The good news is that in addition to traditional export products such as agricultural products, seafood, textiles, leather shoes, wooden furniture, etc., Vietnamese enterprises also export products that were previously only imported. Typically, Hoa Phat Group's refrigerators are exported to the demanding US market, Thaco exports buses to the Philippines, VinFast exports the first batch of 1,000 right-hand drive electric cars to Indonesia, etc.
Enterprises have improved product quality to satisfy demanding consumers, so exports to the US increased by 24.2%; to the EU by 16.4%. Previously, the two words "trade deficit" were almost constant, but recently they have been replaced by "trade surplus". In 2024 alone, from the beginning of the year until now, the trade surplus to the US increased by 26.9%, the trade surplus to the EU increased by 18.6%, and the trade surplus to Japan increased by 56.9%. In the first 10 months of 2024, the preliminary trade balance of goods was a trade surplus of 23.31 billion USD.
Faced with this good news, management agencies still warn against complacency and are always ready to reach the end of the year with growth as high as in the first 10 months.
It is very important that the agencies of the Ministry of Industry and Trade promptly grasp information on market developments to support businesses. Grasping information to proactively adjust production plans to suit actual market needs is very beneficial for businesses.
Within the framework of attending the 8th Greater Mekong Subregion Cooperation Summit and working in China, on November 6, Politburo member and Prime Minister Pham Minh Chinh received Mr. Lam Thien Lap, Chairman of the Guangxi Zhuang Autonomous Region, China, and requested Guangxi to continue facilitating the import of goods, especially Vietnamese agricultural products, into Guangxi. The Ministry of Industry and Trade and relevant agencies need to carry out negotiation activities and export more fruits and vegetables to the Chinese market.
To gain more markets, trade promotion activities must be effective and substantial. Management agencies coordinate with businesses and localities to introduce Vietnamese goods and products. Not only trade promotion but also investment promotion and tourism promotion.
Continue to clear "bottlenecks" in import-export activities, cut down procedures to help businesses save time and costs. This is fundamental, bringing long-term, sustainable benefits, creating momentum for Vietnamese goods to conquer foreign markets.
