Exports are rapidly approaching their targets.

Frozen durian exports to China promise to increase Vietnam's export turnover – Photo: NGUYEN TRUNG

Exports have grown across all product categories, and exports from domestic businesses have increased at nearly double the rate of FDI enterprises, which is a very welcome sign. The trade balance to date shows a surplus of nearly $31 billion.

Minister of Industry and Trade Nguyen Hong Dien

From rice achieving a record-breaking $5 billion, coffee reaching nearly $6 billion, to textiles confidently approaching $44 billion, key industries have all recorded impressive growth rates.

Durian, pomelo, coconut… couldn't be sold fast enough.

Vietnam's fruit export industry is witnessing impressive growth in 2024, with many businesses reporting outstanding results. This is a positive sign that Vietnamese agricultural products are increasingly asserting their position in the international market.

Vina T&T Company, one of Vietnam's leading fruit exporters, recorded nearly 30% growth in the first nine months of the year. Mr. Nguyen Dinh Tung, the company's general director, stated: "Exports of key products such as durian, pomelo, and coconut to international markets, especially the EU, have increased by more than 20% compared to the same period last year."

Mr. Tung emphasized that strong demand from the international market is the main driver of this growth. The company expects to exceed its initial plan by 20-25% in the last quarter of 2024.

Not only Vina T&T, but many other businesses in the industry are also recording positive results. Huy Long An Co., Ltd., specializing in banana exports, achieved a 15% growth rate in the first nine months, raising its total export volume to 25,000 tons. Mr. Vo Quan Huy, the company's director, shared: "Vietnamese bananas are becoming popular in demanding markets such as Japan and South Korea, thanks to their good quality and competitive prices."

Notably, this positive trend is not limited to large businesses. Vinagreenco, a company that previously focused solely on the domestic market, is also receiving numerous orders.

We place orders from export units. Mr. Nguyen Ngoc Hien, the company director, commented: "Demand from the international market is very strong, creating opportunities for us to expand into the export sector."

With these positive signs, Vietnam's fruit export industry is facing a great opportunity to continue its strong growth in the coming period.

Mr. Tung said: “The favorable conditions continue in the last three months of the year, because many new products are being introduced. For example, frozen coconuts and durians are entering the Chinese market; fresh coconuts and pomelos are also being exported to the US in larger quantities. In general, durians, pomelos, coconuts… are selling out faster than they can be exported. I think many fruit and vegetable businesses will maintain double-digit export growth by the end of this year because market signals are quite favorable.”

Vietnamese pepper exports have made a significant impact on European markets and are also among the top key agricultural products in the first nine months of 2024 – Photo: QUANG DINH

Rice and coffee production reached record highs.

The rice export market is witnessing a spectacular breakthrough year as rice prices continuously set new records, opening up prospects of reaching the $5 billion mark in 2024.

According to export businesses, rice prices are at their highest level in the past three months. Specifically, 5% broken rice is currently trading at $579 per ton, up $9 from last week. 25% broken rice is at $547 per ton, while 100% broken rice is at $440 per ton.

" Global demand for Vietnamese rice is always very high, and the last three months of the year will have bright prospects," commented a representative of an export company. According to this representative, orders for November and December with partners in the Philippines and China have already been planned, awaiting export, with both volume and value looking more promising.

Notably, in addition to traditional markets, Vietnamese rice is making its mark in many promising new markets such as the Middle East, Africa, Japan, South Korea, and South America. This market diversification plays a crucial role in achieving the industry's export goals.

With the current growth momentum, the industry forecasts that rice exports in 2024 could reach approximately 8 million tons, bringing in over 5 billion USD – a new record for Vietnam's agricultural sector.

Mr. Nguyen Ngoc Nam, chairman of the Vietnam Food Association, commented: "Vietnam's rice export value chain has been built very systematically and is closely linked to the international market. This helps us to be less affected by fluctuations such as India lifting its ban on white rice exports."

Similarly, coffee exports in 2024 could reach nearly $6 billion, the highest level in history. According to Mr. Nguyen Nam Hai, chairman of the Vietnam Coffee and Cocoa Association (VICOFA), the value of coffee exports in the first nine months of 2024 reached $4.37 billion, surpassing the $4.24 billion figure for the whole of 2023.

"Therefore, we can confidently say that coffee exports in 2024 will reach the $5 billion mark, or even $5.5 billion. This is a new record, the highest ever for Vietnam's coffee export value. This year, coffee prices have increased significantly because the demand for Robusta coffee beans worldwide is rising sharply, while the supply is decreasing, causing prices to continuously increase," Mr. Hai said.

Source: Ministry of Agriculture and Rural Development – ​​Data: THAO THUONG

Imports and exports could reach $800 billion.

According to experts, in addition to the recovery of demand in many major markets, leveraging the advantages from markets where Vietnam has signed free trade agreements (FTAs) also contributes to the resurgence of exports.

According to Ms. Pham Quynh Mai, Deputy Director of the Multilateral Trade Policy Department (Ministry of Industry and Trade), Vietnam's export growth to FTA markets has consistently maintained double-digit figures in recent years, with impressive export values. Particularly since Vietnam signed and implemented three new-generation FTAs ​​– EVFTA, CPTPP, and UKVFTA – Vietnam's export turnover has grown extremely strongly.

According to the Ministry of Planning and Investment, international trade in goods plays a crucial role in promoting economic growth, with exports becoming one of the three traditional growth drivers. In particular, total export turnover in the first nine months reached US$299.63 billion, an increase of 15.4% compared to the same period last year.

The vibrant picture of goods exports in the first nine months of the year can be attributed to the 20.7% growth rate in export turnover of the domestic economic sector, significantly higher than the 13.4% growth rate of the FDI sector.

Notably, the average export value in subsequent months was higher than in previous months. The average monthly export value in the first nine months of 2024 reached US$33.29 billion, US$1.52 billion higher than the average monthly value in the first six months. If the current rate of monthly exports in the fourth quarter of 2024 is maintained, the total export value of goods in 2024 is estimated to reach a historical milestone of approximately US$400 billion, surpassing the US$371.82 billion of 2022. This result helps Vietnam maintain a trade surplus of US$20.79 billion, a decrease of 0.53% compared to the US$20.9 billion surplus in the same period of 2023.

Fisheries sector expects strong performance in the last three months of the year.

According to Mr. Truong Dinh Hoe, General Secretary of the Vietnam Association of Seafood Processing and Export (VASEP), exports of shrimp, crab, fish, squid, etc., are expected to bring in $10 billion in 2024, as the first nine months have already generated approximately $7 billion. A characteristic of this industry is that revenue increases in the last months of the year due to major holidays or increased purchases to stockpile for the following year…