In a display of confidence amid a positive economic outlook, the Ministry of Industry and Trade in Vietnam is aiming for a substantial 6% increase in exports in 2024. The country aims to maintain a trade surplus for the ninth consecutive year, with an estimated surplus of US$15 billion.
To achieve these ambitious goals, the ministry emphasizes the importance of leveraging existing free trade agreements (FTAs) and establishing new partnerships, including potential agreements with Israel and the UAE. Political alliances with key countries such as China, the US, and the EU are seen as crucial in fostering economic, trade, and investment partnerships.
With a more favorable global and domestic economic landscape, import and export activities are anticipated to become more dynamic. The US, a major export market for Vietnam, is expected to generate increased orders due to reduced inventories and potential interest rate adjustments by the US Federal Reserve.
Key industries in Vietnam, including textiles and fisheries, are responding to these incentives by setting ambitious export goals for the year. The textile industry, led by the Vietnam Textile and Apparel Association (VITAS), aims for an export turnover of $44 billion, representing a 9.2% increase from the previous year.
Fishery exports, targeting $9.5 billion, are poised to overcome challenges such as the yellow card warning from the European Commission regarding illegal, unreported, and unregulated fishing.
Despite these positive developments, Vietnam’s exports continue to face challenges such as trade protectionism, defense mechanisms, and barriers in various countries. To address these issues, the Ministry of Industry and Trade plans to conduct additional trade negotiations, foster linkages and agreements, and promote FTAs with potential partners.
Deputy Director General of the Agency of Foreign Trade, Nguyễn Cẩm Trang, emphasizes the importance of supporting firms in utilizing FTAs, promoting official exports with effective branding, expanding markets, and keeping businesses updated on changes in export policies.
While Vietnamese businesses grapple with supply chain difficulties and high input prices, economic expert Dr. Cấn Văn Lực suggests diversifying funding and supply sources, expanding markets, and proactively adopting green production and circular economic practices.
Amid the global shift toward a green, sustainable economy, industries like textiles are gearing up for sustainable development. VITAS plans to enhance sustainable practices, explore new material supply sources, and expand export markets through strategic marketing initiatives.
Minister of Industry and Trade Nguyễn Hồng Diên emphasizes the importance of Vietnamese trade offices abroad in providing updates on policies and regulations, enabling government agencies and businesses to formulate effective solutions for increased exports.