Hanoi (VNA) – Vietnam’s exports to most markets, particularly major trading partners, have rebounded strongly, achieving double-digit growth in the past seven months, according to the Ministry of Industry and Trade (MoIT).
This positive trend has significantly supported businesses in ramping up production and operations, setting the stage for continued momentum in foreign trade in the final months of the year.
The ministry's report showed that Vietnam's export turnover in the first seven months was estimated at 226.98 billion USD, up 15.7% year-on-year.
Notably, export growth was strong and consistent across all product categories during the period. Overseas shipments of agricultural products brought in approximately 21.4 billion USD, an annual rise of 19.6%. The export value of manufactured and processed industrial products, considered a top earner, neared 192 billion USD, accounting for 84.6% of the country’s total export turnover and showing a 15.4% increase compared to the same period last year.
The MoIT noted that exports to most markets, especially major trading partners, saw robust recovery and double-digit growth. Those to the US reeled in about 66.09 billion USD, accounting for 29% of Vietnam's total export turnover, an increase of 24.4% annually. Meanwhile, shipments to China, the EU, the Republic of Korea, and Japan were estimated to be worth 33.38 billion USD, 29.34 billion USD, 14.39 billion USD, and 13.46 billion USD, up 7.2%, 15.8%, 9%, and 2.8% year-on-year, respectively.
On the import side, as domestic production and consumption rise, demand for imported raw materials and equipment has surged. In the reviewed period, import turnover was approximately 212.9 billion USD, growing by 18.5% against last year. Essential goods serving domestic production, including machinery, equipment, tools, and materials made up 89% of total imports, with a value of approximately 189.3 billion USD, up 19.7% annually.
“This is a positive signal for the economy as domestic production and consumption grow, driving the need for raw materials and machinery to fulfill newly signed orders,” said an MoIT representative.
Overall, Vietnam logged a trade surplus of 14.08 billion USD between January and July. The domestic economic sector posted a trade deficit of 14.92 billion USD, while the foreign-invested one (including crude oil) enjoyed a surplus of 29 billion USD.
The MoIT said business capability, especially domestic enterprises, has improved thanks to comprehensive government support policies and strengthened confidence due to a stable macroeconomic environment. Additionally, the global market is gradually recovering, especially in major economies that are key trading partners for Vietnam.
To capitalise on market opportunities and achieve the year's targets, the ministry is intensifying trade promotion efforts to help enterprises boost their connections with international partners.
Do Ngoc Hung, head of the Vietnam Trade Office in the US, mentioned that in the coming period, the trade office will continue to connect Vietnamese firms with potential partners. It will organise their participation in specialized fairs held in the US, and make working visits to various local states.
The agency also plans to collaborate with the Truong Hai Auto Corporation (THACO) to explore the opening of a representative office of the company in the US and diversify its procurement partners following its successful export of semi-trailers to the market.
Trade Counselor of Vietnam in Australia Nguyen Phu Hoa noted that Vietnamese exporters looking to grow in this market should prioritise strict quality control and invest in trade promotion activities./.
