Import-export activities predicted to bustle at year-end

Following positive results in import-export activities so far this year, the increasing demand in the last months of the year is predicted to fuel exports, according to experts.

In January - July, many key agricultural products enjoyed a good harvest and good prices. Most of the products in this group achieved double-digit export growth compared to the same period last year, including coffee with a growth rate of 30.9%, rice 25.1%, tea 34.8%, vegetables and fruits 24.3%, cashew nuts 22.1%, peppercorn 46.3%, and cassava and cassava products 12.5%.

Exports of agricultural products hit 21.4 billion USD in the reviewed period, up 19.6% year on year, accounting for 9.4% of the country's total.

Strong growth was seen in exports of many other sectors such as manufacturing-processing with a value of 192 billion USD, up 15.4% over the same period last year.

Looking at the overall economic picture so far this year, exports remain a bright spot with strong recovery. In the first seven months of this year, export revenue fetched 226.98 billion USD, a year-on-year rise of 15.7%.

Recovery was seen in all major markets, including the US with growth of 24.4% to 66.9 billion USD, China with a rise of 7.2% to 33.38 billion USD, and the EU with 15.8% to 29.34 billion USD.

Commenting on the results, Tran Thanh Hai, Vice Director of the Import-Export Department under the Ministry of Industry and Trade (MoIT) attributed them to the country's international integration policy. Vietnam has upgraded its relations with the US to a comprehensive strategic partnership, which promises the sustainable growth of bilateral trade ties, he held. Alongside, the problem of high inventories in markets is gradually being solved, Hai added.

Experts asserted that opportunities for exports are abundant thanks to the increasing market demand in the last months of the year, the implementation of free trade agreements and the Government's efforts to remove difficulties for and boost production and business.

However, the MoIT warned that the world and regional situation is posing new requirements for import-export activities. Currently, many of Vietnam's export markets have continued to create new requirements for international trade, established more dense market barriers, increased trade protection trends and green transformation, and paid more attention to health protection product groups, organic products in association with energy transition and sustainable development factors.

The ministry pointed to a potential risk of disruption to supply sources of agricultural products due to the low professionalism of businesses and suppliers. Furthermore, since the beginning of 2024, the increase in sea freight rates, congestion at some Asian ports and the lack of containers have had an impact on Vietnam's import and export activities, it added.

In order to promote exports in the rest of the year, MoIT Minister Nguyen Hong Dien said that his ministry will increase coordination with other ministries, sectors and localities to further exploit traditional markets and reach new ones, while supporting businesses to prepare for new requirements, and strengthening trade promotion to reach potential markets.

At the same time, the ministry will continue to keep a close watch on market developments as well as import-export policies of countries to update businesses, Dien said.

The minister asked importers, exporters and logistics firms to strengthen coordination to design best logistics options.