The Ministry of Industry and Trade (MoIT) has set a target of export revenue increasing 6 per cent in 2024, equivalent to $377 billion.

Vietnam is expected to post a trade surplus of $15 billion.

Export orders began to gradually recover in the fourth quarter of 2023, and this has encouraged exporters to believe that 2024 will be more positive, according to the MoIT.

To reach the target, the ministry said it will focus on effectively exploiting Vietnam’s free trade agreements (FTAs) and implement new agreements to expand and diversify markets, export products, and supply chains.

It will also better utilize neighboring markets and markets of potential, together with building brands and promoting sustainable exports while continuing to renew and enhance the effectiveness of trade promotion programs.

Vietnam’s total export revenue reached $355.5 billion last year, down 4.4 per cent compared to 2022, figures from the MoIT show.

Thirty-five commodities posted export turnover of over $1 billion and seven posted over $10 billion.