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Exporters bullish amid robust figures
Exporters of most major industrial products are posting upbeat results, with the electronics, footwear, wooden furniture, and garment and textile industries all witnessing a rebound.
Footwear manufacturer Gia Dinh Group revealed that it has signed export orders until October and is in full swing to deliver products to their partners on time. Its workers are doing 2-2.5 hours overtime each day, and the company is seeking more employees to meet demand.
Amid surging consumer demands in the EU, the United States, and China, the total value of footwear exports in the first quarter of 2024 came to $6.54 billion, up 5.4 per cent on-year.
Garments and textiles also saw inspiring results. Shortly after announcing its strategic cooperation with UK partner Coats Group to produce fire-resistant garments for export, Vinatex is set to export its first shipment to the US in July.
The move aims to realise Vinatex’s ambition to move away from traditional garment production, where it now faces stiff competition.
With the return of orders from the EU and US, and their free-trade agreements with Vietnam, the room for export expansion of the local wood industry is also evident.
Figures from the Vietnam General Department of Customs show that in the first four months of this year, exports of timber and wooden items surged 24 per cent on-year, reaching $4.84 billion.
Last year, the figure fell 16 per cent on-year, falling to a mere $13.5 billion, the first year which saw a drop since 2009.
From the outset of 2024, exports rose sharply and evenly in all three groups of agricultural produce; processing and manufacturing industries; and minerals, yet the export of processing and manufacturing items held the lion’s share, reaching 85 per cent of Vietnam’s total export value, showing on-year growth of 15 per cent.
A Ministry of Industry and Trade report shows that for the same period, Vietnam’s exports to the US amounted to over $34 billion, up more than 19 per cent. China imported approximately $18 billion from Vietnam, a 14.4 per cent rise, and the EU received $16.35 billion of goods, up 15 per cent. Exports to South Korea came to over $8.35 billion, showing growth exceeding 10 per cent, and Japan bought Vietnamese goods to the tune of more than $7.65 billion, up 4.6 per cent.
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