Export of goods in the fourth quarter: Focusing on the finish line

By the end of the third quarter of 2024, exports of goods will have earned nearly 300 billion USD. Currently, businesses are racing to complete plans set for the whole year of 2024.

Quarter IV, an opportunity for businesses to "leverage" sales

Is a business working in the field supporting industry, by the end of the third quarter of 2024, Vietnam Engineering and Industry Group Joint Stock Company (Intech Group) achieved production growth of 30% compared to the same period last year. Talking to reporters According to the Industry and Trade Newspaper, Mr. Hoang Huu Yen - General Director of Intech Group, the first 9 months of the year have passed, in terms of the market, businesses have assessed that there are more positive signals than last year. The reason is due to market factors, in which, businesses have had an economic recovery and invested more "strongly" in production compared to last year.

Intech Group promotes trade promotion activities at Fairs and Exhibitions to customer partners.

With Intech Group, the business has had a huge change in its strategy of diversifying products and customers. “We do not depend on any specific customer but diversify our customer base from Japan, Korea and domestic enterprises,” Mr. Hoang Huu Yen shared, adding that currently 70% of the company’s revenue comes from domestic customers, the remaining 30% comes from the export market, of which the Japanese market accounts for a large proportion.

Adaptation is what the company has implemented and brought about higher business results in the 3 quarters of 2024 than the same period last year. According to Mr. Hoang Huu Yen, in addition to responding to market fluctuations, technological innovation, aiming for automation, and emphasizing product quality when all products are researched and tested at the Product Research and Development Center (R&D) before being sold to customers. "The company's products are all aimed at the supporting industry with the aim of increasing productivity and reducing the company's dependence on workers," said Mr. Hoang Huu Yen.

Commenting on the market from now until the end of the year, Mr. Hoang Huu Yen said that the fourth quarter is the time when businesses FDI will race to complete the plan set for the whole year 2024. This is an opportunity for businesses to "leverage" sales in the last months of this year.

This year, the economy has grown compared to last year. It is forecasted that next year, the market will recover and business results will be better than this year. “We have orders from now until the end of the year, we are discussing orders for next year with our partners, the goal is to close new orders from now until the end of the year to serve the 2025 plan,” Mr. Hoang Huu Yen shared.

As a manufacturing and trading unit in the construction materials sector, Mr. Ta Dinh Lan - General Director of CIE1 Construction and Industrial Equipment Joint Stock Company - said that since the beginning of the year, while domestic orders have decreased, orders export very stable "The main export market is Japan. The company's export orders to the Japanese market are full until the end of June 2024. Regarding domestic orders, the company's partners said that they said the orders are full until the end of 2026," said Mr. Ta Dinh Lan.

Mr. Shantanu Chakraborty - Country Director of the Asian Development Bank (ADB) in Vietnam - commented that Vietnam's economy recovered strongly in the first half of 2024 and continued to maintain growth momentum, despite global uncertainties. The stable recovery was achieved due to industrial production improved and trade increased strongly. Vietnam's export-oriented industry remains the main driver of growth. ADB forecasts Vietnam's industry to grow by 7.3% in 2024 and continue to reach 7.5% in 2025.

Import and export expected to reach 788-789 billion USD

According to preliminary statistics of According to the General Department of Customs, in the first 9 months of 2024, the total import-export value of the whole country reached 578.47 billion USD, an increase of 16.3% over the same period in 2023, of which, exports reached 299.63 billion USD, imports 278.84 billion USD, and a trade surplus of 20.79 billion USD.

Goods exports grew evenly in all three key commodity groups. (Photo: CD)

In September 2024 alone, the total value of import and export of goods reached 65.8 billion USD, down 8% (equivalent to a decrease of 5.72 billion USD) compared to the previous month. Of which, the export value reached 34.05 billion USD, down 9.9% (equivalent to a decrease of 3.74 billion USD) compared to August 2024; the import value reached 31.76 billion USD, down 5.9% (equivalent to a decrease of 1.98 billion USD) compared to the previous month. The trade balance in September 2024 recorded a trade surplus of 2.29 billion USD.

Although trade activities in September decreased sharply compared to August due to the impact of many factors, in which the northern localities were heavily affected by Typhoon Yagi, due to high export growth throughout the first months of the year, in the first 9 months, import and export were still a bright spot in the economic growth picture.

Trade has been a major support for growth, with exports in the first nine months still increasing by over 15% and imports increasing by 17.3% over the same period last year. Key export groups such as electronics, Machinery and equipment, agriculture, forestry and fishery, and mineral fuels maintained their performance.

Economists say, activities import export Vietnam's exports have achieved many positive results, with high growth in major markets such as the United States, the EU, Japan, and South Korea. At this time, the business community is determined to boost export growth in the last quarter of the year, taking full advantage of the market, especially the Free Trade Agreement new generation (FTAs).

Demand from import markets at the end of the year with many major festivals is still increasing and this is beneficial for export growth in the remaining quarter, especially for the garment, footwear, electronics and agriculture, forestry and fishery industries... In the fourth quarter of 2024, if the import-export performance is maintained at 70 billion USD/month, the whole year's import-export will reach 788-789 billion USD; if the implementation results are maintained as in September, import-export will reach 776-777 billion USD.

To promote export growth in the coming time, Ministry of Industry and Trade said it will continue to focus on promoting export activities to key markets, especially making the most of incentives from FTAs such as CPTPP, EVFTA, RCEP... Speed up negotiations, signing, ratification of FTAs, new economic links, first with Israel, UAE, to diversify markets, supply chains and promote Export. Support businesses in carrying out trade promotion activities in new markets and potential markets that individual businesses do not have the opportunity to directly penetrate.

At the same time, promote early warning of foreign trade defense cases against Vietnamese export goods; combat evasion of trade defense measures and origin fraud; continue to support businesses in responding to trade defense cases that have been and are being investigated by foreign countries.

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