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| Cai Mep - Thi Vai Port in Ba Ria-Vung Tau province. (Photo: VNA) |
According to the World Trade Organisation (WTO), Vietnam has advanced significantly in import-export rankings, now standing second in ASEAN, trailing only Singapore.
Phung Thi Lan Phuong, an expert from KTP FTA Consulting, highlighted how Vietnam became one of the four fastest-growing exporters globally between 2019 and 2023, alongside India, Canada, and China. This achievement is credited to the Government's robust economic integration strategy, signing 16 FTAs and opening markets with nearly 60 partners.
Phuong emphasised that these FTAs have attracted foreign direct investment (FDI), created jobs and spurred internal reforms. However, FDI enterprises account for 70% of export turnover, while the domestic value-added (DVA) rate is only 52%, below the global average.
Notably, in the first ten months of 2024, the domestic economic sector saw robust growth, achieving a rate four times that of the FDI sector. The export-import turnover share of the domestic sector rose to 32% of the country's total.
The increasing share of the domestic sector marks a turnaround after a long period of decline and dependence on FDI. In 2015, the domestic sector contributed 35.4% to the nation's total turnover, by 2024, it had risen to 32%, with further growth expected.
According to the WTO, Vietnam ranked 50th in exports and 44th in imports in 2006. By 2021, it had climbed to 23rd in exports and 20th in imports worldwide. Within ASEAN, Vietnam is second in goods exports and imports, following Singapore.
Despite maintaining a trade surplus since 2012 (except in 2015), Phuong noted that value-added in trade remains modest. To enhance this, Vietnamese businesses must improve capabilities, reduce reliance on imported materials, deepen their participation in global value chains and take on higher-value roles.
Agricultural sector’s trade surplus approximates 16.5 billion USD
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| Vietnam earned 56.74 billion USD from exporting agricultural, forestry, and aquatic products during the first 11 months of 2024. (Photo: VNA) |
Vietnam recorded a trade surplus of 16.46 billion USD in agricultural, forestry, and aquatic products during the first 11 months of 2024, soaring 52.8% year on year, Vietnam News Agency quoted figures of the Ministry of Agriculture and Rural Development.
Deputy Minister Phung Duc Tien said these commodities brought home about 5.3 billion USD in export value in November, up 13.9% from the same period last year. That contributed to the 11-month revenue of 56.74 billion USD, representing a year-on-year increase of 19%.
During January-November, forestry products posted a surplus of 13.05 billion USD, aquatic products 6.88 billion USD, and agricultural ones 4.72 billion USD, respectively rising 18.7%, 17.5% and 3.1 times year-on-year.
Seven groups of products enjoyed a trade surplus of over 1 billion USD. Among them, timber and wood products saw 12.11 billion USD in surplus, up 19.4% from a year earlier; fruits and vegetables 4.56 billion USD, up 33.9%; coffee 4.53 billion USD, up 30.5%; rice 4.07 billion USD, up 14.6%; shrimp 3.19 billion USD, up 20.5%; tra fish 1.72 billion USD, up 10.1%; and peppercorn 1.07 billion USD, up 43.5%.
Over the 11 months, farm produce generated 29.78 billion USD from overseas shipments, growing 23.2% year on year. Meanwhile, exports of livestock, aquatic, and forestry products respectively increased 4.4%, 11.8%, and 19.6% to reach 475.5 million USD, 9.2 billion USD, and 15.59 billion USD, statistics show.
Tien said Asia was the largest market of agricultural, forestry, and aquatic products from Vietnam, accounting for 48.2% of total exports during the period. It was followed by the Americas with 23.7% and Europe with 11.3%.
Shipments to Asia, the Americas, Europe, Africa, and the Oceania respectively went up 16.1%, 23.6%, 30.4%, 4.4%, and 13.9%.
