Do not 'back down' in the face of difficulties, proactively expand export markets

Mr. Tran Thanh Hai, Deputy Director of the Import-Export Department, informed the press about Vietnam's export strategy - Photo: VGP/PT

At the regular press conference of the first quarter of 2025 of the Ministry of Industry and Trade, answering questions related to the sustainable import-export strategy, Mr. Tran Thanh Hai, Deputy Director of the Import-Export Department, said that the Goods Import-Export Strategy to 2030 sets out a number of important targets; especially the average export growth rate of 6-7%/year and the average import growth rate of 5-6%/year in the period 2021-2030.

The strategy of import and export of goods is growing steadily.

"At this point, we have gone halfway, basically the growth rate target has been exceeded quite far, annual export growth has reached double digits," Mr. Tran Thanh Hai informed.

According to the leader of the Import-Export Department, the requirement set forth in the import-export strategy is to achieve a trade balance (the previous period was in constant deficit until 2012). In the recent period, the Ministry of Industry and Trade has implemented this strategy relatively well by continuously maintaining an increasing trade balance, specifically in 2024 achieving a surplus of 24 billion USD.

In the first quarter of 2025, the total import-export turnover is estimated at 202.5 billion USD, an estimated increase of 13.7% over the same period in 2024. Of which, export turnover is estimated at 102.8 billion USD, an estimated increase of 10.6% over the same period last year; import turnover is estimated at 99.68 billion USD, an estimated increase of 17% over the same period last year and higher than the growth of export turnover.

Evidence shows that the balanced and harmonious structure of goods and markets shows an increase in the proportion of processed and manufactured industrial goods in the structure of export goods. These are goods that bring high added value and high export proportion, of which the target is 88%. This group of goods is breaking through to achieve the target.

The market structure in the strategy sets out that by 2025, the export proportion to Europe will reach 16-17% and to America 32%. In 2024, exports to Europe will account for 15.3% and to America 33.9%, matching the target set out in the strategy.

On the other hand, the strategic import proportion is set at 8-9% for Europe and 10-11% for America. Currently, we are reaching 6% for Europe and 7% for America.

In recent times, the ASEAN region, East Asia, especially the Middle East region, have been a very important source of raw materials for Vietnam in developing industrial production and energy supply activities. Asian imports account for a very important proportion. From now until 2030, Vietnam will continue to adjust its orientation on the structure…

Regarding the consumption of goods in foreign markets, Mr. Le Hoang Tai, Deputy Director of the Trade Promotion Agency, shared: Currently, many traditional markets are showing signs of slowing down, even potentially facing the risk of declining import demand. Therefore, proactively exploring emerging markets, niche markets or alternative markets is an urgent requirement. This is not only a direction to diversify markets, but also helps us increase the sustainability of export turnover, reducing dependence on a few key markets.

"We pay special attention to taking advantage of opportunities from the Free Trade Agreements (FTAs) that Vietnam has signed. Effectively exploiting FTAs ​​is not only a matter of tax reduction, but also improving product quality, standardizing and restructuring the supply chain according to international standards," said Mr. Le Hoang Tai.

In recent times, the Ministry of Industry and Trade has proactively innovated its approach, flexibly combining traditional methods and digital technology tools such as: implementing online trade connection programs with the US, EU, Japan, Korea, Middle East markets, etc.; Organizing virtual fairs, B2B online seminars; Welcoming international business delegations to buy goods in Vietnam, through a combination of online and offline. This method is both cost-effective and expands the reach of businesses globally, in line with the trend of "borderless trade promotion" in the digital economy era.

The Ministry of Industry and Trade is developing and reporting to competent authorities on the organization of two peak national trade promotion periods in 2025, in the following direction: Phase 1 is expected to be implemented in the middle of the year (June - July 2025); Phase 2 will be organized at the end of the year, associated with peak consumption cycles, festival seasons, tourism and Tet.

These two phases will simultaneously combine domestic and international activities, including: Organizing fairs and exhibitions of Vietnamese goods in strategic markets; Connecting export trade by product line; Stimulating domestic consumption, promoting consumption of domestically produced goods.

Regarding this content, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan said that at this time we are not in a hurry to discuss the story of adjusting export growth targets, because the solutions are set to overcome challenges, besides finding new opportunities for Vietnamese goods.

"At the recent Government meeting, the Prime Minister clearly instructed that we have not discussed adjusting export and import targets, including the GDP target of 8%, all of this must be handled calmly and comprehensively," the Deputy Minister informed.

Phan Trang

Source: https://baochinhphu.vn/khong-ban-lui-truoc-kho-khan-chu-dong-mo-rong-them-thi-truong-xuat-khau-102250404174710199.htm