Hanoi, December 12, 2024 – The Europe Today: The Ministry of Industry and Trade (MoIT) has announced a target of 6% export growth for 2025 as global inflation subsides and international market demand begins to rebound. The ministry anticipates that the recovery of major markets such as the US and EU will serve as a key driver for exports, particularly in the electronics, consumer goods, and textiles sectors.
Positive signs in the country’s macroeconomic indicators, including GDP growth, industrial production, and export orders, have bolstered the ministry’s optimism regarding the export outlook. The business community has also been encouraged to focus on leveraging the benefits of new-generation free trade agreements (FTAs) to enhance export activities to lucrative markets.
Despite the positive outlook, the MoIT has cautioned that geopolitical uncertainties and evolving global standards and regulations pose challenges to export activities in 2025. Developed countries are increasingly prioritizing sustainable development and consumer safety, leading to stricter requirements for imported products related to supply chains, raw materials, labor, and environmental practices.
Moreover, potential policy changes under the incoming administration of US President-elect Donald Trump could have significant implications for the global economy and Vietnam. In response to these challenges, the MoIT plans to closely monitor market developments, provide timely information to industry associations and businesses, and host trade promotion conferences with Vietnamese trade offices abroad.
To support exporters, the ministry will actively disseminate information on market dynamics, regulations, and standards that could impact import-export activities, while emphasizing the advantages of existing FTAs and facilitating trade promotion activities to enhance market access. The focus will also be on accelerating trade through border gates and enhancing exports to the Chinese market.
In the past 11 months, Vietnam’s total export value surged by 14.4% to US$369.9 billion, with key export items demonstrating robust growth. The US remained Vietnam’s largest export market during this period.
Looking ahead, the General Statistics Office has recommended enhancing product traceability, improving the competitiveness of Vietnamese products in terms of pricing and quality, and leveraging digital transformation for trade promotion activities to further boost exports.
The MoIT remains committed to supporting Vietnamese businesses in navigating global trade challenges and opportunities to meet the set export growth target for 2025.
