Trade surplus of 23.1 billion USD and total retail sales of goods and consumer services revenue reaching 5,246.2 trillion VND in 10 months of 2024
In the first 10 months of 2024, all economic indicators are recorded in growth, especially in the fields of import and export, retail and consumer services. Figures from the General Statistics Office show that many economic indicators grow well, despite the challenges from the global economic situation.
Resurgence from retail and consumer services markets
In the field of domestic consumption, the total retail sales of goods and revenue of consumer services in the first 10 months of 2024 is estimated at VND 5,246.2 trillion, increased to 8.5% contrasted with the same period last year. In particular, revenue from accommodation and catering services rose sharply by 12.5%, while revenue from travel and tourism expanded to 14.2% when domestic tourism demand recovered. This fact shows that domestic consumption is growing gradually and is a great motivation for the economy.
The group of consumer goods is recorded its positive growth, especially the grain, food group (leapt by 10.7%), household appliances and equipment (escalated by 8%), and apparel (grew by 8.7%). This reflects rising consumer demand and excitement in the domestic retail market which making an important contribution to the recovery of the economy.
Growth in import and export and trade surplus is stable
In the first 10 months of the year, Vietnam's total import-export turnover was estimated at 647.87 billion USD, enlarged by 15.8% contrasted with the same period of last year. Specifically, exports reached 335.59 billion USD, grew by 14.9%, and imports reached 312.28 billion USD, growed by 16.8%. This is a positive result which reflecting the steady growth in Vietnam's trade. The balance of trade in the first 10 months of the year reached a surplus of 23.31 billion USD, contributing to improving the country's foreign trade position.
In the export structure, the domestic economic sector reached 93.97 billion USD, accounting for 28% and rose 20.7% compared to the same period last year. The foreign-invested sector (including crude oil) contributed 241.62 billion USD, which accounting for 72% and growing to 12.8%. It helps to show the strong recovery of domestic enterprises, especially in the context of Vietnam's economy striving for sustainable development and reducing dependence on the foreign investment sectors.
Notably, the USA is Vietnam's largest export market with a turnover of 98.4 billion USD, while China is the largest import market with a turnover of 117.7 billion USD. Trade surplus to the USA stretched out 86.1 billion USD, rose 26.9%, and trade surplus to the EU expanded 28.5 billion USD, grew 18.6%, showing the strength of key export industries such as textile, electronics, and field of agricultural products.
Development direction for the business in the coming time
The results achieved in the first 10 months of the year show that Vietnam's economy is continuing to grow, in spite of facing many pressures from the world economic situation. In the long term, the latest impact is Donald Trump's victory in the US presidential election. Trump's return will likely have a significant effect on US trade policies, which tending to protect and tightly control trade relations with Asia. This fact could create pressure for Vietnam's exports to the US market, especially in many industries such as textiles, electronics and agricultural products.
Moreover, the fact that the US can adjust its trade policy in the direction of prioritizing domestic production may reduce its import demands, thereby it is difficult for Vietnamese enterprises who depending on this large export market. Owing to facing the new context, Vietnam needs to diversify its export markets and promote trade relations with other partners, especially the EU and Asian countries, in order to reduce the dependence on the US.
In addition, a crucial factor is still to maintain inflation control and price stability to ensure the purchasing power and development of the domestic market. Having an investment in high-tech, digital transformation and sustainable development sectors continues to be a priority for Vietnam's economy to overcome challenges and enhance its competitiveness in the context of a global economy will have many challenges.
Tax authorities promote the implementation of e-invoices to enterprises
Vietnam's economy is demonstrating solid economic strength, especially in the export, retail and consumer services sectors. In order to maintain the momentum of development and effectively respond to impacts from the international situation, especially from the US trade policy, Vietnam needs to continue to focus on building a complete, transparent and accurate statistical system.
The use of e-invoices has an importance in management, helping to provide timely and accurate data on the business situation of the enterprise. This not only supports tax administration, but also facilitates transparent statistics, thereby policymakers will have a clear and comprehensive view of the health of the economy. Using electronic invoices is also one of the significant methods to promote digital transformation and modernize Vietnam's economy in the coming period.T-VAN HILO SERVICE JSC
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