HÀ NỘI — Việt Nam has set an ambitious export target of US$454 billion for 2025, a 12 per cent year-on-year increase, despite recent signs of deceleration in exports due to global economic pressures.

Many experts believe that achieving this goal will require decisive action from regulatory bodies and extraordinary efforts from businesses to overcome obstacles.

According to data from the Ministries of Finance and Industry and Trade, Việt Nam exported $65.2 billion worth of products in January and February, a 9.9 per cent increase compared to the same period last year. Meanwhile, imports totalled $62.9 billion, rising 16 per cent, resulting in a trade surplus of $235 million.

Nguyễn Anh Sơn, Director General of the Ministry of Industry and Trade (MoIT)’s Agency of Foreign Trade, identified key challenges to Việt Nam’s exports, including its dependence on major markets like the US, the EU and China. This reliance increases the risks for businesses and makes the country vulnerable to global economic and political fluctuations.

Vietnamese exports still fall short of international standards, making them less competitive as consumers place greater emphasis on quality and sustainability. Sơn also pointed out infrastructure constraints, particularly their inconsistent investment in seaports and transport systems, which results in high shipping costs and extended delivery times.

According to Sơn, a lack of market intelligence has made it difficult for many companies  to plan their production effectively. Moreover, trade tensions between Việt Nam’s largest trading partners could present both opportunities and challenges for exporters.

Đỗ Ngọc Hưng, head of the Việt Nam Trade Office in the US, stated that these trade tensions could benefit Việt Nam if the country manages to capture market share, but cautioned that businesses must navigate carefully. Enterprises must fully cooperate with US authorities during trade investigations and remain cautious with raw materials from countries subject to US tariffs to avoid allegations of origin fraud, Hưng said.

Meanwhile, Vietnamese trade counsellor in China Nông Đức Lai noted that the US-China trade tensions could shift investment flows to Việt Nam, creating greater opportunities for Vietnamese businesses to integrate into global production chains.

To mitigate market impacts, Lai recommended that Vietnamese businesses closely monitor developments and policies from major trading partners, make timely forecasts and responses, and develop contingency plans for scenarios such as increased tariffs or supply chain disruptions. He also suggested diversifying export markets and improving product competitiveness and quality to expand market reach.

The MoIT has issued a directive outlining several solutions to develop markets, promote exports, and manage imports this year. The ministry advised businesses to closely track market developments, while Vietnamese trade offices abroad will continue updating industry associations on policy changes so businesses can adjust production plans and seek new orders accordingly. Efforts will also focus on exploring new markets, such as the Middle East and the Halal market.

Experts emphasised the importance of capitalising on free trade agreements, accelerating negotiations for new and upgraded pacts, and ensuring the domestic implementation of international commitments. Additionally, training on rules of origin for enterprises, along with efforts to combat origin fraud, improve logistics services and promote digitalisation to streamline business operations should be prioritised. — VNS