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<h2 style="text-align:justify">VOV.VN - In order to achieve the export growth target of 6% set for 2024, businesses are required to adhere to major markets such as the United States, the European Union, Japan, the Republic of Korea, and China, according to insiders.</h2>

<img alt="vietnam pins high hopes on key export markets this year picture 1" src="https://media-vov.emitech.vn/sites/default/files/styles/large/public/2024-01/nhap%20khau.jpg" title="vietnam pins high hopes on key export markets this year picture 1" />

<h2 style="text-align:justify">A primary focus on key markets</h2>

The Ministry of Industry and Trade&nbsp;(MoIT)&nbsp;has set a target of getting US$377 billion in export earnings, up 6% year on year, and&nbsp;running a&nbsp;trade&nbsp;surplus of&nbsp;roughly&nbsp;US$15 billion in 2024.&nbsp;This target is not easy to be achieved amid&nbsp;global&nbsp;uncertainties such as&nbsp;geopolitical tensions and risks in the Red Sea.&nbsp;

In fact, major markets such as the US, China, Europe,&nbsp;and&nbsp;ASEAN&nbsp;continue to play a decisive role in&nbsp;the&nbsp;country&#39;s export growth.

Ta Hoang Linh, director of the European - American Market Department&nbsp;under the&nbsp;Ministry of Industry and Trade,&nbsp;emphasised that both Europe and America remain extremely important markets for Vietnam, especially for key items like electronics, footwear, textiles, wooden furniture,&nbsp;and&nbsp;agricultural products.

In particular, 2023&nbsp;was&nbsp;the third consecutive year in which&nbsp;two-way trade turnover&nbsp;between Vietnam and the US exceeded the&nbsp;US$100 billion mark. Although the US economy&nbsp;has been&nbsp;affected by the global&nbsp;economic&nbsp;downturn, leading to a&nbsp;decline in&nbsp;consumption,&nbsp;American&nbsp;buyers continue to identify the Vietnamese market as a&nbsp;key&nbsp;supplier.

Furthermore, the US&nbsp;is keen to&nbsp;diversify the supply chain, with Vietnam serving as an important link.&nbsp;Last year, many large US corporations, including Apple, Google, Boeing,&nbsp;and&nbsp;Walmart, continued&nbsp;expanding their supply chain in the country to ensure long-term stability of the entire chain globally. The lifting of Vietnam-US relations to a Comprehensive Strategic Partnership during President joe Biden&rsquo;s Hanoi visit is said to create&nbsp;a wealth of&nbsp;opportunities to promote Vietnamese exports to the demanding US&nbsp;market.

Apart from the&nbsp;European and&nbsp;American markets, the Asia - Africa&nbsp;region&nbsp;is also important for&nbsp;the&nbsp;country&#39;s exports.&nbsp;Specifically, despite&nbsp;gloomy prospects,&nbsp;trade&nbsp;turnover&nbsp;between Vietnam and the Asia-Africa region still has notable bright spots. Specifically, Vietnamese exports to the region&nbsp;last year&nbsp;reached&nbsp;US$183 billion, equivalent to 2022, accounting for more than 51% of total Vietnamese export earnings. Some markets&nbsp;witnessed an&nbsp;increase&nbsp;in&nbsp;export turnover, such as China, up 6.2%; India, up 7.8%;&nbsp;Indonesia, up 13.8%; the Middle East, up 13.5%;&nbsp;and&nbsp;Africa, up 4%.

These figures&nbsp;indicate&nbsp;that businesses are taking&nbsp;full advantage of the existing&nbsp;free trade agreements (FTAs) to&nbsp;accelerate&nbsp;export growth. Deputy Minister of Industry and Trade Phan Thi Thang&nbsp;pointed out that while Vietnamese exports to other regions have declined, exports to the Asia-Africa region remained stable, which has in turn laid a foundation for robust export growth&nbsp;over the coming years.

<h2 style="text-align:justify">Solutions to&nbsp;boost&nbsp;exports</h2>

Many&nbsp;reputable financial&nbsp;organisations predict that the&nbsp;global economy, especially countries&nbsp;in Europe and America, will probably&nbsp;see lower growth than&nbsp;2023.&nbsp;However,&nbsp;these markets have all moved to raise their standards for imported goods, which has required Vietnamese&nbsp;suppliers to&nbsp;improve product quality to avoid&nbsp;losing&nbsp;orders.

Than Duc Viet, general director of Garment 10&nbsp;Company, said large buyers tend to look for nearby suppliers to minimise costs, so&nbsp;Vietnamese businesses can still&nbsp;seize opportunities to secure more export&nbsp;orders.&nbsp;

With regard to the Chinese market, there are a wealth of&nbsp;opportunities&nbsp;for&nbsp;the&nbsp;country&#39;s agricultural products to enter this lucrative market. Last year saw China alone make up nearly&nbsp;US$12.2 billion&nbsp;out of Vietnam&rsquo;s&nbsp;total agricultural export turnover of&nbsp;US$53 billion. Notably, China agreed to consider lifting its ban on importing poultry from Vietnam. It is also considering importing avocados,&nbsp;along with other&nbsp;products of the livestock industry, from Vietnam.&nbsp;

Statistics show China spent&nbsp;US$3.4 billion&nbsp;importing&nbsp;Vietnamese fruits and vegetables last year, and this large market is expected to open more doors for frozen vegetables and fresh coconuts.

The General Statistics Office of Vietnam recently unveiled a survey, indicating&nbsp;that&nbsp;about 24.6% of&nbsp;local&nbsp;businesses expect to increase new export orders in 2024, while&nbsp;46.8% of businesses hope to&nbsp;secure their&nbsp;stable&nbsp;orders. About&nbsp;28.6% of the respondents said their orders will fall.

The latest report recently released by the ASEAN+3 Macroeconomic Research Office (AMRO) based in Singapore said that the Vietnamese&nbsp;economy is forecast to grow 6% in the year ahead, largely thanks to the recovery of exports.&nbsp;According to AMRO, many&nbsp;foreign&nbsp;financiers remain very optimistic about the Vietnamese economy and continue to invest in the market, viewing it as an attractive investment destination to diversify the supply chain.&nbsp;Meanwhile, VinaCapital forecast that Vietnamese export growth would recover, from a decrease of 4% in 2023, to an increase of 7% in 2024.

However, with an export-based economy and increasingly high standards in markets, Vietnamese export industries need to continue diversifying export markets to avoid external shocks and raise&nbsp;product quality&nbsp;to secure a&nbsp;firm foothold&nbsp;in the supply chain, according to experts.&nbsp;

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