Positive export results in 2024 thanks to effective exploitation of free trade agreements, diversification of export markets and products...

The double-digit growth in import and export turnover is a remarkable result in Vietnam's international trade activities in the first 11 months of 2024. In the context of the global economy continuing to face challenges from weak growth, high inflation risks, and declining consumer demand in many major markets, maintaining a high trade surplus has contributed positively to economic growth this year.

There are only 10 days left until the end of 2024, but the prospect of many businesses signing orders for the first and second quarters of next year shows that accelerating exports in the last months of the year will help total import-export turnover potentially reach nearly 800 billion USD this year (far exceeding 2023 when it reached 683 billion USD).

Key product groups grow positively

According to the report of the Ministry of Industry and Trade, after 11 months of 2024, the total import and export turnover of goods is estimated at 715.55 billion USD, up 15.4% over the same period last year, of which exports increased by 14.4%; imports increased by 16.4%, the trade balance of goods had a trade surplus of 24.31 billion USD.

Notably, the export turnover of agricultural, forestry and fishery products in November 2024 is estimated at 5.3 billion USD, up 13.9% over November last year; bringing the total export turnover of agricultural, forestry and fishery products in the first 11 months of 2024 to 56.74 billion USD, up 19% over the same period last year, of which the export value of agricultural products reached 29.78 billion USD, up 23.2%; aquatic products reached 9.2 billion USD, up 11.8%; forestry products reached 15.59 billion USD, up 19.6%. The trade balance of the agricultural, forestry and fishery sector in 11 months is estimated at a surplus of 16.46 billion USD, up 52.8% over the same period last year.

The early completion of agricultural, forestry and fishery exports was due to a number of products with strong export value increases in 11 months, such as: Rice reached 5.31 billion USD, up 22.4%, coffee reached 4.84 billion USD, up 32.8%; tea reached 2.95 billion USD, up 17.1%; cashew nuts reached more than 4 billion USD, up 21.4%; pepper reached 1.22 billion USD, up 46.5%...

It is expected that if in December, agricultural, forestry and fishery exports earn about 5 billion USD, the export turnover for the whole year of 2024 could exceed 61 billion USD - a new record.

Assessing this content, according to economic expert, Dr. Le Duy Binh, CEO of Economica Vietnam, by the end of November, the import-export growth rate of more than 15% is a fairly high increase compared to the previous period. This also shows the adaptability, flexibility, and proactiveness of the business community. The support with the role of the Government, ministries, branches, and localities has achieved such a high import-export turnover.

It is also from import-export activities that have actively supported the economy. Accordingly, the industrial growth index and the recovery of the manufacturing and processing industry have been greatly supported by increased import-export activities.

In particular, according to this expert, the agricultural sector continues to play a supporting role for the economy and has been maintained in recent years, contributing not only to exports, but also to stabilizing inflation and the livelihoods of millions of farmers. In addition, the agricultural sector has promoted comparative advantages, adapting to the needs and tastes of the global market.

“The record number of agricultural, forestry and fishery exports to markets, including demanding markets, in addition to promoting comparative and absolute advantages, has improved competitiveness and met the requirements of the international market,” expert Le Duy Binh analyzed.

Creating momentum for achieving the 2025 goals

The stability and development of the agricultural sector contributes greatly to the stability of the macro economy, not only through import-export turnover figures and foreign currency earnings, but also directly contributes to controlling inflation and sustainable growth in Vietnam.

According to economist, Associate Professor, Doctor Nguyen Thuong Lang, the market for Vietnamese agricultural products has changed quite strongly in recent times, especially the high price of agricultural products, combined with the increase in export scale, which means benefits in both price and quantity. In addition, some items such as textiles, wooden products, and seafood all have high growth in turnover.

“That result was achieved thanks to the great support from the policy mechanism, combined with the efforts of enterprises in approaching and understanding the market more deeply, knowing how to work in a chain, responding quickly to all fluctuations, especially the demands of demanding markets... the resonance of those factors creates a very optimistic picture for 2024,” said expert Nguyen Thuong Lang.

The assessment of the Ministry of Industry and Trade also shows that the positive export results in 2024 are thanks to many factors, specifically that businesses have effectively exploited Free Trade Agreements (FTAs). FTAs ​​such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Vietnam-EU Trade Agreement (EVFTA), and the Regional Comprehensive Economic Partnership (RCEP) have facilitated Vietnamese goods to access international markets with preferential tariffs and increased competitiveness.

Furthermore, diversification of export markets and products is gradually showing results as Vietnam boosts exports to emerging markets and focuses on key product groups such as electronics, agricultural products and textiles.

“Domestic production and export capacity has been gradually improving positively. Many businesses have invested in technology and promoted the increase of localization value in the supply chain,” said a representative of the Ministry of Industry and Trade.

To create momentum for trade activities in 2025, expert Le Duy Binh recommends that businesses make the best of current orders to achieve the set goals, while focusing on products in which Vietnam has advantages, such as agriculture.

In addition, Dr. Le Duy Binh also noted the preparation for longer-term plans to improve the quality of import-export activities and the role of domestic enterprises, thereby increasing the proportion of domestic enterprises in import-export activities, instead of being completely dependent on foreign enterprises as at present.

“It is necessary to focus on institutional reform, especially administrative procedures, facilitating trade, customs procedures, improving the business environment... This will directly support export enterprises in the last months of 2024, 2025 and the following years, thereby creating the premise to achieve new import-export records,” Dr. Le Duy Binh recommended./.