Import-export turnover approaches record of 800 billion USD
The working atmosphere of sewing teams at some companies under the Vietnam National Textile and Garment Group (Vinatex) is currently bustling, as if both people and machines are racing to the finish line. Although it is hard work, everyone knows that getting orders at this time is a very happy thing.
Mr. Cao Huu Hieu - General Director of Vinatex - said that the garment export market in the first 9 months of 2024 has recovered due to the shift of orders from China, Bangladesh, Myanmar to Vietnam. Inventory in key markets such as the US, Europe, and Japan has tended to decrease compared to the same period last year, combined with an increasing purchasing power, creating a recovery in demand for orders from partners.
"Vietnam's textile and garment exports are expected to reach the target of 44 billion USD in 2024. 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," said Mr. Hieu.
In October, Hoa Phat Group also successfully exported a 286-liter Double Inverter refrigerator with 2 doors and a top freezer to the US. The product meets strict standards, opening up opportunities for businesses to exploit the potential of this market with great purchasing power in the future. "The successful export of new generation refrigerators to the US has affirmed the quality and competitiveness of "Made in Vietnam" products in the international market," said a representative of Hoa Phat.
Speaking to Lao Dong, Associate Professor Dr. Dinh Trong Thinh - former Head of the International Finance Department of the Academy of Finance - said that the sharp increase in export orders thanks to the recovery in demand after a sharp decline last year was also a significant boost for import activities to have a breakthrough again, fueling production to serve signed orders.
"With the current order situation and looking at the acceleration of input material imports, in 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" - Associate Professor, Dr. Dinh Trong Thinh said.
According to the Ministry of Industry and Trade, as of October 15, computers and electronic components brought in 55.2 billion USD (an increase of 11.66 billion USD compared to the same period last year), phones and components were 43.94 billion USD (an increase of 2.31 billion USD), machinery and tools were 40.16 billion USD (an increase of 7.35 billion USD), textiles and garments were 28.85 billion USD (an increase of 2.5 billion USD). The total import-export turnover of the whole country reached 610.56 billion USD, an increase of 16.4% over the same period, equivalent to an increase of 85.82 billion USD in absolute terms compared to the same period in 2023 (as of October 15).
Still need to identify "knot points" to untangle
Forecasting exports for the remainder of 2024, speaking with Lao Dong, Mr. Bui Huy Son - Director of the Department of Planning and Finance (Ministry of Industry and Trade) - said that there is still room for growth in year-end commodity exports because year-end consumption demand in major markets such as the US and EU will be an important driving force to boost exports, especially in the fields of electronics, consumer goods and textiles - global retailers increase stockpiling of goods for major holidays.
Mr. Cao Huu Hieu said that in order to be well prepared for all unpredictable market situations, businesses need to clearly identify their own difficulties and disadvantages to proactively focus on improvement, ensuring that each business maximizes its advantages and minimizes its weaknesses. According to Mr. Hieu, in the short term, in the last months of 2024 and 2025, the issues that need to be faced and resolved immediately include the problem of labor shortage.
Therefore, the human resources department of enterprises needs to implement plans to maximize the use of existing resources; optimize the management model... Enterprises also need to be steadfast in the goal of greening the production chain.
Agricultural products and manufacturing industry continue to grow well.
"In the last months of the year, both agricultural products and manufacturing and processing industries will continue to maintain good growth. Especially in 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. However, although the agricultural products group has prospects, it is necessary to pay attention to seasonality and price fluctuations. This requires flexibility in business and export strategies of enterprises" - Mr. Tran Thanh Hai - Deputy Director of the Import-Export Department, Ministry of Industry and Trade predicted.
