At the government's regular meeting on 6/9, minister of industry and trade Nguyen Hong Dien announced that the import-export turnover in August reached an estimated $63 billion, a 0.9% increase compared to the previous month. This brings the total import-export turnover for the first 8 months of the year to nearly $600 billion, a 16.3% increase year-on-year.

According to the minister, the ministry of industry and trade projects the year-end figure to reach $800 billion, the highest ever recorded. The trade balance is expected to have a surplus of nearly $14 billion.

Minister of industry and trade speaking at the government meeting on 6/9. Photo: VGP

Minister of industry and trade speaking at the government meeting on 6/9. Photo: VGP

Vietnam aims for a 12% export growth for the entire year, equivalent to an average of $37.9 billion per month. According to data from the ministry of industry and trade, August exports saw a slight increase of 0.6% compared to July and were 11.2% higher than the same period in 2024. Exports to the US decreased by 5% compared to the previous month, but the 8-month total still increased by 17.3%.

In the first 8 months of the year, total exports reached $306 billion, a 14.8% increase year-on-year. The monthly average was approximately $38.2 billion for the first 5 months and over $42 billion for July and August.

At a press conference on the same day, deputy minister of industry and trade Nguyen Sinh Nhat Tan assessed that the export growth in the first 8 months exceeded the set target. The final quarter typically offers more favorable conditions for production and circulation. Therefore, the outlook for fulfilling the year's plan is positive.

However, the global economic landscape still presents potential risks, particularly concerning US policies, inflation, pricing, and global supply chain disruptions for certain goods. Minister Nguyen Hong Dien urged ministries, sectors, and businesses to closely monitor these unfavorable market developments and respond accordingly.

Similarly, deputy minister Nguyen Sinh Nhat Tan emphasized the importance of synchronized and focused solutions to achieve growth targets. The ministry of industry and trade will continue supporting businesses in effectively exploiting traditional markets and expanding into new ones.

The ministry will diversify trade promotion activities, including imports, to secure diverse sources of raw materials for domestic production and export. They will also enhance early risk warnings and support businesses in addressing new trade barriers and incidents in import-export markets.

Phuong Dung