Exporters advised to focus on major markets to complete set target

In order to achieve the target of 6% rise in exports this year, exporters are advised to maintain major markets such as the US, the EU, Japan, the Republic of Korea and China.

This year, the Ministry of Industry and Trae (MoIT) aims for 337 billion USD in export revenue, with a trade surplus of about 15 billion USD.

Experts held that markets that decide the export growth of Vietnam include the US, China, the EU, and ASEAN countries.

Ta Hoang Linh, Director of the MoIT’s European-American Market Department, underlined that the Europe and America have still been important markets for Vietnamese products, especially electronics, footwear, garment and textile, wooden products, and farm produce.

Meanwhile, 2023 was the third consecutive year that the import-export revenue between Vietnam and the US had exceeded 100 billion USD. Particularly, US President Joe Biden’s visit to Vietnam and the upgrade of the bilateral ties to a comprehensive strategic partnership have created opportunities for Vietnam’s exports to this market, he said.

At the same time, exports to Asian-African markets last year reached 183 billion USD, similar to that in 2022, accounting for 51% of Vietnam’s total export revenue, Linh noted.

MoIT Deputy Minister Phan Thi Thang highlighted that when Vietnam’s exports to other region dropped, the results in the Asian-African regions were still maintained, which is a foundation for the further expansion for following years.

For China, one of the most important export markets of Vietnam, last year, the country spent 3.4 billion USD on importing Vietnam’s fruits and vegetables. The country will open its door for Vietnam’s frozen fruits and vegetable and fresh coconuts in the coming time.

Many organisations have forecast that this year, the economy of the world and European countries is likely to see a lower growth than in 2023, while the European market has heightened its standards for imports. Therefore, experts held that Vietnamese exporters should continue improving the quality of their products to maintain their market shares.

A recent survey conducted by the General Statistics Office showed that 24.6% of the businesses expect increase in the number of new export orders, while 46.8% predict stable order number, and 28.6% foresee a decrease.

The Singapore-based ASEAN 3 Macroeconomic Research Office (AMRO)’s report forecast that this year, Vietnam will post a 6% economic growth thanks to export recovery.

Meanwhile, VinaCapital predicted that Vietnam’s export growth will recovery from a fall of 4% in 2023 to a rise of 7% in 2024./.