MoIT sets export growth at 6% in 2025

The Ministry of Industry and Trade (MoIT) has set a target of 6% export growth in 2025 as global inflation has cooled down and international market demand recovers.

The recovery of major markets such as the US and EU will be an important driving force for exports, especially in electronics, consumer goods and textiles, the MoIT said.

The ministry added that the country's macroeconomic data on GDP growth, the industrial production index, the purchasing managers index and export orders in recent months have also shown a positive export outlook.

At the same time, the business community has focused on fostering their exports to markets where they can enjoy the advantage brought by new-generation free trade agreements (FTAs).

However, export activities will face a number of challenges in 2025, if the world's geopolitical developments continue to be unpredictable, the ministry has warned.

Developed countries are more concerned with sustainable development issues and consumer safety, creating new standards and regulations related to supply chains, raw materials, labour and the environment, rules that are more stringent for imported products.

In addition, if the new policies of US President-elect Donald Trump come into effect, it is forecast to lead to far-reaching impacts on the world economy, including Vietnam's.

To achieve the set target, the ministry will continue to monitor and provide timely information to industry associations and businesses about developments in export markets so that they can promptly adjust production plans and search for market orders as well as host regular trade promotion conferences with Vietnamese trade offices abroad.

According to the MoIT, it will direct Vietnamese trade offices abroad to regularly update information on market situations, regulations and standards that may affect import and export activities and recommendations to businesses and industry associations.

Meanwhile, it will continue to promote advantages and incentives from FTAs to businesses to help them make good use of opportunities brought by the agreements.

The ministry said that accelerating trade promotion activities, speeding up exports through border gates and facilitating exports to the Chinese market will also be a focus.

Over the past 11 months of this year, Vietnam's export value expanded by 14.4% to 369.9 billion USD, according to the General Statistics Office (GSO).

The domestic economic sector contributed 103.9 billion USD to the total export value, an increase of 20% year-on-year, while the foreign-invested sector (including crude oil) generated 266 billion USD, up 12.4%.

Up to 36 key export items each surpassed 1 billion USD in value, collectively accounting for 94.1% of the total. Among these, seven standout products exceeded 10 billion USD.

During this period, the US remained Vietnam's largest export market with 108.9 billion USD.

To further increase the export value of Vietnamese goods, the GSO has proposed that ministries and branches effectively implement product traceability and improve the competitiveness of made-in-Vietnam products in terms of prices and quality in the global market, especially for key exports.

It has also suggested the MoIT take full advantage of the signed FTAs to promote exports and innovate trade promotion activities, focusing on a digital transformation programme for trade promotion activities connecting domestic and foreign supply and demand.