The country's export earnings grew by 14% while its imports rose by 17.5%, resulting in a trade surplus of 4.67 billion USD during the five-month period.

Exporters were advised to make full use of FTAs, tap into niche markets, and seize new opportunities to overcome challenges in an increasingly unpredictable global trade landscape.

A policy dialogue was held in Hanoi on January 3 to review Vietnam's macroeconomy in 2024 and discuss prospects for 2025.

Many positive signs have been recorded in foreign trade, investment attraction, industrial production, and purchasing power during the first nine months of 2024, enhancing the confidence that this year’s GDP growth target of 7% is within reach.

A sharp rise has been recorded in foreign trade over the past few months, and if this upward trend is sustained, this year’s foreign trade turnover is likely to break the record of 732 billion USD set in 2022.

Vietnam has many opportunities to promote rice exports in the second half of this year, even though India could change its rice export policy in the next few months, according to the Ministry of Industry and Trade (MoIT).

Authorities have continuously warned Vietnamese businesses to stay prudent when trading with foreign partners in the face of a recent scam increase.

The Ministry of Industry and Trade (MoIT) is set to actively coordinate with other ministries and sectors to step up the negotiations and signing of new free trade agreements (FTAs) with potential partners.

Exporters should further strengthen trade connections and improve the quality of their goods to sustain export growth to China as this is no longer a "lenient" market, said insiders.

The new agreement looks to help enhance the special friendship and comprehensive cooperation between Vietnam and Laos, and further promote the access to mutual goods and service markets so as to strengthen connectivity for long-term development.

Vietnam's export earnings in January posted a year-on-year rise of 42% to about 33.6 billion USD – the highest monthly turnover since April 2022 when the figure stood at 33.26 billion USD, reported the Ministry of Industry and Trade (MoIT).

Hanoi has recorded a year-on-year growth rate of 6.27% in gross regional domestic product (GRDP) in 2023, with improvement seen quarter by quarter, said the municipal Statistics Office.

Vietnam may record a GDP growth rate of 5.19% in 2023, lower than the 8.02% expansion last year but still higher than many other countries in the region and the world, the Central Institute for Economic Management (CIEM) predicted.

Prime Minister Pham Minh Chinh has demanded priority be given to promoting economic growth and securing the best possible results for the aspects failing to meet targets this year.

A delegation of the Ministry of Industry and Trade (MoIT) led by Deputy Director of the ministry’s Agency of Foreign Trade Tran Quoc Toan and representatives from 19 Vietnamese rice exporters have paid a working visit to Beijing, China to promote Vietnamese rice in the market.

On the basis of the nine-month results, Vietnam may achieve at least 10 of the 15 targets set for this year, including all the social targets, Prime Minister Pham Minh Chinh said on October 23.

Prime Minister Pham Minh Chinh has demanded ministries, sectors, and localities resolutely not step back in the face of difficulties while chairing the Government’s regular meeting for August in Hanoi on September 9.

Politburo member and Chairman of the National Assembly (NA) Vuong Dinh Hue had a working session with the Hanoi Party Committee’s Standing Board on July 25 to look into the implementation of some resolutions of the NA.

More than 162.8 trillion VND (6.9 billion USD) in export and import taxes was collected for the state budget as of June 11, equivalent to 38.3% of this year’s target and down 18.1% from the same period of 2022.

Despite an overall export decline due to the shortage of orders, foreign direct invested (FDI) businesses still posted more than 14 billion USD in trade surplus in the first four months, further affirming their role as the main growth driver of the economy.