Logistics activities at Gemalink International Port in Ba Ria-Vung Tau province (Photo: VNA)
Due to the recovery of the global market and the increase in orders, Vietnam's import and export activities in the first quarter of 2024 remained steady and achieved good results.
The recovery of the global economy, including many of Vietnam's major export markets, is a positive sign for the future import and export activities of Southeast Asian countries.
Tran Thanh Hai, deputy director-general of the Ministry of Industry and Trade (MoIT) Department of Foreign Trade, said that the total import and export value in the first quarter of this year is estimated to reach $178.04 billion, an increase of 15.5% year-on-year. For the year, there was a trade surplus of $8.08 billion. Exports were particularly strong, with an estimated value of $93.06 billion, an increase of 17% year-on-year, and imports amounted to $84.98 billion, an increase of 13.9%.
In the quarter, 16 products each reported an export value of more than $1 billion, accounting for 82.1% of total export revenue, two more than the 14 products recorded in the first quarter of 2023.
The growth rate of export sales of companies in the domestic investment sector reached 26.2%, almost twice the export sales of the overseas investment sector (13.9% increase), including crude oil, and the domestic investment sector aimed at maintaining and expanding the export market. It shows the efforts of the economic sector.
On the other hand, there were 17 items with an import value of over $1 billion, accounting for 76.1% of the total.
Bui Huy Son, Director of Financial Planning at the Ministry of Industry, said that Vietnam's macroeconomic and social stability has been maintained amid complex developments in geopolitics and the global economy. The government is also taking a number of measures to help businesses overcome difficulties and boost production and business.
Electronics, computers, components and textiles are among the items with export earnings of over $5 billion in the first quarter of 2024 (Photo: VNA)
However, the country's trade activities, especially exports to key markets in Europe and America, will face both challenges and opportunities this year. In addition to the benefits of the concluded free trade agreements (FTAs), demand is gradually recovering in the global market in general, and in Europe and the United States in particular, as inflation is expected to slow down from the end of 2023 and approach the set target level. The central bank has announced plans for 2024.
As these developed countries continue to pursue strategies to diversify supply sources, supply chains, and investments, Vietnam is expected to become an important production and export center in the global value chain. Meanwhile, the development of green economy, digital transformation and circular economy in European and American countries will not only provide more credit and technical support to Vietnam, but also open up many new cooperation opportunities, Hui added. Ta.
Renewable energy – the “key” to green development in the Mekong Delta. In the photo: Bac Lieu wind farm. (Photo: VNA)
Respond quickly to issues
However, the global economy is entering a new period with many risks and challenges. The fact that developed countries are paying more attention to issues of sustainable development, addressing climate change, and consumer safety is leading to new and more stringent environmental issues related to supply chains, raw materials, labor, and imported goods. It continues to be a prerequisite for establishing standards and regulations. product. Furthermore, the diversification of each country's supply sources will increase competition in Vietnam's export market.
Nguyen Sinh Nhat Tan, Deputy Minister of Industry, said the department will closely monitor market developments and changes in partners' policies, propose appropriate solutions and explore various traditional and new export markets. He said he would continue to do so.
Agriculture, forestry and fishery products are one of Vietnam's main export products (Photo: VNA)
“The Ministry of Industry and Trade will continue to make full use of signed FTAs, accelerate negotiations and signing of new FTAs, diversify markets and supply chains, develop logistics services, and strengthen trade defense capabilities.” Ta.
Deputy Minister of Industry Nguyen Sinh Nhat Thanh
Additionally, the Ministry will continue to improve and promote early warning of foreign trade defense cases against Vietnam's exports. Strengthen the fight against trade defense measure evasion and origin fraud. Facilitate the dissemination of information and knowledge about this initiative for businesses. /.
With over 3,200km of coastline, Vietnam has many opportunities to promote exports of goods by sea. (Photo: VNA)
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