Production recovered, the driving force for exports accelerated

VCN - The index of industrial production (IIP) in January edged up 18 percent compared to the same period last year. 60 of 63 cities and provinces saw positive IIP growth. The processing and manufacturing industry gradually regained its leading role in industrial development with an increase of more than 19%... which is a positive signal to promote accelerated export activities in 2024.
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Industrial production recovery boosts export growth. Photo: N.T
Industrial production recovery boosts export growth. Photo: N.T

Quality determines market scope

According to Ms. Nguyen Thi Hai Nga, Head of Import-Export Department, Zongshen Vietnam Engine Manufacturing, since the beginning of the year, the company has focused on market development, therefore, export orders in 2024 are quite positive.

The company’s export products are gasoline engines and electric vehicles. Currently, it has exported to many markets in the world. In 2024, there are markets with orders in remaining the mid or even the end of the year 2024.

How to develop the market? Ms. Nguyen Thi Hai Nga said that Thailand is the first export market of the company when starting its strategy to export goods abroad. Currently, the company's products have been exported to the United States, the next targets are Taiwan (China), Philippines, Malaysia and possibly the European market.

With a large market like the United States, according to Ms. Nguyen Thi Hai Nga, when approaching this market, the company only had two partners, but now it has increased to dozens. US partners are very interested in the business's facilities, commitment to product quality, as well as the company’s compliance with the law. Therefore, they will have examination. Life factors of officers and employees, working conditions, remuneration... are also issues of concern to US partners when deciding to buy products.

"When our company has passed the examinations and our products t are highly appreciated by US consumers for their product quality, the number of customers continues to increase," Ms. Nguyen Thi Hai Nga said.

According to Ms. Nga, currently, the company is focusing on investing in facilities and human resource training. With the plan and current orders, the company expects production and business will be favorable in 2024, as well as 2025.

Similarly, Duc Thanh Wood Joint Stock Company received a lot of optimistic signals when gaining many orders from both old and new customers. Currently, the company has mobilized all human resources to support production, arrange appropriate personnel, machinery and materials, and delivery on schedule to customers.

Increase product value

In the textile and garment industry, although facing many challenges of reduced orders, supply chain risks, digital transformation trends, circular economy, greening, the return of export growth is still positive thanks to the prospect of world economic recovery as well as the forecast of Vietnam's economic situation.

Deputy Director of the Trade Promotion Department (Ministry of Industry and Trade) Le Hoang Tai said, many international textile and garment manufacturers have been expanding their operations to Vietnam, promoting the already strong domestic industry. Furthermore, being a member of new generation free trade agreements such as the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU-Vietnam Free Trade Agreement (EVFTA)… continues to be a positive foundation for the development of the industry in the time to come.

According to Mr. Michael Kokalari, Director of VinaCapital Macroeconomic Analysis and Market Research Department, exports continued to increase in the fourth quarter of 2023, and increased sharply by 42% over the same period in January 2024 thanks to the increase of 33% in exports of high-tech electronic products.

Besides, the manufacturing industry increased by 19.3% compared to the same period in January 2024, so the export growth far exceeded production growth. That means manufacturers' inventories fell last month. The combination of falling inventories and increased new orders means that factory production in Vietnam will need to ramp up to meet the rising demand for “Made in Vietnam” products.

In developing export markets, the Vietnam Trade Office in the United States believes that businesses need to promote product diversification, have a methodical approach and penetration, and increase the competitive advantages and presence of Vietnamese products in markets.

At the same time, it is also necessary to increase and diversify key products in export, promote the exchange of product groups with competitive advantages, high added value, deep processing, and other products of green economy, circular economy...

By Ngoc Linh/Kieu Oanh

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