Vietnam’s Import-Export Total Hits New High

According to the latest statistics, as of mid-August 2024, Vietnam’s total import-export value reached $473 billion, a 17% increase year-on-year. Notably, Vietnam achieved a trade surplus of $15.5 billion. This data clearly demonstrates the crucial role of exports in driving Vietnam’s economic growth, becoming a key engine propelling the country’s rapid economic expansion this year.

Wooden Furniture Exports Surge Against the Trend

Although April to August is typically considered the off-season for wooden furniture, 2024 has been markedly different. Vietnamese wooden furniture manufacturers have been operating at full capacity, continuously supplying large quantities of products to international markets to meet end-of-year holiday demand. A representative from Woodsland Joint Stock Company, Le Thi Ngoc Mai, stated, “In 2024, our company has been exporting an average of 250 containers per month, a 20% increase year-on-year, far exceeding our target set at the beginning of the year.”

Multiple Industries Show Impressive Export Performance

Besides the wood industry, which is on track to achieve its $14.2 billion export target, Vietnam’s textile industry is steadily progressing towards its $44 billion export goal. Simultaneously, other sectors such as hardware, electronics, and machinery have also achieved remarkable growth. These figures indicate that Vietnam’s competitiveness in various industries is continuously strengthening in the international market.

Manufacturing Sector Drives GDP Growth

The World Bank’s analysis points out that in the first half of this year, exports from the manufacturing sector significantly contributed to Vietnam’s GDP growth, far surpassing the 5% growth rate of the same period last year. Ms. Dorsati Madani, Senior Economist at the World Bank in Vietnam, stated, “In the first half of this year, Vietnam successfully capitalized on global export growth opportunities, increasing orders, especially in major partner markets. Vietnam’s industrial output grew substantially, contributing 25% to GDP growth.”

Import Growth Supports Domestic Production

While exports are growing rapidly, Vietnam’s imports have also maintained strong momentum. From the beginning of the year to August 15, the country’s total import value exceeded $220 billion, an 18% increase year-on-year. The main imported goods are concentrated in machinery, equipment, raw materials, and supplies, primarily used to support Vietnam’s domestic industrial production, providing crucial support for export growth.

Policy Support and Free Trade Agreements Boost Foreign Trade Development

Vietnam’s favorable export situation in the first few months of this year is attributed to a series of government policies and measures to address business challenges, as well as the full utilization of preferential conditions brought by various free trade agreements. These factors have jointly promoted the rapid development of Vietnam’s foreign trade.

Against the backdrop of gradual recovery in international markets, import and export activities are expected to continue being a significant driver of Vietnam’s economic growth in the last few months of the year. The Vietnamese government and businesses are actively addressing various challenges, striving to maintain the momentum of foreign trade growth.

Key Points:

• Vietnam’s import-export total reached $473 billion in the first 8 months of 2024, up 17% year-on-year, with a trade surplus of $15.5 billion.
• Exports of wooden furniture, textiles, electronics, and other industries performed exceptionally well, driving overall foreign trade growth.
• Manufacturing exports significantly boosted GDP growth, surpassing last year’s growth rate.
• Import growth mainly focused on supporting domestic industrial production, providing a strong foundation for exports.
• Policy support and free trade agreement benefits are facilitating foreign trade development, expected to continue driving economic growth.

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