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| Experts forecast Vietnam could ship USD 410 billion worth of products overseas for the whole 2024.__Photo: congthuong.vn |
Vietnam is expected to maintain a trade surplus for the ninth consecutive year in 2024, given its export growth in the remainders of the year equal to that during January-July, according to experts.
During the seven-month span, the country’s export revenue rose 15.7 percent to USD 226.98 billion, with a trade surplus of USD 14.08 billion, according to the General Statistics Office.
Experts forecast Vietnam could ship USD 410 billion worth of products overseas, and enjoy a trade balance of more than USD 23 billion for the whole 2024.
An increase in trade surplus will contribute to improving the country’s balance of payments and international reserves to ensure the national financial security, they said.
In the first seven months of the year, there were 30 exports with a turnover of over USD 1 billion. Particularly, seven enjoyed an export value from USD 8 billion such as computers, electronic products and parts (nearly USD 39.9 billion), telephones and parts (USD 32.4 billion), and machines, equipment, tools and components (over USD 27.6 billion).
Several products with significant growth in export earnings included coffee (51.9 percent), rice (18.2 percent), pepper (45 percent), rubber (14.8 percent), cassava and cassava products (13.9 percent).
As Vietnam is among the world's top exporters for many products like rice, pepper and garments, it is critical for the country to continue to improve product quality to meet the requirements of import markets. Companies also need to diversify into other markets and expand into others such as the Middle East, Africa and South America in order to minimize the risks from dependence on single or several markets, they suggested.__(VNA/VLLF)
