HANOI - Vietnam's export sector is expected to remain a key driver of economic growth in 2025, building on a record-breaking performance in 2024. With a target of 12% export growth, the country faces challenges but remains optimistic.

Early Signs of Momentum:

Production is accelerating across sectors, particularly in textiles and garments, driven by strong order books.
The textile industry aims for $48-49 billion in exports, exceeding 2024's figures.
The agricultural processing sector is expanding capacity, with companies like GC Food doubling production.
The timber industry forecasts over $18 billion in exports, driven by trade promotion and a focus on green practices.

Government Support and Diversification:

The government is prioritizing trade promotion and supply chain diversification, leveraging 17 FTAs.
Focus is on tapping into new markets like the Middle East, Latin America, and Africa.
Efforts are underway to upgrade existing trade agreements with key partners.

Challenges and Opportunities:

Challenges include low domestic demand, increased competition, and the slow recovery of some international markets.
Businesses face obstacles like outdated technology, limited investment capital, and high interest rates.
The government is urged to address these challenges by lowering interest rates, stabilizing raw material prices, and streamlining administrative processes.

Overall Outlook:

Despite the challenges, businesses remain optimistic about export growth in 2025. Continued government support, coupled with industry efforts to adapt to changing market demands and embrace innovation, will be crucial for achieving the ambitious export targets.