Expert: Vietnam's Economy Remains a "Shining Star" in Southeast Asia Despite Challenges
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The Ministry of Industry and Trade said that in the second quarter of 2024, export turnover is estimated to reach 97.2 billion USD, up 12.5% over the same period last year and up 4.6% compared to the first quarter of 2024.

In the first 6 months of 2024, merchandise export turnover is estimated to reach 190.08 billion USD, up 14.5% over the same period last year.

Fruit and vegetable exports continue to grow strongly. Photo: anninhthudo

Up to now, there are 29 items with export turnover of over 1 billion USD, accounting for 91.4% of total export turnover, of which there are 7 export items with export turnover of over 5 billion USD.

Exports grew strongly and evenly in all three product groups. The agricultural product group will continue its growth momentum from 2023, the total export turnover of this product group is estimated to reach 18.37 billion USD, up 19.9% over the same period in 2023, accounting for 9.67 % of the total export turnover of the country.

Due to increased export prices, most products in this group achieved high double-digit growth in export turnover compared to the same period last year, such as coffee increased by 34.5% in export value, rice only increased by 10.4% in volume but increased by 32% in export value, and tea increased by 32.1%.

Vegetables and fruits increased by 28.2%, pepper decreased by 6.8% in volume but increased by 30.9% in export value, and cassava products increased by 5.9% in export value although export volume decreased by 7.7%.

The export of processing and manufacturing industrial goods is estimated to reach 160.3 billion USD, accounting for 84.3% of total export turnover and increasing by 14.1% over the same period in 2023. Many product groups achieved high growth rates in export turnover, including key export items such as cameras, camcorders and components, computers, and electronic products.

Plastic products increased by 29.7%, wood, and wood products increased by 22.2%, iron and steel of all kinds increased by 9.8%, and other machinery, equipment, tools, and spare parts increased by 16.2%. All kinds of phones and accessories increased by 11.3%.

Export turnover of mineral fuel products is estimated to reach 2.18 billion USD, up 7.8% over the same period in 2023.

Regarding export markets, Vietnam’s exports to most of the major markets and trading partners in the first 6 months of 2024 will have a good recovery and achieve high double-digit growth.

In particular, the United States continues to be Vietnam’s largest export market with an estimated turnover of 54.3 billion USD, accounting for 28.6% of the country's total export turnover and increasing by 22.1% over the same period last year.

Next is the Chinese market with an estimated turnover of 27.8 billion USD, an increase of 5.3%, the EU market is estimated to reach 24.46 billion USD, up 14.1%, and Korea is estimated to reach 12.2 billion USD, an increase of 10.4%.

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