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Export gradually recovers

(News Portal – Dong Nai) - Export is currently the pillar of the outward-oriented economy. In the first two months of the year, exports are still showing positive signals compared to the same period, as export orders for some key industries are clearly recovering. 

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International textile and garment companies are seeking customers at a trade fair and exhibition in Ho Chi Minh City. 

Along with actively seeking export orders through various channels, the current requirement for Vietnamese enterprises is to gradually green their production processes and meet stringent standards from the global market.

Record-breaking trade surplus ​

According to the data from the General Statistics Office, in the first two months of the year, Viet Nam's merchandise exports increased by 19.2% compared to the same period, reaching $59.34 billion. There were 11 commodity groups with export turnover exceeding $1 billion, accounting for 75.1% of the total export turnover (including 4 commodity groups with exports exceeding $5 billion, accounting for 52.5%). And the key export items all experienced growth, contributing to the overall export growth of the entire economy.

Thanks to the optimistic growth of exports, Vietnam's trade surplus reached $4.72 billion in the first two months, the highest level since 2009. Some products, especially Vietnamese agricultural products, have recently witnessed impressive export growth.

In Dong Nai, exports of key commodities have also experienced significant growth. The Dong Nai Statistics Office assessed that despite still being affected by the global economic situation, businesses in the province have gradually overcome difficulties, consolidated traditional markets, and actively expanded into new markets.

Specifically, the export turnover in the first two months of 2024 in the province reached over $3.63 billion, a 19.6% increase compared to the same period. Exported goods to key markets have shown signs of recovery, with the United States continuing to be the largest export market with an export turnover of $1.07 billion, followed by China with $339.07 million, Japan with $387.8 million, and South Korea with $192.13 million.

Wood products have experienced the highest export growth among the key commodities in Dong Nai, with a growth rate of 69.7% compared to the same period last year. The rebound of the wood processing industry has created conditions for suppliers of raw materials to recover production and business. Mr. Pham Van Sinh, Director of Lido Wood Joint Stock Company (Trang Bom district), said that the company is currently directly importing many raw materials from abroad. "We ensure the supply of quality and reputable products to businesses in the industry, closely connecting raw material suppliers with manufacturers to boost exports."

Efforts to overcome difficulties

Similarly, in 2024, although there are still many challenges and difficulties, such as reduced consumer demand and new import regulations in many markets, the Vietnamese textile and garment industry still targets an export turnover of $44 billion.

However, there are still many challenges. In addition to the slowing market demand, issues such as product quality, sustainability, and intense competition among exporting countries are becoming increasingly high. Therefore, textile and garment enterprises need to be more proactive in improving product quality, diversifying markets and customers, thereby developing the industry in a sustainable manner and meeting the strict import requirements of many major markets.

According to Deputy Minister of Industry and Trade Phan Thi Thang, in 2024, the world is predicted to continue experiencing major and unpredictable changes, with a mixture of opportunities and challenges. The instability and uncertainty of the global economy are currently at their highest levels in many years, affecting the macroeconomic stability and growth prospects of Vietnam, an economy with a high level of openness in the near future.

Similarly, according to the Deputy Minister of Industry and Trade, industries, including textiles and garments, are gradually transitioning to green production. In the period from 2024 to 2030, the textile and garment industry will shift its focus from rapid development to sustainable development, circular business, perfecting the domestic value chain, and participating in high-value positions in the global supply chain.

Mr. Tran Ngoc Liem, Director of the Vietnam Chamber of Commerce and Industry branch in Ho Chi Minh City (VCCI - HCM), believes that the proactiveness of businesses in seeking opportunities and partners will play a vital role in production and business results. Currently, there are many international trade fairs and exhibitions organized in Ho Chi Minh City, which will provide favorable conditions for businesses to participate. VCCI will continue to make efforts to coordinate with relevant ministries, localities, and organizations to support the business community in this matter. 

Author: Bao Nguyen

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