Hanoi (VNA) - Vietnam’s export activity saw robust growth in the first nine months of 2024, largely due to a global market recovery and rising export orders. This was particularly evident in the processing and manufacturing sector, which encompassed nearly 85% of total export revenue.
The Ministry of Industry and Trade (MoIT) reported that export revenue reached approximately 299.6 billion USD, a 15.4% increase year-on-year. This growth was observed across all three main export categories - agriculture, forestry, and fisheries. Fuel and minerals also experienced growth.
In the agricultural, forestry, and fishery group, exports reached 28.8 billion USD, a notable 21.9% increase, representing 9.6% of total exports. Meanwhile, mineral fuels saw a 3% rise to 3.1 billion USD. However, the processing and manufacturing sector remained the largest contributor, bringing in about 253.9 billion USD, or 84.7% of total exports, and showing a 15.2% increase from the same period last year.
Various product categories within the processing and manufacturing sector achieved strong double-digit growth. Plastics surged by 30.8%, wood and wood products by 21.5%, textiles by 8.9%, footwear by 12.5%, steel by 14.7%, computers and electronic products by 27.4%, and cameras and components by 30%.
Industry leaders have highlighted these trends, with Pham Cong Thao, Deputy General Director of VNSteel, reporting a 26% increase in finished steel consumption to 2.61 million tonnes. Cold-rolled steel consumption increased by 66.2%, while coated steel products grew by 71.5%.
Similarly, the Vietnam National Textile and Garment Group (Vinatex) reported consolidated revenue of 13.036 trillion VND (515 million USD), surpassing the value recorded in the same period last year by 0.7%. Pre-tax profit rose to 490 billion VND, or 170.1% of the previous year’s results.
Exports to Vietnam’s key markets have also rebounded strongly. The US remains the largest market, with export value estimated at 89.4 billion USD, accounting for 29.8% of the total and growing by 27.4% year-on-year.
Exports to China, Vietnam's second-largest market, reached 43.56 billion USD, up slightly by 0.1%. Exports to the EU, the Republic of Korea (RoK), and Japan also saw increases of 17%, 7%, and 4.7%, respectively.
On the import side, total import value stood at 278.84 billion USD, a 17.3% increase. This growth is attributed to Vietnam’s need for raw materials, machinery, and components to fuel its production. The category of essential imports, representing 89% of total import value, rose by 18.1% to 248 billion USD. Imports of restricted goods increased by 10.4% to nearly 15 billion USD.
Vietnam achieved a trade surplus of around 20.79 billion USD, although this was slightly lower than the same period last year, which saw a 22.1 billion USD surplus. The foreign-invested sector generated a trade surplus of 38.17 billion USD, while the domestic sector reported a trade deficit of 17.38 billion USD.
In light of complex global economic and political uncertainties in the coming months, Minister of Industry and Trade Nguyen Hong Dien called for focused efforts to address obstacles in industrial, energy, and real estate projects, ensuring these resources can be rapidly mobilised to support economic growth. He emphasised the need to secure a stable supply of input materials, particularly for export-driven production.
The minister also advised relevant agencies to restructure agricultural and aquaculture areas and guide production toward products meeting export standards, especially for Free Trade Agreement (FTA) markets where Vietnam holds membership. This strategy aims to help domestic producers make full use of FTAs, bolstering Vietnam’s export capacity and economic stability amid global market uncertainties./.
