Export of processed industrial products increased by 15.4% in 7 months

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

Interestingly, despite the decline in exports to major markets, companies from these groups actively sought solutions to diversify their markets. As a result, export turnover to countries in Africa, Eastern Europe, Northern Europe and Western Asia increased.

However, the inventory index for the manufacturing and production industry as of June 30 was estimated to be up 7.6% from the previous month and 9.6% from the same period last year. Meanwhile, the consumption index in June was down 4.3% from May but up 10.5% year-on-year.

Pham Tuan Anh, deputy director of MoIT’s Industry Department, highlighted the constraints of the processing and manufacturing industry, pointing out that 88% of Vietnamese enterprises supporting this industry are small or micro-enterprises, resulting in most of them having low levels of technology and management, limited human resources and inability to reach customers.

Experts said expanding the market for processed and manufactured goods is considered a priority to maintain economic growth amid rising inventory levels.

Anh said that under the Industrial Development Support Programme, MoIT has provided support to industrial enterprises to enhance their production and business capabilities and gain the ability to join the global production chain, focusing on initiatives to support research, application and transfer of technology and training of human resources; as well as establishing contacts with international assembly corporations and global suppliers to find markets for their products and thus gradually integrate into the supply chains of foreign-invested enterprises.

Do Ngoc Hung, Trade Counselor and Head of the Vietnam Trade Office in the US, said the agency will step up outreach and outreach efforts in the near future so that more companies and sectors can participate in specific trade fairs, such as the Fabtech 2024 in Orlando in October and the International Manufacturing Technology Trade Fair (IMTS) in Chicago in September.

The Ministry of Technology said it will step up trade promotion efforts and expand sales markets to pave the way for exports of processed and manufactured industrial products, focusing on effectively implementing government-approved support policies for enterprises and addressing issues in production and business operations, especially in key export sectors such as textiles, footwear, as well as basic industries including automotive, machinery and steel.

Source: VNA