With the synchronous and effective implementation of policy tools, in the first 10 months of 2024, export turnover increased by 15.8%, nearly 3 times higher than the target assigned by the Government.
Commodity exports a bright spot in the economic picture
According to Report No. 9950/BCT-KHTC dated December 6, 2024 of the Ministry of Industry and Trade sent to the Ministry of Planning and Investment on summarizing the implementation of Resolution 01/NQ-CP in 2024 of the Government and proposing contents to be included in the Resolution in 2025, in the first 10 months of 2024, the total preliminary import-export turnover of goods reached 647.87 billion USD, up 15.8% over the same period last year, of which exports increased by 14.9%; imports increased by 16.8%.
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| The Ministry of Industry and Trade aims to increase exports by about 6% in 2025 compared to the previous year. Photo: MH |
The trade balance of goods had a surplus of 23.31 billion USD, contributing to macroeconomic stability, ensuring major balances of the economy, and at the same time providing great support for the international balance of payments. Of which, the domestic economic sector had a trade deficit of 19.61 billion USD; the foreign-invested sector (including crude oil) had a trade surplus of 42.92 billion USD.
“Total export turnover of goods increased by 15.8%, nearly 3 times higher than the target assigned by the Government in 2024 (6%); the trade surplus of goods is high, about 23.31 billion USD, much higher than the target assigned by the Government in 2024 (about 15 billion USD)" - the report stated.
This is the result of the synchronous and effective implementation of import-export policy tools. Firstly , research market information and import-export policies of countries to promptly inform businesses, support businesses in taking advantage of incentives brought by free trade agreements (FTAs); closely monitor the situation of Vietnam's large and traditional export markets to promptly propose appropriate solutions to remove difficulties.
Second , proactively remove difficulties to speed up customs clearance of goods, improve the efficiency of import and export activities at border gates, especially for seasonal agricultural and aquatic products; quickly and strongly shift to official export; develop and perfect legal regulations on border trade, especially with the Chinese market to facilitate border trade activities; diversify import markets, especially the market for importing raw materials for production, avoiding heavy dependence on one market; gradually improve the trade balance with markets where Vietnam has a trade deficit in a more balanced direction;...
Third, focus on promoting trade and export promotion activities for key markets, especially making the most of the export market space brought by FTAs, especially new generation FTAs such as CPTPP, EVFTA, RCEP; coordinate with relevant units to support businesses in implementing trade promotion activities in new markets, potential markets that businesses have not been able to directly deploy,...
Through trade promotion activities, thousands of Vietnamese enterprises have benefited from participating in the programs, many of which have had the opportunity to meet and connect with partners, promote and introduce products to foreign partners, enterprises, importers, sign export contracts...
Coordinate with relevant parties, associations, enterprises and localities to deploy strategies for developing market areas until 2030, thereby synchronously implementing solutions on market information, taking advantage of signed FTAs, as well as existing cooperation frameworks to diversify markets, products and distribution channels; actively seek new opportunities and orders for export industries, seek and expand new export markets in addition to traditional markets; prioritize exploiting and making the most of opportunities from key and strategic export markets.
Continue to target 6% export growth
The Ministry of Industry and Trade assessed that in 2025, export activities are forecast to have many advantages and room for growth because global inflation has cooled down, international market demand is on the way to recovery following the wave of interest rate cuts by central banks; the global inflation trend is gradually cooling down although there are still many challenges; pressure on the USD/VND exchange rate is decreasing when the US Federal Reserve (FED) cuts interest rates, contributing to reducing import costs.
The recovery of major markets such as the US and EU will be an important driving force for exports, especially in the fields of electronics, consumer goods and textiles. Domestically, macroeconomic data in recent months on GDP growth, industrial production index, purchasing managers index, export orders, etc. also show a positive export picture. The business community is determined to take advantage of the export growth momentum with market advantages, especially new generation FTAs.
In addition to the advantages, import and export activities also face some difficulties and challenges. Accordingly, in 2025, the world's geopolitical situation will continue to be complex, unpredictable, and uncertain. Developed countries are more concerned with sustainable development issues and consumer safety, creating new standards and regulations related to supply chains, raw materials, labor, and the environment, which are more stringent for imported products.
In addition, if the new policies of US President-elect Donald Trump come into effect, it is predicted that they will have far-reaching impacts on the world economy and Vietnam because the tough, highly protectionist stances could increase tariff and non-tariff barriers on our country's goods.
The Ministry of Industry and Trade sets a target of increasing exports by about 6% in 2025 compared to 2024. To achieve the set target, the Ministry of Industry and Trade will continue to monitor and promptly provide information to industry associations and businesses about developments in the export market to promptly adjust production plans accordingly, orientate the search for orders from the markets; and regularly maintain trade promotion conferences with the Vietnamese trade office system abroad.
Directing the Vietnamese trade office system abroad to regularly update information on market situations; regulations, standards, and conditions of foreign markets that may affect import and export activities and make recommendations to businesses and industry associations.
In addition, deploy a variety of forms, both direct and online, to introduce the advantages and incentives from implemented FTAs, thereby making good use of opportunities from FTAs. Continue to innovate trade promotion activities, focusing on promoting at the highest level the digital transformation program in trade promotion activities, connecting supply and demand.
Regularly review, amend, supplement or propose competent authorities to amend and supplement relevant legal documents to simplify administrative procedures, promote implementation through online public services to facilitate import and export activities.
Promote the development of logistics services, continue to carry out assigned tasks on implementing the Plan to enhance competitiveness and develop Vietnam's logistics services by 2025.
Continue to implement solutions to develop sustainable border trade activities by promoting exports through border gates in the form of official channels, effectively managing and facilitating export activities to the Chinese market.
Source: https://congthuong.vn/bo-cong-thuong-dat-muc-tieu-xuat-khau-nam-2025-tang-khoang-6-so-voi-2024-363352.html
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