Agro-forestry-fishery export revenue reached 18.21 billion USD in the first half of 2024

Vietnam's total agro-forestry-fishery export revenue in the first six months of 2024 increased by 18.8% compared to the corresponding period in 2023, according to the Director of the Department of Planning and Finance (Ministry of Industry and Trade). This level of growth continues to be a highlight in Vietnam's current state of international commercial activities.

This figure was provided by Bui Huy Son, General Director of the Department of Planning and Finance, during the regular press conference at the Ministry of Industry and Trade for the second quarter of 2024. The Director added that several agricultural products saw significant increase in export volumes, notably coffee with an increase of 43.9%, rice 38.2%, various tea products 20.1%, fruits and vegetables 28.2%, cashew nuts 19.3%, pepper 19.7%, and cassava, products with cassava origin 19.2%.

With the sustained growth in agricultural exports, Vietnam's overall exports have recovered considerably. Notably, Vietnam's total export revenue is estimated at 188.97 billion USD, marking an increase of 13.8% compared to the corresponding period in 2023.

The sharp increase in exports has also been reported among domestic businesses. Namely, these businesses achieved an export revenue of 43.69 billion USD in the first five months of 2024, marking an increase of 20.5% compared to the corresponding period in 2023, and accounting for 27.9% of the country's total export revenue. Export turnover for the foreign-invested sector is estimated at 113.08 billion USD, marking an increase of 13.3%, and accounting for 72.1% of the country's total export revenue.

The export revenue of key manufacturing and processing industries is estimated at 159.92 billion USD, accounting for 84.63% of the country's total export revenue, and marking an increase of 13.8% compared to the corresponding period in 2023. Various product groups saw significant growth in export revenue, notably cameras, camcorders, and components with an increase of 61.2%; computers, electronic products, and components 33.4%; plastic products 29.6%; and wood and products with wood origin 23.5%.

On the other hand, Vietnamese exports to various markets around the world have exhibited exceptional recovery. Notably, the revenue of exports to the US is estimated at 43.98 billion USD, accounting for 28% of the country's total export revenue, and marking an increase of 21% compared to the corresponding period in 2023; the revenue of exports to China is estimated at 22.65 billion USD, marking an increase of 10.2%; the revenue of exports to the EU is estimated at 20.69 billion USD, marking an increase of 16.1%; the revenue of exports to South Korea is estimated at 10.4 billion USD, marking an increase of 12.8%.

Vietnam's total import and export revenue is estimated at 369.59 billion USD, marking an increase of 16.03% compared to the corresponding period in 2023. The balance of trade continues to exhibit an estimated trade surplus of 8.4 billion USD.

In the same five months, the domestic market has recovered and grown significantly. The total retail sales of goods and consumer service revenue at current prices in the first half of 2024 is estimated at 3,106 trillion VND, marking an increase of 8% compared to the corresponding period in 2023.

"Strong and stable growth in consumer goods indicates that the average income level has improved," General Director Son noted.

In addition to these achievements, General Director Son reported that the recovery capacity of various sectors remains inconsistent. Additionally, production and supply activities in the energy sector, especially for electricity and petroleum, face significant challenges.

Despite exhibiting remarkable growth, Vietnam's export and import activities are facing considerable challenges. Current obstacles in export activities include rising prices, notably for agricultural products and energy in early 2024, and increased transportation costs.

Additionally, several key Vietnamese export items to major markets such as the EU and the US continue to face pressure from trade defense investigations and technical barriers related to environmental, sustainable development, and green transition issues. Similarly, the domestic market has recovered amidst price pressures, inflation, and the prevalence of counterfeit and substandard goods.

Regarding key tasks and solutions for the second half of 2024, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan assessed that Vietnam's export and import activities possess significant advantages in terms of free trade agreements (FTAs). Namely, they enable Vietnam to maintain its competitive edge in trade and investment activities.

According to the Deputy Minister, domestic businesses must utilize the support of foreign partners and international organizations in order to foster linkages, enhance the capacity of local suppliers, and facilitate entry into global value chains, thereby promoting sustainable exports.

On behalf of the Ministry of Industry and Trade, Deputy Minister Tan committed to focusing on four sectoral plans regarding energy and minerals. Additionally, he emphasized the importance of electricity load and weather, hydrological development monitoring in responding to scenarios developed by the Ministry, and maintaining power supply under all circumstances.

"The Ministry of Industry and Trade will closely coordinate with EVN, the State Capital Management Committee, and local governments to expedite stage 3 of the 500KV line project, with a focus on maintaining progress and quality as instructed by the Prime Minister," the Deputy Minister added.

During the press conference, Deputy Minister Nguyen Sinh Nhat Tan extended congratulations to journalists on the 99th anniversary of Vietnam Revolutionary Press Day. He acknowledged that journalism, media have enabled the industry and trade sector to identify existing issues and formulate appropriate solutions that promote and develop the sector.