The record number of import-export activities in 2024 is partly thanks to the methodical export promotion activities implemented in recent times.
Import and export hit record
According to the General Department of Customs, the total import-export turnover of the country will reach over 782 billion USD in a few days, marking a record level in trade to date. In addition, the trade surplus is estimated at 23.53 billion USD.
It is estimated that from the beginning of the year to December 14, 2024, the total export turnover has reached 745.38 billion USD, an increase of 15.35% over the same period in 2023. Of which, exports reached 384.4 billion USD, an increase of 14.46%, imports reached 360.98 billion USD, an increase of 16.32%. Vietnam's trade balance of goods as of December 14, 2024 had a trade surplus of 23.42 billion USD.
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| Import and export in 2024 hit a record (Photo: Can Dung) |
Previously, in the report sent to the Ministry of Planning and Investment on the summary of the implementation of Resolution 01/NQ-CP in 2024 of the Government and proposed content to be included in the Resolution in 2025, the Ministry of Industry and Trade estimated that the total import-export turnover for the whole year of 2024 is estimated to increase by over 15%, far exceeding the planned target of 6% assigned by the Government, the trade balance continues to maintain a high trade surplus of over 20 billion USD.
To achieve this result, the Ministry of Industry and Trade has recently implemented many groups of solutions to promote the export of goods. For example, on December 19, the Conference of Trade Counselors and Heads of Trade Offices in the Asia - Africa market region was held by the Ministry of Industry and Trade in Tokyo, Japan. The conference was held to find solutions to further promote the effectiveness of Vietnamese trade offices in the Asia region, contributing positively to the country's import and export achievements.
The Ministry of Industry and Trade also promotes solutions to promote Vietnamese goods in international markets. For example, at the World Bazaar Festival opening on December 13, 2024 at the World Trade Center, Manila, Philippines, the Vietnamese Pavilion with products from more than 20 enterprises displayed and introduced, including agricultural products such as coffee, tea, cashew nuts, dried fruits, rice, alcoholic beverages (wine), soft drinks (milk, fruit juice), processed products, confectionery, spices, sauces, health-enhancing nutritional products... has attracted the attention of many visitors.
The event is an opportunity to introduce to Filipino and international consumers Vietnamese products with quality, delicious taste, beautiful packaging and design, not only for personal consumption but also as gifts to show affection and respect for relatives, family, friends or colleagues.
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| Vietnamese products exhibition area within the framework of Vietnam Day in Riyadh, Kingdom of Saudi Arabia (Photo: Vietnam Trade Office in Saudi Arabia) |
Or within the framework of Vietnam Day from December 13-15, 2024 in the capital Riyadh, Kingdom of Saudi Arabia, the Vietnam Trade Office in Saudi Arabia organized an exhibition of products of over 100 businesses looking for opportunities to expand their market to the Middle East region.
Prominent items include agricultural products (rice, cashew nuts, pepper, coffee, tea, dried fruits), processed foods, spices, canned seafood, honey, garments, construction materials, furniture, decoration, environmentally friendly products, charcoal, agarwood, etc.
The promotion of Vietnamese enterprises' products in Saudi Arabia and concurrent locations has been regularly carried out by the Trade Office of the Vietnamese Embassy in Riyadh since April 2021, contributing to boosting export growth from Vietnam to Saudi Arabia, Bahrain, Jordan, and Oman. Export turnover has grown impressively in the first 10 months of 2024, reaching 1.34 billion USD, up 41.1% over the same period, and for the first time, we have a trade surplus of over 180 million USD to the Saudi Arabian market.
Or, two units of the Ministry of Industry and Trade, the Import-Export Department and the Trade Promotion Department, have coordinated to organize trade promotion activities for rice products in the Chinese market from December 2 to 6, 2024.
Highly appreciating the trade promotion activities of the Ministry of Industry and Trade to increase exports, Economic Expert Vu Vinh Phu said that the export promotion activities of the Ministry of Industry and Trade have made a very important contribution to helping businesses promote their products, grasp market information to increase export turnover. In particular, the role of the Vietnam Trade Office system in foreign markets in recent years has been increasingly affirmed.
On the Associations' side, Mr. Ngo Sy Hoai - Vice President and General Secretary of the Vietnam Timber and Forest Products Association assessed that the wood industry is benefiting greatly from free trade agreements such as UKVFTA, RCEP... In particular, Vietnam's wood product exports to the UK are higher than the average of all industries thanks to UKVFTA. Or with RCEP, RCEP creates a large resonance space, where Vietnamese enterprises have the opportunity to import and export goods with no or very few tariff barriers, so prices also have the opportunity to compete more. In particular, thanks to the harmonization of rules of origin within the RCEP bloc, our export goods can meet the conditions to enjoy tariff preferences in RCEP more easily than any existing FTA.
Prepare carefully for the 2025 plan
Also in the report sent to the Ministry of Planning and Investment on the summary of the implementation of Resolution 01/NQ-CP of the Government in 2024 and proposed contents to be included in the Resolution in 2025, the Ministry of Industry and Trade stated that in 2025, export activities will 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. In addition, the recovery of major markets such as the US and EU will be an important driving force to promote exports, especially in the fields of electronics, consumer goods and textiles.
On the other hand, new-generation free trade agreements (FTAs) bring significant competitive advantages. Accordingly, the Ministry aims to increase exports by about 6% in 2025 compared to 2024.
However, exports still face challenges from complex geopolitical developments, stricter environmental and labor standards, and the possibility of increased US trade barriers under President-elect Donald Trump's protectionist policies.
To achieve the set goals, the Ministry of Industry and Trade will continue to support businesses by providing market information, production orientation and finding orders.
Promote the benefits of FTAs in person and online, and develop sustainable border trade and logistics services, especially official exports to China.
Sharing about export promotion solutions in the coming time, Mr. Vu Ba Phu - Director of the Department of Trade Promotion - Ministry of Industry and Trade said that in the coming time, the Ministry of Industry and Trade will synchronously implement solutions to boost exports, promote market diversification, promote exports of Vietnamese products with advantages and the world's demand. Maintain the development of traditional markets, traditional products, strengthen the development of nearby markets, new potential products. Focus on supporting localities and enterprises to switch to official exports associated with brand building and sustainable development.
“The Ministry of Industry and Trade will focus on improving the quality and competitiveness of products for domestic consumption and export through increased communication, raising awareness of Vietnamese industries and Vietnamese products. Training to improve trade promotion capacity on digital platforms, e-commerce, and digital economic development. Promoting green export promotion, towards sustainable development” - Mr. Vu Ba Phu emphasized.
Source: https://congthuong.vn/xuc-tien-xuat-khau-bai-ban-hieu-qua-xuat-nhap-khau-nam-2024-du-bao-dat-ky-luc-365131.html
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