With positive results in import and export in 9 months and prospects in the 4th quarter of 2024, it is forecasted that in 2024, Vietnam's import and export turnover may reach a new milestone of 800 billion USD, far exceeding 2022.
According to the report of the Ministry of Industry and Trade, industrial production increased on a large scale when the industrial production index in 9 months increased in 60/63 localities. In particular, some localities have a fairly high IIP index at double-digit levels due to the high increase in the processing and manufacturing industry or the electricity production and distribution industry. For example, the IIP index of Tra Vinh province increased by 41.9%; Phu Tho increased by 38.7%; Khanh Hoa increased by 36.4%; Bac Giang increased by 27.7%; Son La increased by 27.3%; Thanh Hoa increased by 20.4%...
In addition, exports continued to maintain double-digit growth, when earning about 299.63 billion USD (up 15.4% over the same period last year). Notably, exports grew strongly and evenly in all 3 commodity groups, namely: processing and manufacturing industry (reaching 253.9 billion USD, up 15.2% over the same period last year), mineral fuel group in 9 months estimated at 3.1 billion USD (up 3%) and agricultural, forestry and fishery group earning about 28.8 billion USD, an increase of 21.9% over the same period in 2023.
Regarding the positive results in the export picture, the Vietnam Fruit and Vegetable Association said that after 9 months of 2024, fruit and vegetable exports reached nearly 5.7 billion USD, which is a record high number, of which, durian alone earned 2.5 billion USD.
"Vietnamese fruits and vegetables are increasingly asserting their position in fastidious markets such as the United States, China and South Korea. In particular, Chinese consumers are increasingly preferring Vietnamese durians, bananas and mangoes," said Mr. Dang Phuc Nguyen, General Secretary of the Vietnam Fruit and Vegetable Association.
Mr. Dang Phuc Nguyen also forecasts that thanks to the growth of major markets such as China, the United States and South Korea, Vietnam's fruit and vegetable exports this year will reach 7 billion USD.
It can be seen that in 2024, businesses will prepare orders for import and export activities as well as production and business better. This is reflected in the picture of import and export of goods in the past 9 months, in which the import and export turnover of the next month is higher than the previous month and the next quarter is higher than the previous quarter.
Minister Nguyen Hong Dien said that after only 9 months, the total import and export turnover of the country reached nearly 580 billion USD, up 16.2% over the same period. According to such a growth momentum, it is likely that by the end of the year, the value of import and export turnover can reach 800 billion USD.
"In particular, exports grew in all commodity groups and exports of the domestic enterprise sector increased nearly 2 times faster than the growth rate of FDI enterprises, which is also a very welcome signal," the Minister emphasized.
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Apply science and technology to increase labor productivity. (Photo: Duc Duy/Vietnam+)
Meanwhile, economist Dinh Trong Thinh also assessed that with positive results in 9 months of import and export and prospects in the 4th quarter of 2024, it is forecasted that this year, Vietnam will completely have a new milestone in import and export turnover (reaching 800 billion USD of import and export, far exceeding the record level of import and export of 732 billion USD in 2022), thereby contributing to promoting economic growth in 2024 at a higher level.
"The reason for this figure is that Vietnam's import and export activities have achieved many positive results, in which major markets such as the United States, the EU, Japan, and South Korea have high growth," expert Dinh Trong Thinh analyzed.
Mr. Thinh also said that at this time, the business community is determined to boost export growth in the last quarter of the year, making the most of market advantages, especially new-generation free trade agreements. On the other hand, the demand of import markets at the end of the year with many major festivals is still increasing, which is beneficial for export growth in the remaining quarter, especially for the garment, footwear, electronics and agriculture, forestry and fishery industries.
