Vietnam’s Industry and Trade Ministry (MoIT) aims for a 6% increase in exports by 2025, driven by easing global inflation and recovering international market demand.
The resurgence of key markets like the United States and the European Union is expected to play a pivotal role in boosting exports, particularly in electronics, consumer goods, and textiles, according to the MoIT.
The ministry also highlighted recent macroeconomic indicators, such as GDP growth, the industrial production index, the purchasing managers index, and export orders, point to a promising export outlook.
Simultaneously, the business community has prioritised enhancing exports to markets where new-generation free trade agreements (FTAs) provide competitive advantages, The Star reports.
However, the ministry cautioned that export activities could encounter significant challenges in 2025 if global geopolitical uncertainties persist.
Developed nations are increasingly focused on sustainable development and consumer safety, introducing stricter standards and regulations concerning supply chains, raw materials, labour, and environmental practices, and imposing tougher requirements on imported products.
Furthermore, if the new policies of US President-elect Donald Trump are implemented, they are expected to have significant global economic repercussions, including effects on Vietnam.
To meet the export growth target, the ministry will actively monitor export market trends and provide timely updates to industry associations and businesses, enabling them to adapt production plans and secure market orders.
In addition, it will organise regular trade promotion conferences in collaboration with Vietnamese trade offices overseas.
The ministry emphasised that these trade offices will be tasked with continuously updating information on market conditions, regulations, and standards that could impact import and export activities, along with offering recommendations to businesses and industry associations.
Meanwhile, MoIT will focus on helping businesses leverage the benefits and incentives offered by free trade agreements to maximise opportunities.
The ministry also highlighted plans to intensify trade promotion efforts, streamline export processes at border gates, and enhance access to the Chinese market as key priorities.
In the first 11 months of this year, Vietnam's export value rose by 14.4% to reach $369.9 billion, according to the General Statistics Office.
The domestic economic sector contributed $103.9 billion, reflecting a 20% year-on-year increase, while the foreign-invested sector, including crude oil, generated $266 billion, a 12.4% rise.
Notably, 36 key export items each exceeded $1 billion in value, representing 94.1% of total exports, with seven standout products surpassing the $10 billion mark.