Vietnam’s Exports Show Recovery Amid Global Economic Challenges

Hanoi – Vietnam has successfully navigated the global economic headwinds, witnessing a positive uptrend in exports. The country’s export revenue showed improvement throughout the year, with a significant reduction in the year-on-year drop from the first to the third quarter. Experts are optimistic about the recovery of world demand and high growth in Vietnam’s exports in the fourth quarter.

According to Vietnam News Agency, Agricultural products, including rice and fruit, have recorded robust growth, while exports in key markets like the US, the EU, Africa, and Western Asia have been diversified. Border trade, especially with China, has been efficiently exploited. Recovery signs are also evident in the garment and textile sector, with increasing interest from partners in Europe, Northeast Asia, and Southeast Asia.

The Import-Export Department under the Ministry of Industry and Trade noted that inventory levels in markets where Vietnam has strong advantages have decreased, presenting opportunities for increased exports, particularly to the US, Vietnam’s largest export market. The ministry is focused on enhancing forecasting capabilities, negotiating new bilateral and multilateral cooperation mechanisms, and optimizing the role of Vietnamese trade offices abroad.

They also advise domestic firms to seek diverse material supply sources and strengthen business connectivity to enhance resilience to world economic changes. Minister Nguyen Hong Dien emphasized the ministry’s commitment to supporting exporters in market diversification, effective use of FTAs, and overcoming challenges in capital access and administrative procedures.