Export of manufactured, processed industrial goods up 15.4% in 7 months

ABO/NDO- Vietnam’s export turnover of processed and manufactured industrial goods hit nearly 192 billion USD in the first seven months of 2024, accounting for 84.6% of the total export value, up 15.4% year-on-year, the Ministry of Industry and Trade (MoIT) has reported.

Many groups of products recorded high growth such as cameras, camcorders, and components (51.5%); and computers, electronic products, and components (30%).

Notably, 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 Europe, Northern Europe, and Western Asia has increased.

Checking the quality of exported steel at a factory of Hoa Phat Group (Photo: hanoimoi.vn).

However, the inventory index for the processing and manufacturing industry as of June 30 was estimated to increase 7.6% compared to the previous month and 9.6% compared to the same period last year. Meanwhile, the consumption index in June decreased 4.3% compared to May but rose 10.5% year-on-year.
Pham Tuan Anh, Deputy Director of the MoIT’s Industrial Department highlighted the limitations of the processing and manufacturing industry, pointing out that 88% of Vietnam'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 said 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.

Anh said in the supporting industry development programme, the MoIT has 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; and connecting with multinational assembly corporations and global suppliers to find markets for products, thus gradually integrating into supply chains of foreign-invested enterprises.

Trade Counsellor and head of the Vietnam Trade Office in the US Do Ngoc Hung stated that in the coming time, the agency will boost connection and popularisation activities so that more enterprises and sectors can 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 MoIT said it will intensify trade promotion efforts and expand markets to pave the way for the export of processed and manufactured industrial products, concentrating on effectively implementing government-approved support policies for businesses and addressing challenges in production and business activities, especially in key export sectors such as textiles, footwear, and basic industries like automobiles, machinery, and steel.

(Source: NDO)