Vietnam's export performance for processed and manufactured industrial goods has shown impressive growth in the first seven months of 2024. According to the Ministry of Industry and Trade, export turnover reached nearly $192 billion, representing a notable 15.4% increase compared to the same period last year. This robust growth underscores the country's expanding role in the global trade landscape, with these goods now making up 84.6% of Vietnam's total export value.
Key sectors driving this growth include cameras, camcorders, and their components, which saw a remarkable 51.5% increase, and computers, electronic products, and components, which grew by 30%. This positive trend is complemented by strategic efforts to diversify export markets. While exports to traditional major markets have faced some challenges, Vietnamese businesses have successfully expanded their reach to emerging markets in Africa, Eastern Europe, Northern Europe, and Western Asia.
Despite a rise in inventory levels within the processing and manufacturing sector, efforts to mitigate these challenges are underway. The Ministry of Industry and Trade is actively supporting the industry through initiatives aimed at improving production capabilities, fostering technological advancements, and enhancing human resource training. These measures are designed to help businesses integrate into global supply chains and expand their market presence.
Looking forward, Vietnam is poised to further bolster its industrial exports with increased trade promotion efforts and participation in major international trade fairs. Upcoming events such as Fabtech 2024 in Orlando and the International Manufacturing Technology Show in Chicago will provide valuable opportunities for Vietnamese enterprises to showcase their products and forge new global partnerships.
Overall, the surge in industrial goods exports highlights Vietnam's growing influence in global trade and its commitment to strengthening economic growth through strategic market expansion and industry support.
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