Amid global uncertainties, the dual targets of 12% export growth and a trade surplus of US$30 billion present formidable challenges. Vietnam remains steadfast in diversifying export markets and products, considering this the “key” to sustaining long-term growth.

According to the General Statistics Office, Vietnam’s trade turnover during the eight-month period reached US$597.93 billion, up 16.3%, with a trade surplus of US$13.99 billion.

This is an impressive result amid global economic uncertainty and disruptions to international supply chains caused by trade conflicts and geopolitical tensions.

However, to meet the government’s export growth target of 12% or more, Vietnam needs to secure at least US$150 billion in trade turnover during the remaining months, averaging over US$37 billion per month. This will require strong determination and joint efforts from the political system, the business community, industry associations, and especially Vietnam’s overseas trade offices.

Minister of Industry and Trade Nguyen Hong Dien emphasized that industry associations should design trade promotion plans suited to enterprises’ capabilities, prioritize markets with free trade agreements, and proactively expand into potential regions such as Eastern Europe, Africa, and South Asia to reduce reliance on traditional markets.

He also stressed the importance of regularly monitoring, analyzing, and sharing information on trade policies, tariffs, and technical standards in key export markets, particularly those with free trade agreements (FTAs) with Vietnam to help enterprises respond to policy shifts, technical barriers, and trade defense measures. This would enable businesses to adjust strategies, prepare documentation, and mitigate risks in international trade disputes.

Vietnam’s exports are showing robust growth across multiple regions. In the Americas, the US remains the leading destination with nearly 28% growth, while Argentina surged 188.9%, Colombia rose 48%, Mexico 18%, and Canada 15%. Exports to Europe and Asia also increased, while Africa emerged as a promising market with opportunities in Senegal, Angola, and Ghana.

Do Ngoc Hung, Vietnam’s trade counselor in the US, suggested accelerating negotiations toward an agreement with Washington to ensure stability and enhance market predictability, thereby maintaining export growth in the coming months. He also called for further trade promotion programs, fairs, and exhibitions to showcase products, explore export opportunities, and strengthen early warning systems for trade defence cases.

Representatives of industry associations, covering garments and textiles, footwear, seafood, pepper, wood, handicrafts, and major localities such as Hanoi, Ho Chi Minh City, and Da Nang city, pointed to persistent difficulties, including technical barriers in importing countries and high logistics costs.

Phan Thi Thanh Xuan, Vice Chairwoman of the Vietnam Leather, Footwear and Handbag Association, said that the advantages from 17 FTAs need to be better leveraged, but the current major challenges are high costs and limited capacity to produce high-end and specialized footwear. To expand their markets, enterprises must apply technology to diversify their products.

The wood industry, as a key export sector, similarly faces challenges and opportunities. In the first eight months of the year, the sector achieved US$11.2 billion in exports, up over 7% compared to the same period last year. If it maintains US$1.5 billion per month over the last four months, annual exports could reach about US$18 billion, including non-timber forest products.

However, Ngo Sy Hoai, Vice Chairman and Secretary-General of the Vietnam Timber and Forest Products Association, proposed abolishing the current 25% export tax on sawn timber made from imported logs. He explained that while the tax was imposed 10-15 years ago to protect domestic supply, Vietnam now has abundant plantation timber and easy access to imported logs, particularly from the United States. Removing the tax would enable Vietnamese firms to import logs from the U.S., process them, and export sawn timber, including to China, while easing Vietnam’s trade surplus with the US.

From now until the end of the year, the Ministry of Industry and Trade will organize two major industrial and consumer trade fairs at the Vietnam Exposition Center, bringing together international buyers and creating opportunities for businesses to promote products, secure contracts, and expand distribution networks. Building on strong results in the first eight months and concrete measures already in place, Vietnam has a solid foundation to achieve its 12% export growth target for 2025.

Vietnam's trade offices boost investment, trade promotions

Vietnam’s trade offices abroad are ramping up efforts to promote investment and trade in line with the country’s ambitious economic targets for 2025.