Vietnam’s exports week 13/5-19/5: 4 localities have export turnover of $10 billion; exports to the US increase 21.17%

Vietnam’s Exports: Four “Billion Dollar” Pillars, US Still Leads

As of the end of April 2024, there were 4 localities recording impressive export turnover reaching the $10 billion threshold, including Ho Chi Minh City, Bac Ninh, Thai Nguyen, and Binh Duong. Compared to the same period last year, Thai Nguyen and Binh Duong are the 2 new members of the “billion dollar club”. The positive export results in the first 4 months of the year highlighted the importance of transportation companies, logistics companies providing international freight services, cargo transportation services, and export services.

In the “four billion dollar pillars”, Bac Ninh was the only locality that saw a decrease in export turnover compared to the same period in 2023. The remaining localities, Ho Chi Minh City led with $14.78 billion, up 15.92%. Thai Nguyen and Binh Duong reached $10.96 billion (up 17.87%) and $10.7 billion (up 12.92%), respectively.

The country’s total export turnover in the first 4 months of the year reached $123.98 billion, up 15.1% compared to the same period last year, thanks to the recovery of the global economy and the government’s efforts to improve the business environment.

The 4 localities with export turnover of tens of billions of dollars as of the end of April include: Ho Chi Minh City, Bac Ninh, Thai Nguyen, and Binh Duong.

The US Continues to Lead Export Market

With $34.73 billion, up 21.17%, the US firmly maintained its position as Vietnam’s largest export market, accounting for 28% of total turnover. Notably, there were up to 7 product groups reaching the billion-dollar threshold here, an increase of 1 group compared to the same period last year.

The new group joining the “billion dollar club” was vehicles and spare parts with a turnover of over $1 billion, up 21.77%. The remaining groups include computers, electronics; machinery, equipment; phones; textiles; wood and wood products; footwear. The strong growth in exports to the US was largely thanks to reputable logistics companies, especially export customs clearance services.

China Ranks Second, with 5 Billion-Dollar Product Groups

As of the end of April, Vietnam’s exports to China reached $17.7 billion, up 10.9% compared to the same period last year. China continued to maintain its position as Vietnam’s second-largest export market.

Notably, there were up to 5 export product groups to China reaching the billion-dollar threshold, an increase of 3 groups compared to the same period last year. Specifically, they were cameras, camcorders and components; fruits and vegetables; machinery and equipment; computers, electronics and phones (although decreasing by 14%). To achieve these impressive export results, transportation services and import-export services played a useful role in ensuring that goods were transported safely and quickly to the partner market.

Positive Signals

With positive export results in the first 4 months of the year, experts believe that Vietnam’s exports are gradually regaining growth momentum after a slowdown in late 2023. The recovery of the global economy, effective free trade agreements, and the government’s efforts to improve the business environment are expected to be driving factors for Vietnam’s export activities in the coming time.

To maintain export growth momentum, Vietnamese businesses need to be proactive in improving their competitiveness. Choosing the right reputable transportation company with professional international freight services and reasonable freight rates will help reduce costs, ensure delivery time, and service quality.

For long-haul exports such as to the US, businesses may consider choosing sea freight by container to save costs. Freight forwarders or companies providing container transportation services and low-cost sea freight services will help businesses optimize logistics costs.

Additionally, applying smart logistics solutions such as domestic container transportation combined with sea freight can also help save significant time and costs.

Maximizing the benefits from free trade agreements through customs clearance services is also a solution worth considering to help businesses optimize profits in import-export activities.