Hanoi (VNA) – In a remarkable display of economic resilience, Vietnam's import-export turnover is poised to hit an unprecedented 800 billion USD this year, significantly surpassing the 2022 record as businesses accelerate year-end production to meet increasing orders from major markets.
Signs of robust recovery
As of the end of Quarter 3, Vietnam Technical and Industrial Group (Intech Group), an enterprise operating in a support industry, witnessed year-on-year growth of 30% in its production. Its General Director Hoang Huu Yen reported a positive trend in the volume of orders, with many long-term contracts secured.
As much as 70% of the firm’s revenue derives from domestic customers, while the remaining 30% comes from export markets, with Japan capturing the lion’s share.
Yen said adaptability resulted in better performance in the first three quarters of 2024 as compared to the same time last year. Alongside responding to market developments, the company has focused on technological innovation, automation, and especially product quality improvement to meet customer demand to sharpen competitive edge.
For the textile industry, it has emerged as a bright spot as foreign consumers have spent big on fashion items. In August alone, export smashed a record high of 4.66 billion USD, including a record 1.9 billion USD to the US market.
Chairman of the Vietnam National Textile and Garment Group (Vinatex) Le Tien Truong anticipated better export results on the back of the improved demand in the US during the upcoming holiday shopping season.
According to the Vietnam Textile and Apparel Association, with abundant orders in the last quarter of this year and Quarter 1 of 2025, enterprises are maximising opportunities to bolster exports. The sector could gain some 43-44 billion USD in export revenue this year.
Meanwhile, Vice President and General Secretary of the Vietnam Leather, Footwear and Handbag Association Phan Thi Thanh Xuan relished prospects for the market in the remainder of the year, adding the industry is poised to gain 26-27 billion USD in export revenue in 2024.
Export to shatter new record
A report from the Ministry of Industry and Trade showed that export revenue in January – September rose 15.4% year-on-year to 299.63 billion USD, mainly driven by processing and manufacturing (253.9 billion USD, up 15.2%), mineral fuels (3.1 billion USD, up 3%), and agro-forestry-fishery (28.8 billion USD, up 21.9%).
The Vietnam Fruit and Vegetable Association (Vinafruit) said the industry shipped a record high of nearly 5.7 billion USD worth of products to foreign countries during the nine-month span.
According to Vinafruit General Secretary Dang Phuc Nguyen, fruit and vegetable export this year is likely to reach a new milestone of 7 billion USD thanks to the growth of such key markets as China, the US, and the Republic of Korea.
Vietnamese fruits and vegetables have gained a foothold in those fastidious markets, he said, stressing durian, banana, and mango have won the taste of Chinese consumers.
Minister of Industry and Trade Nguyen Hong Dien said trade turnover in the first nine months was estimated at nearly 580 billion USD, up 16.2% year-on-year, emphasising the figure could hit 800 billion USD for the whole year, given the current growth momentum.
He said domestic firms are showing strong performance, with growth rate nearly doubling that of their FDI peers.
Economist Dinh Trong Thinh also forecast the import-export value to hit 800 billion USD this year based on rosy trade activities with large markets like the US, the EU, Japan, and the Republic of Korea.
He held that the business community has been determined to bolster export in the last quarter while taking full advantage of the new-generation agreements./.
