Many industries reach the finish line early
Mr. Cao Huu Hieu - General Director of Vietnam Textile and Garment Group - Vinatex said that the garment export market in 2024 will recover due to the shift of orders from China, Bangladesh, and Myanmar to Vietnam.
For Vinatex, it is likely to successfully reach the 2024 production and business plan, but it is still necessary to be cautious in the context of the market not having many positive signals to be able to hope for breakthrough results in the near future.
Data released by the Vietnam Textile and Apparel Association (Vitas) on November 19 in Hanoi: the industry's total export turnover this year is estimated to reach 44 billion USD as expected, up 11.26% compared to 2023; import turnover is estimated to reach 25 billion USD, up 14.79%. Thus, the industry's total trade surplus is 19 billion USD, up 6.93% compared to 2023.
Vitas Chairman Vu Duc Giang said the main reason for the positive results in textile and garment exports this year was due to taking advantage of the shift in export orders from a number of countries, typically China.
Regarding future orders, Mr. Giang said that currently, most enterprises in the textile and garment industry have orders for the first quarter of 2025 and are negotiating orders for the second quarter of 2025. "Orders are not a big concern next year, but unit prices will not increase compared to 2024," Mr. Giang affirmed.
Not only did textiles finish early, after 10 months, fruit and vegetable exports reached 6.4 billion USD, an increase of more than 31%, a record level that the fruit and vegetable industry has ever achieved. Because in 2023, although fruit and vegetable exports had the highest turnover in history, the whole year only reached 5.6 billion USD.
With a turnover of 6.16 billion USD, the fruit and vegetable industry reached the target of exporting the whole year of 2024 (target from 6 to 6.4 billion USD) early and is confidently aiming for the target of 7 billion USD.
What are the opportunities for import and export of goods in 2025?
Mr. Tran Thanh Hai - Deputy Director of the Import-Export Department - Ministry of Industry and Trade said that in the last months of 2024, even early 2025, it is forecasted that both agricultural products and processing and manufacturing industries will continue to maintain good growth.
With the current growth rate and the recovery of key markets, especially the US and EU, when signs of inflation decrease, purchasing power will increase again. This will help Vietnam boost exports in the last months of the year.
In addition, the agricultural product group, although promising, needs to be noted for its seasonality and price fluctuations. This requires flexibility in the business and export strategies of enterprises.
Regarding the outlook for 2025, Mr. Tran Thanh Hai forecasts that the world market will show signs of stability; domestic production will be stable, goods will be abundant and diverse; FDI attraction will achieve good results; free trade agreements (FTAs) will be effective, helping to increase turnover in markets with FTAs, new FTAs will come into effect...
Import and export are forecast to maintain good growth momentum from now until the first quarter of 2025, with steady growth in all product groups and markets.
However, the challenges are new "technical barriers" that need to be clearly identified, which are standards and regulations on quality, safety, environment, labor or the risk of being subject to trade defense measures...
Therefore, businesses need to develop long-term business orientation and plans, focusing on competition in the context of market opening; promote trade promotion, and take advantage of State support.
Study and take advantage of FTAs to expand markets for export goods; invest in improving human resources, apply digital technology to quickly improve competitiveness, professionalism, and advance to international markets.
Speaking with Lao Dong, Associate Professor, Dr. Dinh Trong Thinh - former Head of the International Finance Department of the Academy of Finance, assessed: With the current order situation and looking at the acceleration of input material imports, in the whole year of 2024, Vietnam is likely to reach a record of 800 billion USD in import and export, far exceeding the record import and export of 732 billion USD in 2022.
