Workers packaging products for export at a plant in Kiên Giang Province. — VNA/VNS Photo
Việt Nam’s export turnover of processed and manufactured industrial goods hit nearly US$192 billion in the first seven months of 2024, up 15.4 per cent year-on-year, a report from the Ministry of Industry and Trade (MoIT) showed.
The figure accounts for 84.6 per cent of the total export value.
Many groups of products recorded high growth such as cameras, camcorders and components (51.5 per cent) and computers, electronic products and components (30 per cent).
Despite a decline in exports to major markets, businesses in these groups have proactively sought solutions to diversify markets.
As a result, export turnover to countries in Africa, eastern and northern Europe and western Asia increased.
However, the inventory index for the processing and manufacturing industry as of June 30 was estimated to increase 7.6 per cent compared to the previous month and 9.6 per cent compared to the same period last year.
Meanwhile, the consumption index in June decreased 4.3 per cent compared to May but rose 10.5 per cent year-on-year.
Phạm Tuấn Anh, Deputy Director of the MoIT’s Industrial Department highlighted the limitations of the processing and manufacturing industry, pointing out that 88 per cent of Việt Nam'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 say 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.
Tuấn Anh said in the supporting industry development programme the MoIT 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.
It also connected with multinational assembly corporations and global suppliers to find markets for products, thus allowing them to gradually integrate into the supply chains of foreign-invested enterprises.
Trade Counsellor and head of the Vietnam Trade Office in the US Đỗ Ngọc Hưng said that the agency would boost connections so that more enterprises and sectors could 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 Ministry of Industry and Trade (MoIT) has announced plans to enhance trade promotion activities and broaden market reach to facilitate the export of processed and manufactured industrial goods.
The focus will be on efficiently executing government-endorsed support measures for enterprises, tackling obstacles in production and business operations, with a special emphasis on vital export segments such as textiles, footwear, automobiles, machinery and steel. — VNS