Imports and exports increased dramatically in many key markets.

In 2024, import and export turnover between Vietnam and partner markets such as the United States, Indonesia, and the Philippines experienced breakthrough growth, setting many new records.

Import and export turnover sets new record.

According to the latest figures released by the General Statistics Office on January 6, 2025, the total value of goods exports and imports for the whole year of 2024 reached US$786.29 billion, an increase of 15.4% compared to the previous year, with exports increasing by 14.3% and imports increasing by 16.7%. The trade balance showed a surplus of US$24.77 billion.

This is a very impressive result in Vietnam's international trade activities last year, given that the global economic context continued to face challenges from weak growth and the risk of rising inflation, which continued to impact macroeconomic stability and the growth prospects of our highly open economy.

According to experts, the spectacular growth in import and export activities has greatly supported the economy. Notably, the breakthrough growth in key export markets in 2024 contributed significantly to the overall import and export performance of the country.

In 2024, the total value of goods exports and imports reached US$786.29 billion. Photo: Hung Duong

Mr. Do Quoc Hung, Director of the Asia-Africa Market Department, Ministry of Industry and Trade, stated that in 2024, export turnover increased in all market regions of Asia and Africa. This is a rare achievement, as in previous years, some market regions saw growth while others experienced declines. In 2024, exports to all markets in the Asia-Africa region showed growth.

Specifically, in 2024, the Asian and African markets continued to hold a strategic position in Vietnam's import and export activities, with total bilateral import and export turnover estimated at US$519.7 billion, an increase of 13.7% compared to 2023, accounting for 66.3% of Vietnam's total import and export turnover with the world .

" This result makes a significant contribution to the import and export performance of the entire Ministry of Industry and Trade and of the whole country, " Director Do Quoc Hung emphasized.

Similarly, Mr. Ta Hoang Linh, Director of the European and American Market Department, Ministry of Industry and Trade, also stated that in 2024, the total import and export turnover between Vietnam and the European and American markets is estimated to reach approximately 250 billion USD, an increase of 18.5% compared to 2023. Of this, exports are estimated at 202.1 billion USD, an increase of 20.3%; and imports are estimated at 47.9 billion USD, an increase of 12.6%. The trade surplus with the European and American markets will exceed 150 billion USD for the first time, estimated at 154.2 billion USD.

Breakthrough growth in multiple markets

Notably, in 2024, Vietnam's import and export turnover with key partner markets experienced breakthrough growth, with exports to many markets showing impressive double-digit growth rates.

Similar to the US market, according to data from the General Statistics Office, in 2024, the US was Vietnam's largest export market with a turnover of 119.6 billion USD. This is also the only export market to date where Vietnam has reached the 100 billion dollar mark.

Mr. Do Ngoc Hung - Commercial Counselor, Vietnam Trade Office in USA - It was stated that the above results were achieved thanks to the efforts of the Government, the Ministry of Industry and Trade, and other relevant ministries and agencies in removing obstacles and opening up markets.

A highlight in Vietnam-US trade relations is the export of agricultural, forestry, and aquatic products. Photo: Minh Hung

A bright spot in the relationship Vietnam-US trade This refers to the export of agricultural, forestry, and aquatic products. The US market favors these Vietnamese products. In the first 11 months of 2024, exports of agricultural, forestry, and aquatic products to the US reached approximately US$12.3 billion, accounting for 21.7% of Vietnam's total agricultural, forestry, and aquatic product exports to the world and 10% of total exports to the US, an increase of 24.6% in value compared to the same period in 2023.

According to the deal, over the past three years, the value of Vietnam's processed fruit and vegetable exports to this market has increased by 30-45% per year. Meanwhile, the growth rate of this product in the EU averages 10-20% per year. Therefore, the United States is truly a potential market for Vietnamese fruits and vegetables.

Meanwhile, in the Asian market region, trade in 2024 Vietnam - Indonesia It also experienced a breakthrough double-digit growth rate, the highest ever.

" It is estimated that for the whole year of 2024, total bilateral trade will reach at least 16 billion USD, of which exports are expected to exceed 6 billion USD, the highest level ever." Mr. Pham The Cuong, Commercial Counselor of the Vietnam Trade Office in Indonesia, informed and added that bilateral trade turnover has recorded rapid growth in the last four years, from US$8.07 billion in 2020 to US$16 billion in 2024.

Similar to the United States, exports of agricultural products to the Indonesian market have seen impressive growth, with rice being the highest-valued export item. In the first 11 months of 2024, Vietnam's total rice exports to Indonesia reached 1,130,339 tons, valued at US$679 million, an increase of 6.2% in volume and 10.4% in value. With these figures, Indonesia continues to be Vietnam's second largest rice export market in 2024.

Similarly, with regard to the Philippine market, trade between Vietnam and the Philippines is expected to record impressive growth in 2024, as Vietnam seeks new directions for exporting goods, helping to alleviate difficulties and pressure on domestic manufacturing businesses.

According to the Vietnam Trade Office in the Philippines, in the first 10 months of 2024, the total import and export turnover between the two countries reached over US$7.3 billion, equivalent to 93.6% of the results achieved in 2023. With this growth rate, it is projected that for the whole year of 2024, bilateral trade between the two countries will exceed US$8 billion for the first time, reaching approximately US$8.5 billion, with a trade surplus of over US$3 billion.

Building on the achievements of 2024, the Ministry of Industry and Trade aims for a 10-12% increase in total export turnover in 2025. The trade balance is expected to continue to show a surplus of over 20 billion USD.

To realize these goals, in 2025 the Ministry of Industry and Trade will continue to focus on implementing existing FTAs and signing and implementing new agreements to expand and diversify markets, import and export products, and supply chains. Along with this, it will strengthen the exploitation of markets with high potential, shift strongly towards official exports linked to brand building, and promote sustainable exports.

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