Vietnam’s export recovery gains momentum

HANOI: Vietnam’s exports have been on a path of recovery since the beginning of the year.

According to a report from the General Statistics Office (GSO), the country’s total export turnover of goods in the first two months of 2024 reached $59.34 billion, a 19.2 percent increase compared to the same period last year.

The domestic economic sector accounted for $16.14 billion, a 33.3 percent increase and 27.2 per cent of the total export turnover. The FDI sector, including crude oil, reached $43.2 billion, a 14.7 percent increase and 72.8 percent of the total export turnover. Wood and wood products, in particular, have shown high export results in the first two months of this year.

Other exports including textiles, leather and footwear, iron and steel, electronics, aquatic products, fruits and vegetables, rice and coffee have all experiencedsignificantgrowthcomparedtolastyear.

Deputy Minister of Agriculture and Rural Development (MARD) Phung Duc Tien said in February, the total export of agricultural, forestry and aquatic products reached US$4.48 billion, a 21.8 percent increase compared to the same period last year.

In the first two months of the year, the total export turnover of these products is estimated at US$9.84 billion, a 50.3 percent increase, with a trade surplus of US$2.68 billion. The sector aims to achieve an export target of US$54-55 billion in 2024. Tien stressed the importance of the diversity of export markets and improved quality of Vietnamese agricultural products, as recognised by markets such as the US, the EU and Japan.