The US, China, and Japan were the top three destinations of the Vietnamese products as they imported 21.7%, 21.6%, and 6.6% of the total. Exports to these markets climbed 24.6%, 11%, and 5.5%, respectively, against the same period of 2023, according to the ministry.
Rice export turnover up 22.4% in 11 months
Vietnam exported nearly 8.5 million tonnes of rice worth US$5.31 billion over the past 11 months, up 10.6% in volume and 22.4% in value compared to the same period from last year, VOV News quoted figures of the Ministry of Agriculture and Rural Development has reported.
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| Vietnam exports nearly 8.5 million tonnes of rice over the past 11 months. (Photo: VOV) |
The average export price of Vietnamese rice throughout the reviewed period reached US$626 per tonne, an increase of 13.4% compared to the same period from last year.
Data indicates that in November alone the country’s rice export volume stood at 700,000 tonnes, bringing home US$444.9 million.
During the January to November period, the Philippines, which boasts strong demand, remained the nation’s largest market, accounting for over 46.1% of the total exports. Other key markets include Indonesia and Malaysia, making up 13.5% and 8.2%, respectively.
Malaysia experienced the strongest growth in value among Vietnam's top 15 export destinations, seeing a 2.2-fold rise.
200 leading brands register for Int’l Baby Products & Toy Expo in HCM City
Over 200 leading brands from Vietnam, China, Indonesia, Thailand, the Republic of Korea, and India have registered for the Vietnam International Baby Products & Toys Expo (IBTE), with the event slated to take place from December 18 to December 20 in Ho Chi Minh City, reported VOV News.
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| The Vietnam International Baby Products & Toys Expo attracts more than 200 leading brands from five countries. (Photo: VOV) |
On display at the expo will be a range of products specifically for mothers and babies, including toys and other items for kids such as famous brands La Toys, Yodee, Toy City, Suamoon, 1983 Toys, Oc Star, Baby Three, FZ Toys, Card Fun, Moyu Block, Sising, Barbie Elephant, and Homebaby.
The exhibition is expected to introduce high-end remote-controlled cars, aerospace-themed DIY assembly toys, building blocks which stimulate children’s creative potential, as well as toys aimed at comprehensive development for children.
Organisers emphasised that the event provides an ideal platform in which businesses can come together in order to seek projects and investment partners, grasp market trends, and open up new business opportunities in the future.
In particular, a number of seminars, talks, and fashion shows will also be held during the event for leading experts in the industry to share and provide multi-dimensional perspectives on market development trends, thereby helping to further expand business opportunities and make the most of networks.
Most notably, the event will see the participation of representatives from famous e-commerce platforms such as Shopee, Lazada, and Amazon who will share the latest developments, practical strategies, and e-commerce development experiences.
Vietnam Export Promotion Forum 2024 opens in Hanoi
Vietnam Export Promotion Forum 2024 kicked off on December 4 in Hanoi, with the event attracting the participation of 300 delegates from relevant ministries, embassies, associations, and international organizations from across the country, reported VOV News.
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| An overview of the forum (Photo: congthuong.vn) |
The event is taking place as part of activities held under the national strategy on green growth for the 2021 to 2030 period with a vision towards 2050, which had been approved by the Prime Minister on October 1, 2021.
Experts emphasized that the function has made significant contribution to supporting Vietnamese enterprises to transform their growth model towards sustainability, reduce carbon emissions, build sustainable brands, and improve general competitiveness in the context of globalization.
Therefore, the plenary sessions at the forum are expected to provide practical, multi-dimensional information relating to macro policies, solutions, and initial results of Vietnamese enterprises in the process of green transformation and digital transformation.
The forum also provides an ideal venue for experts to offer recommendations and support businesses in the green transformation and export promotion process.
Delegates are anticipated to give advice in support of green manufacturing businesses while providing consultancy on green standards and international certifications, digital transformation in the manufacturing sector, as well as green solutions in the field of logistics to develop sustainable supply chains and financial solutions for green investment firms./.