Vietnam’s export turnover expected to grow 6% in 2024

Vietnam’s industry and trade sector has targeted an increase in export revenue of about 6% this year, with an expected trade surplus of $15 billion.

The index of industrial production (IIP) is set to expand 7-8% year-on-year, while total retail sales of goods and services are expected to climb 9%, said the Ministry of Industry and Trade (MoIT) in a report.

In 2023, Vietnam's total export value reached $355.5 billion, down 4.4% compared to the previous year, according to the General Statistics Office. This led to an overall all-time high merchandise trade surplus of $28 billion.

The country’s industrial sector continued its recovery with IIP inching up 1.5% year-on-year last year. Retail sales and services revenue totalled an estimated VND6,231.8 trillion (roughly $256 billion), up 9.6% year-on-year.

Commercial electricity is expected to reach about 280.1 billion kWh in 2024, while electricity produced and imported will hit about 306.4-307.5 billion kWh, an increase of 9.4-9.8%.

The ministry said it will continue to help consolidate macroeconomic foundations while controlling inflation and improving the economy's internal capacity and autonomy.

It will also promote restructuring associated with innovating growth models, improving the productivity, quality, efficiency and competitiveness of businesses and products.

The MoIT will effectively deploy solutions to improve the trade defense capacity of Vietnamese businesses, resolve international trade and investment disputes, and properly protect domestic manufacturing industries and the legitimate interests of businesses and people

It will also promote the exploitation and development of the domestic market associated with the development of Vietnamese brands.