Businesses capitalize on recovery momentum to explore market expansion

Production across various sectors is experiencing a revival. Photo: N.Linh

Maximizing benefits from traditional markets

Discussing the export landscape at the year's outset, Ms. Duong Thi Thuy, Director of Export Business at Huu Nghi Food Company, noted that China remains a critical export market, contributing 30% to the company's total revenue. Despite widespread market challenges in 2023, exports to the Chinese market surged by 30% compared to the same period in 2022. Remarkably, in the first two months of 2024, the company witnessed a 130% growth compared to the same period the previous year. Presently, the company's primary export to the Chinese market is the Tipo baked egg cake, which has been warmly received across all platforms, from supermarkets and retail stores to e-commerce.

Building on this momentum, the company is expanding its investment in technology to ramp up production of savory products and "hot trend" items for the youth, aiming to diversify its market and consumer base. Huu Nghi Food Company's objective for this year is to sustain export growth above 130% and to extend its reach to other provinces and cities throughout China. The company has already established nearly 10 agencies and aims for each province and city to have one main agency.

Ms. Duong Thi Thuy further stated that the business has invested in infrastructure, adhering to international standards and general food regulations. The company has also obtained the SA8000 certification, recognized in the United States, and officially exports to the US market along with various markets in Japan, Korea, Europe, and Asia. This certification enables the company to deeply penetrate numerous global markets.

Anticipating that production and import-export activities will flourish in 2024, Mr. Nguyen Huy Thang, an import-export official at Miza Nghi Son Company, reported that the company's production volume in 2023 met the established target, with nearly 120,000 tons, ensuring continuous operation of the production facility. Revenue has slightly decreased compared to previous years due to price factors, but relative to the general performance of other manufacturing enterprises, the company has maintained stability. In 2024, despite economic forecasts predicting challenges, there are signs of recovery in the manufacturing sector. Therefore, the company is setting a goal to increase its production by 10% and to intensify efforts in promising export markets such as China and Southeast Asian countries.

Data from the General Department of Customs shows that in the first two months of the year, both exports and imports maintained double-digit growth, leading the country's total trade turnover to reach 113.4 billion USD, with a trade surplus of 5 billion USD.

In certain industries, positive signals from the market have returned, and orders appear more favorable. In the first two months of 2024, seafood exports have once again shown positive growth, achieving over 1.3 billion USD, a 23% increase compared to the same period in 2023. Catfish exports, in particular, reached about 365 million USD, nearly doubling compared to the previous year. Many businesses are currently welcoming new orders.

Adapting to the green trends

Reflecting on these positive results, economic expert Dinh Trong Thinh observed that in the first two months of 2024, the volume of orders has seen positive recovery. Nearly all sectors, including wood, textiles, footwear, iron and steel, electronics, seafood, fruits and vegetables, rice, and coffee, have reported high export growth rates. Orders from traditional markets, markets with which Vietnam has signed FTAs, and even new markets have been vigorously pursued by enterprises. As a result, production, business activities, and imports and exports are gradually returning to a reasonably good level.

However, Mr. Dinh Trong Thinh pointed out that the current export orders primarily extend only until the end of June, July 2024. Thus, continuing to search and solidify relationships to secure orders for the second half of 2024 is critically important and necessary to sustain the export growth momentum. Ministries, industry associations, and businesses should actively engage in market analysis and seek new orders. Simultaneously, it is essential to identify and adapt to changes from other countries, especially trends toward greener, cleaner practices, circular economy, and digital economy, to minimize operational and management costs while still fulfilling the demands of innovation and market access.

Mr. Vu Ba Phu, Director of the Trade Promotion Department (Ministry of Industry and Trade), indicated that trade promotion activities in 2024 would continue to target the expansion of new export markets and the exploitation of FTAs. This includes integrating digital transformation with green transformation in trade promotion to foster sustainable foreign trade development.

The year 2024 will witness numerous international trade fairs for Vietnam's key export sectors, exhibitions of OCOP export products, and the first-ever International Fair for the industrial product supply chain. Moreover, the Ministry of Industry and Trade will enhance activities connecting local suppliers with export enterprises and promote Vietnamese trade promotion events abroad…