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Vietnam aims for 454 billion USD export revenue amidst global headwinds
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| At SOWATCO port in Thu Duc city. (Photo: VNA) |
Hanoi – Vietnam has set an ambitious export target of 454 billion USD for 2025, a 12 per cent year-on-year increase, despite recent signs of deceleration in exports due to global economic pressures.
Many experts believe that achieving this goal will require decisive actions from regulatory bodies and extraordinary efforts from businesses to overcome obstacles.
According to data from the Ministries of Finance and Industry and Trade, Vietnam exported 65.2 billion USD worth of products in January-February, a 9.9 per cent increase compared to the same period last year. Meanwhile, imports totaled 62.9 billion USD, rising 16 per cent, resulting in a trade surplus of 235 million USD.
Nguyen Anh Son, Director General of the Ministry of Industry and Trade (MoIT)’s Agency of Foreign Trade, identified key challenges to Vietnam’s exports, including its dependence on major markets like the US, the EU, and China. This reliance increases risks for businesses and makes the country vulnerable to global economic and political fluctuations.
Additionally, Vietnamese exports still fall short of international standards, making them less competitive as consumers increasingly demand quality and sustainability. Son also pointed out infrastructure constraints, particularly the discordant investment in seaports and transport systems, which result in high shipping costs and extended delivery times.
According to Son, insufficient market intelligence has left many companies struggling with production planning. Moreover, trade tensions between Vietnam’s largest trading partners could present both opportunities and challenges for exporters.
Do Ngoc Hung, head of the Vietnam Trade Office in the US, stated that these trade tensions could benefit Vietnam if the country manages to capture market share, but cautioned that businesses must navigate carefully. Enterprises must fully cooperate with US authorities during trade investigations and remain cautious with raw materials from countries subject to US tariffs to avoid allegations of origin fraud, Hung said.
Meanwhile, Vietnamese trade counselor in China Nong Duc Lai noted that the US-China trade tensions could shift investment flows to Vietnam, creating greater opportunities for Vietnamese businesses to integrate into global production chains.
To mitigate market impacts, Lai recommended that Vietnamese businesses closely monitor developments and policies from major trading partners, make timely forecasts and responses, and develop contingency plans for scenarios such as increased tariffs or supply chain disruptions. He also suggested diversifying export markets and enhancing product competitiveness and quality to expand market reach.
The MoIT has issued a directive outlining several solutions to develop markets, promote exports, and manage imports this year. The ministry advised businesses to closely track market developments, while Vietnamese trade offices abroad will continue updating industry associations on policy changes so businesses can adjust production plans and seek new orders accordingly. Efforts will also focus on exploring new markets, such as the Middle East and Halal markets.
Experts emphasised the importance of capitalising on free trade agreements, accelerating negotiations for new and upgraded pacts, and ensuring the domestic implementation of international commitments. Additionally, training on rules of origin for enterprises, along with efforts to combat origin fraud, improve logistics services, and promote digitalisation to streamline business operations, should be prioritised.
Vietnam’s south-central province of Binh Thuan aims to complete site clearance for major LNG power plant projects by May 15, towards operation in 2028.
Nguyen Hoai Anh, chief of Binh Thuan’s Party Committee, made the site clearance requests for three projects, namely Son My I power plant, Son My II power plant, and Son My LNG terminal, at a Monday meeting.
Nguyen Hoai Anh, chief of Binh Thuan’s Party Committee, speaks at a meeting in Binh Thuan province, south-central Vietnam, March 17, 2025. Photo courtesy of Binh Thuan news portal.
The 2028 deadline is in line with the government’s request of speeding up the progress of LNG-fired power projects towards completion and operation in 2028, earlier than the deadline specified in the power development plan VIII (PDP VIII).
The $1.34 billion Son My LNG terminal was given an in-principle nod by provincial authorities in 2023. The 3,500-hectare project serves as the storage site for Son My I and Son My II power plants and is set to enter operation in the first quarter of 2027.
So far, local authorities have completed the approval of site clearance for 60.77 out of 69.01 hectares requested for the projects, or 99.06%.
The 2,250 MW Son My II was given in-principle approval by the Ministry of Industry and Trade in 2022 per public-private partnership (PPP) format.
Covering 93.5 hectares, the $2.1 billion project is now finalizing a feasibility study report for submission to the Ministry of Industry and Trade, towards operation in 2028.
The project is invested by the United States-headquartered AES.
The 2,250 MW Son My I received an in-principle nod from the trade ministry in 2021 per build-operate-transfer (BOT) format. Covering 88.3 hectares, the $2.2 billion project is now submitting a feasibility study report to the ministry for approval, towards operation in 2028.
The project is invested by France’s Electricite de France SA (EDF), Japan’s Sojitz and Kyushu Electric Power, and Vietnam’s Pacific Corporation.
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