Import and export growth is positive, the target of 6% is completely feasible

Imports and exports are growing positively, making the 6% target entirely achievable. — Vietnam's major consumer markets have seen increased orders, resulting in double-digit export growth. Photo: Cuong Ngo

Export growth could reach, or even exceed, 6%.

According to detailed statistics from the General Department of Customs, the total value of goods exported in July 2024 reached US$36.24 billion, an increase of 7.7% compared to the previous month. Strong increases were seen in product groups such as: telephones and components; textiles and garments; machinery, equipment, tools and spare parts; transportation vehicles and parts; wood and wood products; and rice.

Speaking with a reporter from Lao Dong Newspaper, Associate Professor Dr. Dinh Trong Thinh - an economic expert - commented that the positive figures on the total value of exports and imports of domestic enterprises in the first seven months of 2024 show that domestic businesses are making great efforts to boost export activities. This increases the consumption of goods and helps to position Vietnamese products in the global market.

"With the efforts of businesses and the support of the State, Vietnam has the potential to achieve and even surpass the export growth target of 6% in 2024. However, it is necessary to continue implementing synchronized solutions regarding market research, improving product quality, and supporting businesses to achieve this goal," affirmed Associate Professor Dr. Dinh Trong Thinh.

According to Ms. Dinh Thi Thuy Phuong, Director of the Department of Trade and Services Statistics (General Statistics Office), one of the bright spots of the Vietnamese economy in the first half of 2024 was the positive results in import and export turnover of goods.

The above results were achieved thanks to the efforts of the Government, which decisively directed ministries, sectors, and localities, and the determination of businesses to take advantage of opportunities from free trade agreements, strengthen trade promotion and advertise Vietnamese products to international markets, and at the same time affirm the quality of Vietnamese goods trusted by the world .

In addition, the report reflects the positive trend in global demand for some Vietnamese goods, with domestic production recovering to meet both domestic and export needs in the coming period.

Seize the opportunity, open up the market.

According to Ms. Dinh Thi Thuy Phuong, in the coming period, it is necessary to implement a number of solutions synchronously and effectively, such as continuing to diversify forms of widespread dissemination of information about the preferential treatment under FTA agreements, while also popularizing ways to maximize the opportunities of market opening, boosting exports and improving the efficiency of Vietnamese goods exports to markets that have signed FTAs, innovating trade promotion activities, focusing on promoting the digital transformation program in trade promotion activities, and connecting supply and demand domestically and internationally…

According to Associate Professor Dr. Dinh Trong Thinh, to achieve and surpass export growth targets in the coming period, businesses need to actively seek new markets and customers, sign long-term and short-term export contracts (serving holidays and Tet). They should continue to improve production processes, reduce costs to lower prices, increase profits, and thus have resources to invest in promotions and after-sales service. At the same time, they should improve the design and packaging of export products to meet market standards and preferences.

According to detailed statistics recently released by the General Department of Customs, domestic enterprises' import and export activities from the beginning of 2024 to date have shown positive growth, reaching US$141.86 billion, an increase of 20.8%, equivalent to an increase of US$24.47 billion compared to the same period in 2023.

The trade balance showed a surplus of $14.53 billion, $1.97 billion lower than the $16.5 billion surplus of the same period last year. Major consumer markets for Vietnamese goods increased their order volumes, resulting in double-digit export growth.

Comment (0)