Export of manufactured, processed industrial goods up 15.4% in 7 months

Vietnam’s export turnover of processed and manufactured industrial goods hit nearly 192 billion USD in the first seven months of 2024, accounting for 84.6% of the total export value, up 15.4% year-on-year, the Ministry of Industry and Trade (MoIT) has reported.
Checking the quality of exported steel at a factory of Hoa Phat Group (Photo: hanoimoi.vn)

Checking the quality of exported steel at a factory of Hoa Phat Group (Photo: hanoimoi.vn)

Many groups of products recorded high growth such as cameras, camcorders, and components (51.5%); and computers, electronic products, and components (30%).

Notably, despite a decline in exports to major markets, businesses in these groups have proactively sought solutions to persify markets. As a result, export turnover to countries in Africa, Eastern Europe, Northern Europe, and Western Asia has increased.

However, the inventory index for the processing and manufacturing industry as of June 30 was estimated to increase 7.6% compared to the previous month and 9.6% compared to the same period last year. Meanwhile, the consumption index in June decreased 4.3% compared to May but rose 10.5% year-on-year.

Pham Tuan Anh, Deputy Director of the MoIT’s Industrial Department highlighted the limitations of the processing and manufacturing industry, pointing out that 88% of Vietnam's supporting industry enterprises are small- or micro-sized, resulting in the majority having low levels of technology and management, limited human resources, and a lack of opportunities to access customers.

Experts said that expanding the market for processed and manufactured industrial products is considered a top priority for maintaining economic growth in the context of increasing inventory levels.

Anh said in the supporting industry development programme, the MoIT has supported industrial enterprises to improve their production and business capabilities and gain opportunities to join the global production chain, focusing on initiatives to support research, technology application and transfer, and human resource training; and connecting with multinational assembly corporations and global suppliers to find markets for products, thus gradually integrating into supply chains of foreign-invested enterprises.

Trade Counsellor and head of the Vietnam Trade Office in the US Do Ngoc Hung stated that in the coming time, the agency will boost connection and popularisation activities so that more enterprises and sectors can participate in specific trade fairs, such as Fabtech 2024 supporting industry trade fair in Orlando in October, and the International Manufacturing Technology Show (IMTS) in Chicago in September.

The MoIT said it will intensify trade promotion efforts and expand markets to pave the way for the export of processed and manufactured industrial products, concentrating on effectively implementing government-approved support policies for businesses and addressing challenges in production and business activities, especially in key export sectors such as textiles, footwear, and basic industries like automobiles, machinery, and steel./.

Source: VNA
en.vietnamplus.vn

Related News

Latest News

Footwear industry takes bold steps towards green growth

Footwear industry takes bold steps towards green growth

Vietnam is discussing the establishment of a centre for raw materials to support the textile, leather and footwear industries, signalling a bold effort for the billion-US-dollar sectors to enhance sustainability and climb higher up the global value chain.
Vietnam likely earn 5 billion USD from rice exports this year

Vietnam likely earn 5 billion USD from rice exports this year

Vietnam’s rice exports are expected to reach a record turnover of about 5 billion USD this year, as high demand from many large and traditional markets, such as the Philippines and Indonesia, continues.
Australian plums to be available in Vietnam

Australian plums to be available in Vietnam

Australian plums will soon be on shelves in Vietnam under the two-way agricultural market access agreement between the two countries that brings Australian plums to Vietnam and Vietnamese passion fruit to Australia, according to the Australian Government.
How to quarantine imported aquatic products for domestic consumption?

How to quarantine imported aquatic products for domestic consumption?

VCN - Enterprises importing aquatic raw materials for export production or export processing for domestic consumption encounter difficulties in implementing quarantine.

More News

Vietnam trade mission in Germany seeks cooperation in automobile industry

Vietnam trade mission in Germany seeks cooperation in automobile industry

The Vietnam trade mission in Germany coordinated with the Berlin – Brandenburg automotive association (aBB) and authorities of the Vietnamese province of Nam Dinh to hold a roundtable on cooperation in the automobile industry.
New markets help fruit exports grow to record revenues

New markets help fruit exports grow to record revenues

Vietnam's fruit export revenue hit 4.63 billion USD in the first eight months of 2024, representing an increase of 30.6% compared to the same period last year, thanks to the opening of several key markets.
Vietnam aims for green, sustainable tourism

Vietnam aims for green, sustainable tourism

VCN - Green tourism is increasingly gaining attention and becoming an important development direction for many countries, including Vietnam. Green tourism will be an important lever for developing a green economy, helping green growth, towards the goal of achieving Net Zero (net zero emissions) by 2050.
Enhancing the role of localities in developing supporting industries

Enhancing the role of localities in developing supporting industries

VCN - Some localities with great potential for developing supporting industries have proactively issued their own policies to support businesses in training human resources, helping businesses access the global production chain.
Mekong Delta promotes clean agricultural production to achieve Net Zero

Mekong Delta promotes clean agricultural production to achieve Net Zero

Localities in the Mekong Delta region have been progressively developing roadmaps for clean agricultural production as an effort to gradually guide Vietnam's agricultural sector towards the goal of "Net Zero" by 2050.
Wood export target of 15.2 billion USD feasible, challenges remain

Wood export target of 15.2 billion USD feasible, challenges remain

Despite market recovery, the wood industry needs to overcome formidable challenges to realise the export revenue target of 15.2 billion USD for the whole year, according to insiders.
Serious shortage and many impacts on seaport human resources

Serious shortage and many impacts on seaport human resources

VCN - According to the assessment of seaport enterprises in Vietnam, from 2024-2028, human resources at seaports will have strong changes in demand, due to the impact of technological trends to meet the task of developing the seaport economy in Vietnam.
Exports gain momentum

Exports gain momentum

VCN - With a highly open economy like Vietnam, exports are an important driving force for economic growth. In many major markets, the recovery in year-end consumption of goods creates more room for industries to contribute to export turnover.
The driving force for businesses to "sprint" at the end of the year

The driving force for businesses to "sprint" at the end of the year

VCN - Although the economy has shown many signs of recovery and business results are positive, the difficult period has not yet passed, forcing businesses to continue to make efforts to "sprint" in the last months of 2024.
Read More

Your care

Latest Most read
Footwear industry takes bold steps towards green growth

Footwear industry takes bold steps towards green growth

Vietnam is discussing the establishment of a centre for raw materials to support the textile, leather and footwear industries, signalling a bold effort for the billion-US-dollar sectors to enhance sustainability and climb higher up the global value chain.
Vietnam likely earn 5 billion USD from rice exports this year

Vietnam likely earn 5 billion USD from rice exports this year

Vietnam’s rice exports are expected to reach a record turnover of about 5 billion USD this year, as high demand from many large and traditional markets, such as the Philippines and Indonesia, continues.
Australian plums to be available in Vietnam

Australian plums to be available in Vietnam

Australian plums will soon be on shelves in Vietnam under the two-way agricultural market access agreement between the two countries that brings Australian plums to Vietnam and Vietnamese passion fruit to Australia, according to the Australian Government.
How to quarantine imported aquatic products for domestic consumption?

How to quarantine imported aquatic products for domestic consumption?

VCN - At the same time, ensuring state management of imported aquatic products for processing and export to change the purpose of domestic consumption food.
Vietnam trade mission in Germany seeks cooperation in automobile industry

Vietnam trade mission in Germany seeks cooperation in automobile industry

The Vietnam trade mission in Germany coordinated with the Berlin – Brandenburg automotive association (aBB) and authorities of the Vietnamese province of Nam Dinh to hold a roundtable on cooperation in the automobile industry.
Mobile Version