A representative from the Import-Export Department of the Ministry of Industry and Trade emphasized the importance of continuing to maintain low lending interest rates.
Despite global uncertainties like conflicts, instability, and trade protectionism, the Ministry of Industry and Trade aims for 12 percent export growth in 2025. To achieve this, coordinated efforts of ministries, agencies, localities, and the business community are crucial. Key solutions proposed include urging the EU to lift the "yellow card" on seafood, developing policies to access the Halal market, and significantly promoting supporting industries.
Along with that, the Department proposes the Government to direct the State Bank of Vietnam to continue to maintain low lending interest rates, creating favorable conditions for production and business.
Director Bui Ta Hoang Vu of the Department of Industry and Trade of Ho Chi Minh City revealed that construction of at least one logistics center will start before April 30, 2025.
In 2024, the city's enterprises achieved an estimated $46 billion in export turnover through nationwide border gates, representing an 8.3 percent year-on-year increase. Imports reached an estimated $58.6 billion, a 5.9 percent year-on-year growth. The export structure continued to evolve positively, with processed industrial goods maintaining a significant share of total export turnover. The export market demonstrated a strong shift towards countries and territories with which Vietnam has Free Trade Agreements (FTAs). Notably, the city's enterprises exported goods to 214 countries and territories.
To contribute to the successful achievement of the 2025 target of double-digit Gross Regional Domestic Product (GRDP) growth, the industry and trade sector has prioritized several key initiatives. In terms of capital access, the sector will continue to collaborate closely with the State Bank to effectively implement the program connecting banks, credit institutions, and enterprises. This program aims to extend credit facilities worth VND700,000 billion to 200,000 enterprises and customers in 2025, representing an approximately 10 percent increase compared to 2024.
Furthermore, the sector will urgently implement a stimulus program and prioritize support for businesses in transitioning to cleaner and greener production technologies.
Assoc. Prof. Nguyen Hong Quan, Director of the Institute for Research and Development of Circular Economy of Ho Chi Minh City National University proposed that businesses enter deeper into the global market.
He said that to successfully enter and compete in the global market, businesses must prioritize improving product quality and added value. This can be achieved through investments in modern technology, deep processing, particularly within sectors such as agriculture, aquaculture, wood, and consumer goods. Concurrently, implementing green transformation practices is essential to meet the increasingly stringent environmental and sustainability standards of the international market.
Last but not least, building strong national brands and actively promoting them through targeted international marketing campaigns are crucial for success. Businesses should effectively leverage the preferential tax rates offered by Free Trade Agreements (FTAs) and diversify their export markets by exploring new opportunities in regions such as Africa, the Middle East, South America, and Eastern Europe. This diversification strategy aims to reduce over-reliance on traditional markets.
To facilitate this growth, the Government should play a crucial role in improving logistics infrastructure, including investing in the development of modern seaports, warehouses, and interconnected transportation networks. These improvements are essential to reduce the cost of transporting export goods and enhance overall efficiency.
Moreover, encouraging businesses to adopt technology-driven solutions for supply chain management and transportation optimization is also critical.
Furthermore, state agencies should further streamline administrative procedures, simplify customs clearance processes, eliminate unnecessary bureaucratic hurdles, and ensure transparency in specialized inspections and support policies for export-oriented enterprises.
In 2024, the total export revenue from agricultural, forestry, and fishery products is projected to hit US$62.5 billion. The Ministry of Agriculture and Rural Development yesterday announced that Vietnam's agricultural sector has achieved a record in exports for 2024, with an estimated total turnover of $62.5 billion, reflecting an 18.7 percent increase compared to the previous year.
This marks a historic peak, further reinforcing the significance and potential of agriculture amid numerous challenges in the global economy. Notably, the trade surplus for the industry has soared to an unprecedented $17.9 billion, reflecting a 46.8 percent increase compared to 2023.
Deputy Minister of Agriculture and Rural Development Phung Duc Tien stated that this achievement stems from a comprehensive strategy aimed at enhancing the logistics system, boosting exports, and broadening market access. Notably, a significant initiative has been the development and submission of the project titled "Developing the Logistics Service System - Enhancing the Quality and Competitiveness of Vietnamese Agricultural Products by 2030" to the Prime Minister.
