Bright prospects for exports to set new record in 2024: Experts

With positive results recorded in the first nine months of 2024 and efforts of businesses, experts are optimistic about the country’s bright export prospects in the rest of the year towards a historical record of 400 billion USD.

Statistics from the General Statistics Office (GSO) showed that Vietnam's export turnover hit 34.05 billion USD in September, up 10.7% year on year, and the figure in the third quarter of this year was estimated at 108.6 billion USD, a rise of 15.8% over the same period last year and up 10.6% compared to the second quarter.

In the January-September period, the country's exports reached 299.63 billion USD, a year-on-year increase of 15.4%. Particularly, the manufacturing-processing sector contributed 263.47 billion USD, accounting for 87.9% of the total.

Tran Thanh Hai, Vice Director of the Agency of Foreign Trade under the Ministry of Industry and Trade (MoIT), said that in the first nine months of this year, products with high export turnover included computers, electronic products and components; phones and components; garments; footwear; wood and furniture products; seafood; and vegetables and fruits.

At the same time, seven groups of goods posted export turnover of over 10 billion USD each - machinery, equipment, tools, spare parts; phones and components; computers, electronic products and components; footwear; garments; wood and furniture products; and transport vehicles and spare parts. There were 11 groups of goods with export turnover of over 5 billion USD and 31 others with exports of over 1 billion USD each.

In the period, the US was the biggest importer of Vietnamese goods with turnover of 89.5 billion USD.

Vietnam enjoyed a trade surplus of 2.29 billion USD in September and 20.79 billion USD in the nine months.

Economist Dinh Trong Thinh commented that import-export activities of Vietnam have been on a positive trend. If this growth pace is maintained or promoted in the rest of the year, a new export record is likely to be set, he held.

Dang Phuc Nguyen, General Secretary of the Vietnam Fruit and Vegetable Association (Vinafruit), said that Vietnamese fruits and vegetables are increasingly asserting their positions in demanding markets such as the US, China and the Republic of Korea (RoK). Moreover, Chinese consumers are increasingly favouring Vietnamese durian, banana and mango.

Thanks to the growth of major markets such as China, the US and the RoK, Vietnam's fruit and vegetable exports this year are likely to reach a new milestone of 7 billion USD, Nguyen said.

Meanwhile, Chairman of the Vietnam Textile and Apparel Association (VITAS) Vu Duc Giang noted that exports of garments and textiles expect to rake in more than 4 billion USD each month in the rest of the year, pushing the total revenue in the whole year to more than 41 billion USD.

Hoang Huu Yen, General Director of Intech Group, underlined that this year’s market is much more bustling that previous years. His company’s number of order rose 30% over 2023, keeping it busy until the end of November, he revealed.

Experts asserted that the fourth quarter is a rush time for FDI firms to complete their set targets for the whole year. Businesses’ efforts to optimise advantages from free trade agreements (FTAs) and the increasing market demands in the year-end season are also factors accelerating exports growth in the remaining months of the year, they held.

According to the MoIT, efforts to strengthen trade promotion with major markets, especially those having FTAs with Vietnam will be carried out.

The ministry will work hard to speed up negotiations, signing and ratification of FTAs and new economic links with more markets, initially Israel and the UAE, thus diversifying markets and supply chains and increase exports.