Exports by FDI, domestic sectors expected to rebound: official

The export of products of the foreign direct investment (FDI) and traditional products of domestic enterprises are expected to rebound this year, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan has said in a recent interview with the Vietnam News Agency (VNA).

The official revealed that the number of export products logging over 1 billion USD in turnover each has increased over the years and accounts for a significant proportion of the country’s total export value. There were only 23 commodities with export earnings of over 1 billion USD in 2013, and the figure increased to 29 in 2018 and 35 in 2023.

In 2024, the global and domestic economic situation has boded well for trade activities. The country’s efforts to enhance negotiations and diversify export markets are likely to provide a competitive edge for its overseas shipments in the time to come, said Tan.

According to the deputy minister, Vietnam is increasingly playing a vital role in the global supply chain for electronic products. Many major corporations such as Samsung, Apple, and Intel have chosen the country to establish large-scale manufacturing centres serving their exports worldwide. Recently, the sale of electronic products abroad has posted robust growth, contributing significantly to the total export turnover. Vietnam is also witnessing an influx of investment shifting from semiconductor businesses.

The production and export development of high-tech products have been included in the country’s import-export strategy towards 2030. Particularly, the government has implemented comprehensive programmes to attract investment, improve the business climate, develop supporting industries, and enhance the quality of human resources serving better value-added of the exports.

The deputy minister said that to capitalise on these opportunities, enterprises need to innovate manufacturing activities, improve product quality, and closely align production with consumer demand. Additionally, they must research and adopt new technologies, while promoting automation to reduce production costs.

He noted the Ministry of Industry and Trade, as the leading agency in managing and overseeing trade, will continue to monitor market developments to provide suitable advice and recommendations, and will organise regular trade promotion conferences with Vietnam’s trade missions abroad.

Furthermore, the ministry is working to accelerate efforts to conclude negotiations for the Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates (UAE). Also planned are the conduction of diverse promotion events to introduce the advantages and incentives brought about by free trade agreements (FTA).

It will also develop logistics services and push for sustainable border trade by promoting exports through official channels, the deputy minister added.