"Sweet fruits" from FTAs: A strong surge in export growth
Vietnam's export structure in 2024 has shown a positive shift, with a reduction in raw exports and increased participation of Vietnamese products in global supply.
Exports are estimated to bring in approximately 403.7 billion USD to Vietnam in 2024, a 13.8% increase compared to 2023. (Photo: Duc Duy/Vietnam+)
Hanoi (VNA)💝 - Vietnam's export structure in 2024 has shown a positive shift, with a reduction in raw exports and increased participation of Vietnamese products in global supply.
Many outstanding results were reported in implementing socio-economic development targets. Notably, exports -one of the three key pillars of economic growth in 2024 (alongside investment and consumption), saw a double-digit growth rate, contributing to pushing the total import-export turnover for the year closer to the record milestone of 800 billion USD, up 15% compared to 2023.
This achievement was made possible thanks to advantages that new-generation Free Trade Agreements, which meet the high standards required by international markets, have created for many key industries.
More billion-dollar export items
According to the Ministry of Industry and Trade, Vietnam's total import-export turnover in 2024 is estimated to reach 783.4 billion USD, a 15% increase compared to 2023.
Exports are projected to bring in around 403.7 billion USD, marking a 13.8% rise compared to the previous year, and the ninth consecutive year of trade surplus for Vietnam.
Notably, in 2024, the country had 36 products with export values exceeding 1 billion USD, compared to 33 products in the previous year. These items accounted for 94.1% of the total export turnover, with 7 exceeding 10 billion USD, contributing to 66.5% of the total.
Among these key export sectors, the agro-forestry-fishery sector contributed 62.5 billion USD. Notably, of the 24.1 billion USD trade surplus, 18.6 billion USD came from the sector.
Nguyen Hoai Nam, Deputy Secretary-General of the Vietnam Association of Seafood Exporters and Producers (VASEP), said that the total export turnover of seafood in 2024 surpassed 10 billion USD. Vietnamese seafood is now present in over 170 countries and territories, with notable contributions from shrimp (4 billion USD), pangasius fish (2 billion USD), and other seafood items like tuna, squid, and octopus (around 4 billion USD).
Seafood processing for export. (Photo: Vietnam+)
Orientation for sustainable exports
Although the export sector has recovered quickly, it is hard to say that it has enjoyed a sustainable growth as it remains susceptible to external factors. A large proportion of export turnover (around 70%) comes from foreign-invested enterprises, and the country's exports still rely on a few major regions, particularly Northeast Asia, the US, ASEAN, and the EU.
Currently, Vietnam’s exports to FTA-signed markets account for around 60% of the total, with the US being the largest destination, making approximately 20% of the total export turnover. Therefore, experts suggest Vietnam enhance its ability in implementing FTAs, and push up a more balanced trade with the key markets.
According to Dr. Luong Van Khoi, Deputy Director of the Central Institute for Economic Management, in his second term, US President Donald Trump may implement policies that have an impact on economies with trade surpluses to the US. Hence, Vietnam’s policies should focus on balancing trade with the market to avoid risks like tariff impositions.
Tran Thanh Hai, Deputy Director of the Department of Import-Export under the Ministry of Industry and Trade, also emphasized that, once exports are still heavily dependent on major markets, there remains a potential risk if those markets change policies or face economic challenges. Therefore, Vietnam must diversify its export markets more effectively.
The Ministry of Industry and Trade has set a target for export turnover to grow by 10-12% in comparison with 2024, with a trade surplus projected to exceed 20 billion USD. To achieve this target, Minister of Industry and Trade Nguyen Hong Dien has placed particular emphasis on the need to open new markets to boost exports, both in terms of volume and value./.
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