Import and export achievements have great contributions from the Ministry of Industry and Trade

Expert Vu Vinh Phu said that the recent import-export achievements have had great contributions from the Ministry of Industry and Trade.

Sir, by mid-October, the country's import-export turnover had exceeded the 600 billion USD mark and had grown in both exports and imports. What do you think about this result?

Economist Vu Vinh Phu

The import-export picture in the first 9 months of the year has many bright spots. According to the General Department of Customs, from the beginning of the year to October 15, the total import-export turnover of the whole country reached 610.57 billion USD, an increase of 16.4% (equivalent to an increase of 85.82 billion USD) compared to the same period in 2023.

Of which, exports reached 315.91 billion USD, up 15.3% (equivalent to an increase of 41.89 billion USD); imports reached 294.66 billion USD, up 17.5% (equivalent to an increase of 43.93 billion USD).

There have been 7 items with export turnover of over 10 billion USD after 9 months. There are many items whose quantity has decreased but their value has increased, bringing high efficiency to export such as pepper, coffee, etc. From there, it helps farmers benefit, and contributes to promoting domestic production and export.

Recently, many new products have been opened for official export such as coconuts to China, grapefruit to the United States, etc., helping to increase import and export turnover, while enhancing the image of Vietnamese goods brands in the market.

Notably, in recent times, deep processing activities have been enhanced, helping to increase export value and raise the country's import-export turnover.

With the current developments in the import-export market, it is forecasted that the country's import-export turnover may continue to reach a record in 2024, creating momentum for stronger growth next year.

Import and export of goods has exceeded the 600 billion USD mark.

There are less than 3 months left until the end of 2024. So what do you think about import-export activities from now until the end of the year?

Because Vietnam is not yet recognized by all countries as a market economy, businesses need to take note of all notes in their production process to ensure clear and coherent traceability of origin. From there, they will have a basis to be ready to face anti-dumping and anti-subsidy lawsuits created by the world market.

Besides, with a large-scale import-export economy like ours, we need to make efforts to open more markets for products to avoid the risk of "putting all eggs in one basket".

On the part of the authorities, in parallel with opening new markets for products, it is also necessary to pay attention to building a mechanism to build warehouses close to the border, thereby reducing transportation costs and enhancing the competitiveness of Vietnamese goods.

Improve deep processing capacity, focus on manufacturing and processing industry to increase added value for products, especially agricultural products.

It is worth noting that green production and export is currently a global trend, so businesses need to gradually shift to green production and export to meet market demand.

The recent import-export achievements are remarkable. What do you think about the role of the Ministry of Industry and Trade in these great achievements?

The Ministry of Industry and Trade is the advisory body that submits to the Government policies and activities to increase import and export turnover of goods.

In recent times, I think the Ministry of Industry and Trade has made great efforts to open the market for goods. Many times, Minister of Industry and Trade Nguyen Hong Dien has inspected border localities, spending time working at border gate areas to facilitate border trade.

The Minister of Industry and Trade also directly participates in major trade promotion programs, the most recent of which is the Vietnam Fruit Festival in China held in September 2024; or the Exhibition of Vietnam's outstanding agricultural products exported to China held on October 13.

The Ministry of Industry and Trade also implements many important trade promotion programs to markets, creating conditions for Vietnamese goods to be known in the world market. Trade promotion conferences with Vietnamese Trade Offices abroad are also maintained, providing a huge source of updated information on export markets for businesses.

In particular, I believe that the Ministry of Industry and Trade has done a good job of providing early warnings of trade defense incidents in import markets in recent times, creating conditions for Vietnamese goods to avoid unnecessary risks in export activities.

In the coming time, what do you advise businesses to maintain import-export turnover?

I think businesses need to continue investing in improving the quality and design of goods to conquer the import market. In addition, they need to increase joint ventures and partnerships to improve the quality of products and goods.

At the same time, promote human resource training and in-depth investment to enhance competitiveness.

In particular, I think that businesses must "go on two legs", besides exporting, they must not ignore the domestic market with 100 million people because this is a very potential market for businesses.

Thank you!

Source: https://congthuong.vn/chuyen-gia-vu-vinh-phu-thanh-tich-xuat-nhap-khau-co-dong-gop-lon-cua-bo-cong-thuong-354707.html