According to the country’s Ministry of Industry and Trade (MoIT)’s Planning and Finance Department, exports in Vietnam grew around 13.8% year-on-year in the first half of 2024, while imports were up 18.4%.

Exports made a strong rebound over the first six months of the year to hit around $188.97 billion, says department head Bui Huy Son, predominantly fuelled by processing and manufacturing with $159.92 billion.

The total value of exports and imports reached $369.59 billion, representing a 16.03% increase compared to the previous year, resulting in a trade surplus of $8.4 billion.

However, the agency highlighted an uneven recovery in industrial production and challenges in energy production and supply, particularly in regard to electricity, oil, and gas, due to price fluctuations in both domestic and international markets.

In addition, the department said that rising prices, especially for farm produce and energy, along with increasing shipping rates, continue to pose challenges to exports, Vietnam Plus reports.

It also mentioned the pressure from trade remedies investigations and technical barriers affecting some major export items to large markets like the European Union and the US.

Yet deputy minister Nguyen Sinh Nhat Tan stated that to achieve the targets set for the second half and the whole year, the sector will continue to carry out assigned tasks in a coordinated and effective manner. 

He added that the ministry would strive to improve relevant policies and regulations while implementing solutions to facilitate production, ensure a stable supply for both exports and the domestic market, and maintain energy security.

Furthermore, the deputy minister said efforts will be made to accelerate public investment disbursement and address bottlenecks to promptly implement key projects in the fields of electricity, oil and gas, processing and manufacturing, and mining.

The ministry will also propose the government introduce additional tax incentives to support production and business. Additionally, it will continue collaborating with FDI firms, large enterprises, and international organisations to enhance connectivity with domestic businesses, increase the capacity of Vietnamese suppliers, and assist those in supporting industries in joining the global value chain.