Vietnam earned nearly US$97 billion from its exports to the United States last year, representing a decline of 11.3% year on year, according to the Ministry of Industry and Trade.

With a lower-than-expected export windfall in 2023, Vietnam’s export landscape for 2024 is expected to face plenty of challenges caused by global demand.

Vietnam had seven commodities earning over US$10 billion in export value in 2023, data from the General Statistics Office (GSO) showed.

Vietnamese exports have improved gradually over the past consecutive months, with the monthly average export value exceeding the US$30 billion mark, signaling a general recovery in the export market.

Vietnam’s total foreign trade in the year to October had amounted to US$557.95 billion, with seven groups of export items generating export revenue of US$10 billion or above each.

The US’s increased trade defence measures on imports in general and Vietnamese goods in particular has made it increasingly hard to export to this market, according to Counsellor and head of the Vietnam Trade Office in the US Do Ngoc Hung.

The trade value of agro-forestry-fisheries products in the first quarter of this year was estimated at US$20.63 billion, down 11.2 per cent year on...

As growing risks in the global market are posing challenges for Vietnam to maintain its growth prospects at a high level and realise its big export target this year, the government has requested new measures to bring the situation under control.

The Ministry of Industry and Trade plans to set a target of 6% growth in export value this year, considering unpredictable factors that can affect import-export, according to Deputy Minister Do Thang Hai.

Five export products have earned more than US$1 billion each in the first half of January 2023, according to the Vietnam General Department of Customs.

The United States represents the country’s largest export market, with a total of 11 items reaching over US$1 billion, according to figures given by the General Department of Vietnam Customs.

Vietnam earned US$44.9 billion from exporting agro-aquatic-forestry products over the last 10 months of the year, a year-on-year increase of 14.1 percent.

High inflation in markets, especially the main export markets of Viet Nam, also reduces the demand for consumer goods.

In the first eight months of this year, phones and electronic components have the most prominent export turnover in our country, reaching nearly 40 billion USD.

The industry and trade sector is exerting all-out efforts to achieve the target of 300 billion USD in export turnover this year in the context that the COVID-19 pandemic is seriously affecting global trade.