Exporting goods: Focusing on the journey to the finish line

In the first 10 months of 2024, the preliminary export turnover of goods reached 335.59 billion USD. Currently, the Ministry of Industry and Trade and businesses are focusing on the journey to the finish line.

Business sprints to the finish line

Talking to reporters of the Industry and Trade Newspaper, Mr. Than Duc Viet - General Director of May 10 Corporation - said that after a very difficult year - 2023, export orders in 2024 of textile and garment enterprises in general and May 10 in particular are almost no longer worried about jobs for workers. After 10 months, May 10's export turnover and revenue increased by over 10% compared to the same period last year. "With less than 2 months left until the end of 2024, we already have the expected results, and we will definitely complete the export and revenue plan," said Mr. Viet.

Modern Veston May 10 production line in recent years. Photo: Khac Kien

According to Mr. Than Duc Viet, this is a very special year because normally we have to worry about the source of goods, especially the source of export goods, but this is almost a complete year. We do not have to worry about market work but only focus on producing products of the highest quality, meeting the requirements of the export market, as well as the goals set for the domestic market.

According to data from the Vietnam Textile and Apparel Association, Vietnam's total textile and garment export turnover in the first 10 months of 2024 reached 36.11 billion USD, up 9.86% over the same period in 2023; of which, garment export turnover reached 28.38 billion USD, up 10.54%; fiber export turnover is estimated at 3.66 billion USD, up 0.47%; fabric export turnover is estimated at 2.22 billion USD, up 11.12%...

Mr. Vu Duc Giang - Chairman of the Vietnam Textile and Apparel Association (Vitas) - said that Vietnam's textile and garment export activities continued to improve towards the end of the year, reflected in the increasingly expanding growth rate compared to the first months of the year; in which, key export markets such as the US, EU, Japan, China still maintained growth; ASEAN markets, Russia, Canada, etc. are potential bright spots for businesses to promote textile and garment production and export. In 2024, the textile and garment industry could reach 44 billion USD in export turnover, an increase of nearly 10% compared to 2023.

Regarding the leather and footwear industry, Ms. Phan Thi Thanh Xuan - Vice President and General Secretary, Vietnam Leather, Footwear and Handbag Association - said that key markets still maintain high growth rates, forecasting that the entire industry's exports in 2024 will reach 26-27 billion USD.

According to the report of the Ministry of Industry and Trade, 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%. The trade balance of goods had a surplus of 23.31 billion USD.

Of which, in the first 10 months of 2024, the preliminary export turnover of goods reached 335.59 billion USD, an increase of 14.9% over the same period last year. This is a fairly high growth rate compared to some leading economies in the Asian region such as: China increased by 4.3%; South Korea increased by 9.6%; Thailand increased by 3.9% (in the first 9 months of 2024)...

Along with the recovery of production and export in the first 10 months of 2024, the structure of imported goods also changed when accounting for 89% of the total import turnover of goods is the group of goods that need to be imported, with a preliminary turnover of 312.28 billion USD, an increase of 16.8% over the same period in 2023.

Determined to take advantage of export growth momentum

Experts say that in the last months of the year, export activities are expected to have many advantages and room for growth as global inflation has cooled down and international market demand is on the rise following the wave of interest rate cuts by central banks.

Domestically, macroeconomic data in recent months on GDP growth, industrial production index (IIP), purchasing managers' index (PMI), export orders, disbursed FDI, etc. also show a positive export picture in the last months of 2024.

In the first 10 months of 2024, the total import and export turnover of goods nationwide will reach nearly 648 billion USD.

However, there are still certain difficulties due to the complicated and unpredictable developments in the world's geopolitics, with many difficulties, challenges, risks and uncertainties, especially geopolitical tensions and armed conflicts in Europe, the Middle East and the Korean peninsula, which can cause disruptions in the global value chain, thereby having negative impacts on Vietnam's production and export activities.

Faced with both opportunities and difficulties, the business community is determined to take advantage of the export growth momentum in the last quarter of the year with market advantages, especially new-generation free trade agreements. Meanwhile, the demand of import markets at the end of the year tends to increase to meet consumption during the holidays, especially the demand for garments, footwear, electronics, and agricultural, forestry and fishery products...

There is only a little over a month left until the end of 2024, so May 10 is currently focusing on orders to sell during the peak season of New Year and Lunar New Year 2025. “This year, we are very lucky, because many ministries, branches, and businesses, especially those that often use office fashion lines, are ordering a lot of uniform lines such as men's shirts, men's trousers, and men's suits. We are currently mobilizing all resources to increase labor productivity, as well as mobilizing workers to work overtime to reach the set target," said Mr. Than Duc Viet.

On the part of the Ministry of Industry and Trade, in order to achieve the highest targets, the Ministry has implemented many solutions to promote production and export. Accordingly, in addition to focusing on effectively exploiting the Free Trade Agreements (FTAs) that have come into effect and been signed, implementing new Agreements to expand and diversify markets, import and export goods, and supply chains.

Strengthening the exploitation of neighboring markets with potential, strongly shifting to official export associated with brand building, promoting sustainable export. Continuing to innovate, improving the effectiveness of trade promotion, accelerating the completion of the legal system to consolidate the institution on trade defense towards protecting the economy, enterprises, and domestic market in accordance with international commitments.

Continue to improve the effective use of trade defense tools to protect domestic production and effectively support Vietnam's export industries in effectively responding to foreign trade defense cases.

Assoc. Prof. Dr. Dinh Trong Thinh - Economic expert commented that export orders increased sharply thanks to the recovery of demand after a sharp decline last year, this is a significant boost for goods import activities and fuel for production to serve signed export orders. "With the current order situation and looking at the acceleration of input material imports, if businesses make efforts from now until the end of the year, then in the whole year of 2024, Vietnam is likely to reach the 800 billion USD import-export mark, far exceeding the record import-export of 732 billion USD in 2022" , Assoc. Prof. Dr. Dinh Trong Thinh said.

Source: https://congthuong.vn/xuat-khau-hang-hoa-don-luc-trong-chang-duong-ve-dich-358644.html