Keep the factory lights on
In the month before Tet, the number of orders is higher than expected, thousands of garment workers of Song Cong 3 Garment Branch, Thai Nguyen Garment Export Company have to work overtime...
The sound of the machines whirring, everyone in the group quickly moves the pieces of fabric under the needles and threads. The working atmosphere of the sewing groups is always bustling as if both people and machines are racing to the end of the race. Although it is hard work, everyone knows that getting an order at this time is... as happy as Tet.
New orders rose for the first time in three months, helped by a recovery in both domestic and export demand. Although the increase was modest, it was the most significant since September 2022.
"Currently, orders are showing very good signs. Firstly, Vietnam is maintaining political and social stability, secondly, we are ensuring quality, thirdly, we are meeting delivery and shipping dates. Even during Tet, the company must take advantage of every second and every minute, so that productivity increases so that everyone's income is better. Thanks to that, workers' lives are improved" - Ms. Nguyen Thi Phuong - Deputy General Director of Thai Nguyen Garment Export Company - said.
Vietnam exports highest in nearly 2 years
According to data from the Ministry of Industry and Trade, import and export of goods in the first month of 2024 increased sharply, reaching more than 64 billion USD, up nearly 38% over the same period last year. Exports alone increased by 42%, about 33.6 billion USD. This is also the highest increase since April 2022 (33.26 billion USD).
Exports increased sharply thanks to the momentum from two main sectors: agriculture, forestry, fishery and processing industry, up nearly 97% and 38% respectively. Exports of all kinds of phones and components in the first month of this year are estimated to reach nearly 6 billion USD. This level increased by more than 56% compared to the previous month due to Samsung's new product line Samsung Galaxy S24 launched in mid-January.
Agricultural products continue to be a bright spot in the country's export picture thanks to price advantages.
Data from the Ministry of Industry and Trade shows that the average coffee price reached 2,955 USD per ton, an increase of more than 35%; rice was 693 USD per ton, 33.5% more expensive than the same period last year...
The US remains Vietnam’s largest import market, with 9.6 billion USD, up nearly 56% over the same period. Traditional export markets such as China, the EU, and ASEAN increased by 58%, 18%, and 38%, respectively.
Vietnam imported more than 30.6 billion USD, of which nearly 95% were production materials for the 2024 Lunar New Year. China is still the largest export market to Vietnam, nearly 11 billion USD, up 50% over the same period last year.
Forecasting the import-export situation in 2024, Ms. Nguyen Cam Trang - Deputy Director of the Import-Export Department informed that in 2024, the world context is forecasted to continue to have major and unpredictable changes with many intertwined opportunities and challenges.
The trend of de-globalization is rising strongly, protectionist policies are reappearing in many countries in different forms. Developed countries are increasingly concerned with issues of consumer safety, sustainable development, and climate change prevention, thereby establishing new standards and regulations for imported products.
However, exports have a good chance of recovering and growing in 2024 as the high inventory problem in the US is gradually being overcome.
"The Import-Export Department expects the import-export target for 2024 to be a total export turnover increase of over 6% compared to 2023. The trade balance will continue to have a trade surplus," said Ms. Trang.
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