The Ministry of Industry and Trade (MoIT) aims to increase total export turnover this year to US$377 billion, up about 6% compared to 2023, and maintain a trade surplus of roughly US$15 billion for the ninth consecutive year.
Last year saw Vietnam earn US$355.5 billion from exports due to global economic fallouts and rising inflation, down 4.4% year on year, failing to meet the planned growth target of 6%.
The gradual recovery of the global economy in 2024 is forecast to stimulate consumption and fuel export orders that will support Vietnamese export businesses in fulfilling the target. Than Duc Viet, general director of Garment 10 JSc, says his firm will proactively seek and exploit domestic and international markets in its attempt to diversify markets, products and customers.
“The firm will also promote research on new materials and new patterns to produce new, high-quality products to cater to the taste of new customers,” says Viet.
There are signs of importers increasing orders, as many countries face difficulties due to labour shortages and conflicts, while Vietnam is a safe destination which is expected to receive new orders, shares Le Tien Truong, chairman of the Board of Directors of the Vietnam National Textile and Garment Group (Vinatex).
Meanwhile, fruit and vegetable exports are predicted to set a new record this year, possibly exceeding the US$6-billion turnover goal and even approaching the US$7-billion milestone.
“To meet the target, Vietnam should, on the one hand, bring into full play the potential of existing products, and on the other hand increase the export of other fruits through official channels, along with close collaboration between the State, farmers and businesses,” suggests Dang Phuc Nguyen, general secretary of the Vietnam Vegetable and Fruit Association (Vinafruit).
This year, the Ministry of Agriculture and Rural Development will strive to accelerate negotiations for the official export of Vietnamese fresh chilies and coconuts to the Chinese market. With the possibility of Vietnamese frozen durians to enter the Chinese market, the export turnover of fruits and vegetables in 2024 is forecast to increase significantly.
It is anticipated that four more products will be officially exported to this market, namely medicinal herbs, coconuts, frozen fruits, and watermelons.
Experts therefore recommend that fruit exporters strictly abide by all requirements and regulations relating to food safety, traceability, growing area code confirmation, and packaging stated in the signed protocols between Vietnam and China.
The Ministry of Industry and Trade (MoIT) also says it will continue to support businesses seeking to take advantage of commitments in the FTAs to boost exports and shift to official exports associated with brand building.
“The MoIT will facilitate trade promotion for products and industries in major markets,” says Tran Thanh Hai, deputy director of the MoIT’s Import-Export Department.
To achieve the export growth target of 6% in 2024, Hai says the MoIT will promote negotiations and signing of new FTAs with other potential partners to diversify markets, products, and supply chains.
