Vietnam’s Export Growth and Economic Developments in 2025

Vietnam’s coffee exports reached 1.72 billion USD in the first two months of 2025, while aquatic product exports soared 44.5%. The State Bank lowered the reference exchange rate, and the Finance Ministry supports SMEs. A new initiative from Switzerland will aid SMEs in obtaining financing. Vietnam Airlines and Vietjet Air are set to operate from a new terminal in May, and rice exports are anticipated to rebound due to strong demand.

Vietnam’s coffee exports have remarkably reached 1.72 billion USD within the first two months of 2025. This achievement highlights the country’s vital role in the global coffee market. Additionally, Vietnam’s aquatic product exports surged to 655 million USD in February, demonstrating a significant year-on-year growth of 44.5%, positioning Vietnam as Brazil’s second-largest provider of aquatic products.

The State Bank of Vietnam adjusted the daily reference exchange rate, setting it at 24,793 VND/USD on March 18, indicating a marginal decrease of 1 VND from the previous day. Concurrently, the central bank is working towards eliminating the credit growth quota policy to facilitate sustainable growth within the financial sector. HCM City has reported outstanding credit growth of 3.936 trillion VND as of February 2025, with slight fluctuations year-on-year.

In terms of business support, the Ministry of Finance is fostering connections between small and medium-sized enterprises (SMEs) and financial institutions to stimulate sustainable operations. Furthermore, an initiative launched with a grant from Switzerland aims to enable over 500,000 SMEs to access up to 35 billion USD by 2029.

Vietnam Airlines and Vietjet Air will commence operations from Terminal T3 of Tan Son Nhat International Airport in May, constructed to handle 20 million passengers annually. Simultaneously, Vietnam aims for 454 billion USD in export revenue despite global economic challenges, having recorded a 9.9% increase in January-February exports over the previous year.

Establishing Vietnam as an international financial center is deemed feasible by experts, given its foundational elements and potential. The government actively seeks to enhance trade and tourism connectivity with Japan and Thailand, intending to develop a robust economic triangle. Moreover, Hoa Phat’s hot rolled coil products are not subject to EU anti-dumping duties, promoting better export conditions for downstream businesses.

The country is also witnessing a burgeoning rice export market, responding to escalated demand with over one million tonnes exported early in the year. Reports indicating Vietnam’s position as Italy’s largest trading partner in ASEAN reflect its growing influence in international trade; the trade turnover peaked at 6.9 billion USD in 2024, marking a year-on-year increase of 13.1%.

In summary, Vietnam showcases significant advancements in its export sectors, particularly in coffee and aquatic products, while the government is making strategic moves to enhance economic stability and growth. Continuous support for SMEs, efforts to abolish credit growth quotas, and advancements in international connectivity affirm Vietnam’s commitment to bolstering its position in the global market. The rise in rice exports and strengthened trade relations with Italy further underline Vietnam’s promising economic trajectory amidst global challenges.

Original Source: en.vietnamplus.vn