Illustrative image (Source: VNA) This year, the Ministry of Industry and Trae (MoIT) aims for337 billion USD in export revenue, with a trade surplus of about 15 billionUSD.
Experts held that markets that decide the export growth ofVietnam include the US, China, the EU, and ASEAN countries.
Ta Hoang Linh, Director of the MoIT’s European-AmericanMarket Department, underlined that the Europe and America have still beenimportant markets for Vietnamese products, especially electronics, footwear,garment and textile, wooden products, and farm produce.
Meanwhile, 2023 was the third consecutive year that theimport-export revenue between Vietnam and the US had exceeded 100 billion USD.Particularly, US President Joe Biden’s visit to Vietnam and the upgrade ofthe bilateral ties to a comprehensive strategic partnership have created opportunitiesfor Vietnam’s exports to this market, he said.
At the same time, exports to Asian-African markets last year reached 183 billion USD, similar to that in 2022, accounting for 51% of Vietnam’stotal export revenue, Linh noted.
MoIT Deputy Minister Phan Thi Thang highlighted that whenVietnam’s exports to other region dropped, the results in the Asian-Africanregions were still maintained, which is a foundation for the further expansionfor following years.
For China, one of the most important export markets ofVietnam, last year, the country spent 3.4 billion USD on importing Vietnam’sfruits and vegetables. The country will open its door for Vietnam’s frozenfruits and vegetable and fresh coconuts in the coming time.
Many organisations have forecast that this year, theeconomy of the world and European countries is likely to see a lower growth than in 2023, while the European market has heightened its standards for imports. Therefore, experts held that Vietnamese exporters should continueimproving the quality of their products to maintain their market shares.
A recent surveyconducted by the General Statistics Office showed that 24.6% of the businessesexpect increase in the number of new export orders, while 46.8% predict stable order number, and 28.6% foresee a decrease.
The Singapore-based ASEAN 3Macroeconomic Research Office (AMRO)’s report forecast that this year, Vietnamwill post a 6% economic growth thanks to export recovery.
Meanwhile, VinaCapitalpredicted that Vietnam’s export growth will recovery from a fall of 4% in 2023to a rise of 7% in 2024./.
VNA
