Hanoi (VNA) – Exports have been a bright spot in Vietnam's trade picture in the past 11 months, as prices and the recovery of orders have helped businesses improve value and maintain a trade surplus.
Domestic businesses speed up
A representative of the Ministry of Industry and Trade (MoIT) reported that Vietnam raked in 33.73 billion USD from exports in November, a year-on-year rise of 8.2%. Over the past 11 months, the country’s export value expanded by 14.4% to 369.93 billion USD
The domestic economic sector contributed 103.88 billion USD to the total export value, an increase of 20% year-on-year and accounting for 28.1% of the country’s total export earnings, while the foreign-invested sector (including crude oil) generated 266.05 billion USD, up 12.4% year on year and making up 71.9% of the total.
“However, exports of the domestic economic sector continue to grow higher than the FDI sector (20% compared to 12.4%). The proportion of export turnover of this sector in the total export turnover of the whole country is higher than the same period last year (28% compared to 26.8%). These are positive signs in the export activities of the domestic sector," said the representative.
Up to 36 key export items each surpassed 1 billion USD in value, collectively accounting for 94.1% of the total. Among them, seven standout products exceeded 10 billion USD, contributing a substantial proportion of 66.5% to the overall value.
Vietnam’s exports to most markets and major trade partners have witnessed a positive recovery. The country’s exports to the US were estimated at 98.4 billion USD, an increase of 24.2%. Exports to the EU were estimated at 47.3 billion USD, up 18.1% over the same period last year, and exports to Japan were valued at 22.3 billion USD, up 4.8% over the same period in 2023.
The above results were attributed to the growth of large markets such as the US, EU and Asia, leading to the growing demand for imports from Vietnam, said Tran Thanh Hai, Deputy Director of the Agency for Foreign Trade under the Ministry of Industry and Trade.
“Furthermore, businesses have effectively exploited free trade agreements. At the same time, FTAs such as CPTPP, EVFTA and RCEP have created favourable conditions for Vietnamese goods to access international markets with preferential tax rates and increased competitiveness," said Hai.
Focusing on solutions to promote exports
In November 2024, the country spent about 32.67 billion USD on importing goods, an increase of 9.8% over the same period last year. Overall, in the past 11 months, Vietnam’s imports reached 345.62 billion USD, up 16.4% over the same period in 2023.
Thus, the country's trade surplus was about 1.06 billion USD in November, bringing the trade surplus in the first 11 months to 24.31 billion USD, of which, the domestic economic sector's trade deficit was 22.17 billion USD. The foreign invested sector (including crude oil) had a trade surplus of 46.48 billion USD.
The MoIT also set a target of 6% export growth in 2025 as the global inflation has cooled down, and international market demand has recovered. 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, it 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 warned.
Developed countries are more concerned with sustainable development issues and consumer safety. In light of this, they have developed new standards and regulations related to supply chains, raw materials, labour and the environment, rules that are more stringent for imported products.
In addition, there are far-reaching impacts coming for the global economy as the new policies of US President-elect Donald Trump come into effect. This includes Vietnam's economy.
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 focal task./.
