Want to be in the loop?
subscribe to
our notification
Business News
EXPORTS INCREASE SHARPLY SINCE THE BEGINNING OF 2024
Merchandise export turnover in the first month of 2024 is estimated to reach US$34 billion, up 42 percent over the same period last year.
January witnessed the highest export turnover since September 2022. Although the world market was still volatile, exports to major markets have recovered, especially processed and manufactured goods and agricultural and forestry products.
Textile and garments, Viet Nam's primary industry, reached US$3.5 billion, up 30 percent over the same period last year - a high increase for many years.
Many markets have recovered well, inventories have decreased, and new orders are abundant for the summer because businesses have signed long-term orders.
"Vietnamese businesses have the strength to provide raw materials and support for the clean energy industry in the US. Therefore, the opportunity for Vietnamese businesses is huge," said Chairman of the Board of Directors of Aluminum Factory Viet Phap, Vu Van Phu.
Notably, the export of agricultural, forestry and fishery products increased by nearly 97 percent over the same period.
Many agricultural products such as rice and fruits have signed large contracts in many important markets. This industry's breakthrough right from the beginning of the year is an optimistic signal for this year's export goals.
Deputy Director Of the Import And Export Department (Ministry of Industry And Trade), Tran Thanh Hai, informed that the ministry set a target of 6 percent export growth and a trade surplus of US$15 billion in 2024. The conditions for Viet Nam to achieve this goal are possible in the current context.
Although the signal of export recovery is quite good, in the face of many complicated developments in geopolitical conflicts around the world, Viet Nam needs to continue promoting free trade agreements to expand new markets.
This helps businesses diversify export markets to maintain this year's growth rate.
Source: VGP
Related News
VIETNAM’S GDP TO GROW 5.5% THIS YEAR – WB
This forecast is based on the assumption of a moderate recovery in manufacturing exports in 2024, fueled by rebound growth of 8.5% year-on-year in the fourth quarter of 2023 and 17.2% year-on-year in the first quarter of 2024, reflecting strengthening global demand, said Dorsati Madani, senior country economist at the WB in Vietnam.
FARE REFUND FOR VISA REJECTION
Cathay Pacific will offer full refunds for cases of visa rejection to provide you with the confidence to explore the world with ease. If you are planning to fly to a destination that requires an entry visa, you can now book with greater peace of mind.
FOUR COMMODITIES POST Q1 EXPORT VALUE OF OVER 5 BILLION USD
The total export turnover of agricultural, forestry, and fisheries products in the first three months of 2024 is estimated to reach 13.53 billion USD, an increase of 21.8% compared to the same period of 2023.
MOIT PROPOSES SCHEME TO BOOST RENEWABLE ENERGY PROCUREMENT
The proposed Direct Power Purchase Agreement (DDPA) mechanism, outlined in the draft decree, targets organisations and individuals consuming electricity from the 22kV power grid or higher, with a monthly consumption averaging 500,000kWh. However, residential households are excluded from direct procurement.
REAL ESTATE BONDS PLACE PRESSURE ON ISSUING FIRMS
The ministry’s recent report underscores concerns within Vietnam’s corporate bond market for 2023 and 2024. It emphasizes the critical need to address hindrances to the real estate sector in line with the objectives provided in Government Resolution No. 33/NQ-CP, which aims to stabilize the industry.
DA NANG CUSTOMS FOCUSES ON DEVELOPING CUSTOMS-BUSINESS PARTNERSHIPS
Da Nang Customs Department issued an action plan for developing customs-business partnership in 2024. One of the new events this year is the workshop on “Settlement reports for enterprises engaged in outsourcing, export production and export processing” held in Da Nang Customs Department on April 16, 2024.