HÀ NỘI ( WNAM MONITORING): Việt Nam recorded a trade turnover of US$647.87 billion in the first ten months of 2024, 16 per cent higher than the same period last year, according to the General Department of Customs.
Of the sum, exports totalled nearly $335.59 billion and imports hit $312.28 billion, surging 15 per cent and 17 per cent year-on-year, respectively.
During the period, the country saw a trade surplus of $23.31 billion, down 6 per cent than $24.8 billion seen in last year’s corresponding period, the department said.
In October alone, the country’s revenue from import-export activities also witnessed a slight rise of 5 per cent to $69.19 billion with exports reaching $35.59 billion and imports $33.60 billion, up 4.5 per cent and 6 per cent year-on-year, respectively.
Economic expert Vũ Vinh Phú attributed the positive trade turnover to the important role of the Ministry of Industry and Trade.
The Ministry of Industry and Trade (MoIT) has made great efforts to expand markets for Vietnamese goods with a focus on facilitating border trade and implementing trade promotion programmes to create positive conditions for Vietnamese companies to affirm their presence in the world market, Phú told congthuong.vn.
Regular conferences among the MoIT, Vietnamese trade offices abroad and local enterprises have also provided updated information on export markets for businesses, Phú said, adding that the ministry’s early warning of trade defence cases in import markets in recent times has also helped Vietnamese goods avoid unnecessary risks in export activities.
With the results achieved in ten months, many trade experts forecast that import-export turnover in 2024 will likely reach a new record of $800 billion. However, they suggested businesses continue to improve the quality and design of goods to conquer the import markets.
The results of the General Statistics Office (GSO)’s quarterly survey on production and business trends show that 83.6 per cent of enterprises predict their new export orders in the fourth quarter will remain the same or increase compared to the previous quarter.
Fruit and vegetable exports near $7 billion target
Along with the country’s overall trade turnover, fruit and vegetable exports also brought home $6.4 billion from January to October, up 33 per cent year-on-year or surpassing the record of $5.7 billion in the whole year of 2023, the Vietnam Fruit and Vegetable Association has said.
With the impressive figure, the sector is projected to set a new export record of $7 billion by the year-end, higher than $6-6.5 billion goal set earlier by the Ministry of Agricultural and Rural Development.
During the period, durian continued to be the biggest earner with $3.1 billion, accounting for nearly 50 per cent of the nation’s total export turnover, with others including bananas, mangoes, dragon fruit and processed fruits.
The association’s General Secretary Đặng Phúc Nguyên said durian has brought a surprising export result in ten months.
Nguyên forecast that this year’s durian export turnover could likely reach $3.5 billion, 45 per cent higher than last year.
This would be a export value that few fruits could achieve, Nguyên spoke to vneconomy.vn.
According to the association, Vietnamese fruits and vegetables are increasingly asserting their position in foreign markets, thanks to their distinctive fresh flavors and their quality and freshness that can meet the requirements of the import markets, even the most demanding ones.
Furthermore, Việt Nam also enjoys a favourable geographical location that is close to China – the world’s largest fruit consumer market with an annual demand of up to $20 billion.
The geographical advantage helps keep logistics costs for Vietnamese fruits and vegetables low, promoting fruit and vegetable exports to this market. The advantage of road, sea and rail connections with China also helps save costs and transportation time, opening up great opportunities for Vietnamese exporters, the association said.
It added that fruit and vegetable exports to all markets grew by double digits in the ten months, with the highest growth seen in Thailand, South Korea, Germany and Canada.
But China remained the largest market, importing $4.2 billion worth of Vietnamese fruits and vegetables, up 38 per cent over the same period in 2023 and currently accounting for 47 per cent of Việt Nam’s total fruit and vegetable export turnover.
Thailand surpassed the US to become the second largest market with $225 million, up 87 per cent.
Besides opportunities, challenges also arise due to fierce competition with fruits and vegetables from countries with the same tropical climate conditions as Việt Nam, requiring businesses to constantly innovate technology and build brands to maintain market share, the association noted.
Businesses need to meet requirements on product quality and standards to overcome technical barriers. Therefore, producers and exporters should pay more attention to maintaining and improving quality, and strictly complying with regulations on quality and traceability.
The association also suggested that enterprises build concentrated production areas, creating conditions for farmers to link up to produce fruits and vegetables that meet VietGAP and GlobalGAP standards.
At the same time, the firms should provide specialised fruit and vegetable cooperatives with support in capital and technology, so that they can participate in the value chains.
It also petitioned the State to continue to upgrade infrastructure, roads, warehouses and processing facilities while suggesting relevant authorities to promote digital transformation, develop modern distribution channels and e-commerce platforms.
Creating conditions for enterprises to develop their brands of fruits and vegetables to foster their exports should also be included, the association noted.
