Export recovery helps boost Vietnam’s economic growth

Export recovery helps boost Vietnam’s economic growth - Illustrative image (Photo: Internet)

According to Director of the department Bui Duy Son, the global economy’s positive trend with goods imports of many countries increasing again is a good sign for Vietnam’s exports in 2024. This is an important factor contributing to boosting Vietnam's GDP to around 6%.

Processing and manufacturing industries were the main contributors with a combined value of 159.92 billion USD, accounting for 84.63% of the total export turnover and increasing by 13.8% compared to the same period in 2023.

Agricultural products continued to be a highlight in export growth, increasing by 18.8% year-on-year to an estimated 18.21 billion USD in the reviewed period.

According to the MoIT, the total import-export turnover of goods was estimated to hit 369.59 billion USD in the Jan – June period, up 16.03% year-on-year, resulting a trade surplus of 8.4 billion USD.

Deputy Minister of Industry and Trade Phan Thi Thang said the network of Free Trade Agreements (FTAs) with over 60 markets has been expanding opportunities for domestic industries and enterprises to boost exports and take advantage of tariff preferences.

The ministry is taking a series of solutions to stimulate production, stablise supply for export and the domestic market, and ensure energy security, she said, adding that it has also focused on market solutions to promote exports and domestic consumption, and effectively controlling imports and the quality of goods.

According to the World Bank’s statistics, Vietnam's goods and services export value is equivalent to 94% of its GDP, ranking 14th globally.

Nguyen Duc Hung Linh, Director of Think Future Consultancy company, said the export area is showing promising signs, noting that export is a direct motivation with the largest impact on Vietnam's economic growth now.

The improved purchasing power in developed countries has had a noticeable impact on Vietnam's economy. Exports to the US, the European Union (EU), the Republic of Korea, and Japan have all returned to strong growths, expanding by 22.3%, 16.1%, 10.9%, and 3.2%, respectively.

Insiders said that with positive economic forecasts from developed markets and increasing imports from the US, Vietnam's exports are expected to see significant growth in the second half of 2024 and 2025./.

VNA

Source: https://en.vietnamplus.vn/export-recovery-helps-boost-vietnams-economic-growth-post289235.vnp