern.

Diversify markets to avoid trade "shocks"

In 2024, the country's total import-export turnover will be 786 billion USD, an increase of 15.4%. Of which, exports will reach nearly 406 billion USD, an increase of 14.3%. In 2025, the industry and trade sector aims for an export turnover of 12% compared to last year.

The good news is that since the beginning of the year, the number of orders for wood, textile, footwear, etc. from key export markets has increased, which is a positive sign for Vietnam's export activities to reach the target. However, the condition is that Vietnamese goods must meet the requirements of the export market.

As a business in the wood processing and export industry, Mr. Trinh Duc Kien - Deputy Director of Ke Go Company Limited - said that the business has orders until the end of the first quarter of 2025. After Tet, there were also a number of customers from the US and EU markets contacting to discuss the issue, however, from the stage of offering to the stage of closing the order depends on many factors, including whether the business can meet the requirements of the customer or not.

Looking at it from a more positive perspective, many opinions say that Vietnam is one of the 20 most open economies in the world. Therefore, when participating in most Free Trade Agreements (FTAs) with many countries and economies in the world, this will be a condition for us to respond quickly and maintain growth in the face of the possibility of a global trade war.

Of these, 17 FTAs ​​are creating a huge competitive advantage for Vietnamese goods to access over 60 global markets, leveraging export growth. More importantly, Vietnamese goods are deeply rooted and adaptable to market fluctuations.

As in the agricultural sector, with only 7 FTAs ​​between Vietnam and countries in the region, more than 40 processed agricultural products of Dong Giao Food Export Joint Stock Company have reached 25 markets.

Mr. Nguyen Huu Hieu - Export Sales Director - Dong Giao Food Export Joint Stock Company - informed that each market has different tastes and characteristics. While agricultural products are seasonal, therefore, in addition to meeting quality requirements, businesses must calculate to ensure enough output year-round to meet customer requirements.

Regarding wood industry enterprises, Mr. Nguyen Thanh Lam - CEO of Lam Viet Joint Stock Company - said that the company's annual export revenue of wood and furniture is about 30 million USD. Currently, Lam Viet's products are being exported to 3 main markets: the United States, the EU and the United Kingdom. To achieve this result, the enterprise has met the high standards of the market, from tracing the origin of raw materials, as well as meeting green and sustainable standards... In the context of many fluctuations in the market, the enterprise is also trying to be more flexible to find more orders and customers.

To continue to maintain its export position, Associate Professor Dr. Dinh Trong Thinh said that, in addition to expanding the search for export markets, first of all with the 17 FTAs ​​that Vietnam has signed with partners, businesses need to take full advantage to increase export value, as well as expand to other countries, in order to disperse export investment, reduce over-dependence on one country, thereby avoiding "shocks" when there are changes in trade policy.

In addition, Associate Professor Dr. Dinh Trong Thinh also recommended that the authorities find solutions to increase the amount of imported goods from the US, especially machinery, equipment and modern technology. From there, change the capacity of domestic production, help increase labor productivity as well as create sustainable growth in the near future.

“Vietnam can also consider increasing imports of consumer goods, including aircraft and civil vehicles... to balance the trade balance with this partner,” said Mr. Dinh Trong Thinh.

In the recently released Global Trade Outlook Update, the World Trade Organization (WTO) raised its growth forecast for world merchandise trade in 2025 to 3.3%, up 0.3% from the previous forecast. Growth opportunities still exist for countries with the largest trade volume in the world, such as Vietnam.

With the world's geopolitical developments continuing to be complex and unpredictable, many uncertain factors pose great opportunities for exports along with challenges requiring the need to promote production improvements in Vietnam's key export industries this year.

Source: https://congthuong.vn/xuat-khau-hang-hoa-bien-thach-thuc-thanh-co-hoi-373107.html