Export activities bustled on the first workday after the Lunar New Year (Tết) holiday on February 15 with many batches of goods departing for foreign markets such as the US, the EU and Australia.

In Long An international port, 15,000 tonnes of plastic beads left the port for Europe on the day. Meanwhile, two containers with about 18 tonnes of coffee branded Meet More each were sent to Australia.

Data from the Ministry of Industry and Trade (MoIT) showed that import-export activities have been bustling since the beginning of 2024, with total revenue hit over US$64 billion  in January, up nearly 38 per cent year on year, including $33,57 billion  from exports, a rise of 42 per cent.

The majority of export markets are recovering, it said, adding that the US continued to be the biggest market of Việt Nam in January with an export revenue of about $9.6 billion, up 55.8 per cent year-on-year.

A strong rise was also seen in other major markets such as China with 57.8 per cent, the EU with 17.9 per cent, ASEAN 38.5 per cent, Japan 39.6 per cent, the Republic of Korea 22.4%, and the EU 18 per cent.

MoIT Minister Nguyễn Hồng Diễn said that in January, the country enjoyed a trade surplus of $2.92 billion, while industrial production also grew 18.3 per cent. However, he underlined the need for strong efforts right from the beginning of the year to realise the set target of 6 per cent growth in exports this year.

In the first month of 2024, Việt Nam's Purchasing Managers Index (PMI) rebounded to 50.3 points compared to 48.9 points in December 2023. The index reveals that the health of the manufacturing industry improved for the first time in five months.

The European Chamber of Commerce in Vietnam (EuroCham) commented that Vietnam’s economic recovery is on the right track. It advised the country to focus on building stronger trade relations with major export markets and increase export value through processing.

Experts said that the fulcrum for export growth in 2024 is the system of 17 free trade agreements that have been implemented, giving businesses advantages in negotiating orders and opening up markets.

Viet Nam News