Vietnam's goods exports in 2024 will exceed 400 billion USD for the first time, a result of effectively utilizing Free Trade Agreements (FTAs) and improving the domestic business environment.
The miracle of exporting more than 400 billion USD and the mark of international economic integration
Vietnam's goods exports in 2024 will exceed 400 billion USD for the first time, a result of effectively utilizing Free Trade Agreements (FTAs) and improving the domestic business environment.
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| According to Minister of Industry and Trade Nguyen Hong Dien, international economic integration helps Vietnam participate strongly in the global value chain. |
Minister of Industry and Trade Nguyen Hong Dien shared many relevant data and important factors contributing to the record export growth of last year, reaching nearly 406 billion USD.
Dear Minister, the import and export of goods in 2024 has reached the finish line with results beyond expectations, export turnover is close to reaching the threshold of 800 billion USD, of which exports exceeded 400 billion USD for the first time, trade surplus for the 9th consecutive year, what does the Minister say about these numbers?
Last year, the industry and trade sector achieved strong growth. Industry recovered, growing by 8.4%, of which the manufacturing and processing industry increased by nearly 10% (compared to 2023, only less than 1%), affirming its important role as a pillar, creating a driving force for economic growth.
The highlight is that import-export activities in 2024 have reached the finish line with high growth. Import-export is one of the bright spots of the economy in 2024, reaching 786.29 billion USD, up 15.4% over the previous year, of which exports increased by 14.3%, reaching approximately 406 billion USD, and imports increased by 16.7%.
The trade balance of goods had a surplus of 24.77 billion USD, helping to increase foreign exchange reserves, stabilize exchange rates and macroeconomic indicators.
The results achieved are not only the export figure of over 400 billion USD, an unprecedented record in 40 years of renovation, but importantly, the structure of export goods continues to improve in a positive direction, reducing the content of raw exports, increasing the export of processed products and industrial products, creating conditions for Vietnamese goods to participate more deeply in the global production and supply chain.
Total import-export turnover reached a historic milestone of nearly 800 billion USD, the highest in the past 40 years; increased by 15% compared to the previous year and nearly 3 times higher than the assigned plan; the trade balance recorded the 9th consecutive year of high trade surplus (nearly 25 billion USD), helping to increase foreign exchange reserves, stabilize exchange rates and macroeconomic indicators. 
It can be said that the active integration of the international economy is increasingly going into depth and substance, bringing about many outstanding results, both in terms of export and attracting foreign direct investment (FDI), helping to enhance the country's position in the international arena.
How does the Minister assess Vietnam's advancement in the global supply chain?
Vietnam’s participation in global value chains has increased significantly, especially in manufacturing and supporting industries. According to the World Bank, about 50% of Vietnam’s GDP and employment depend on exports, emphasizing the important role of economic integration in promoting growth and economic restructuring.
A prominent example is that Vietnam is now becoming an important link in the global semiconductor supply chain, with the industry market expected to reach 7.01 billion USD by 2028, with an annual growth rate of about 6.69%.
Currently, high-tech zones in Ho Chi Minh City, Hanoi, and Da Nang have attracted many international enterprises, creating a foundation for high-tech development and increasing added value.
In particular, Vietnam's deep integration into the global economy has significantly enhanced its international position. Vietnam is increasingly recognized as a prestigious and trustworthy economic partner in the region and the world.
Under the pressure of international economic integration, Vietnam has continuously improved its national competitiveness index and business environment, enhanced administrative reform and digital transformation. This has helped increase investor confidence and created momentum for business development, with the number of newly established businesses expected to increase by at least 10% in 2024.
International economic integration promotes Vietnam's transformation from a resource-based economy to a knowledge-based, high-tech and innovation-based economy.
Deep international economic integration has promoted institutional reform and improved the legal system, in line with international standards, thereby creating a more favorable and transparent investment environment. This is an important factor in renewing the growth model, from focusing on breadth (rapid growth) to depth development (sustainable, quality growth).
The global economic situation in 2025 still contains many risks, geopolitical fluctuations are still unpredictable, developed countries apply many new and stricter standards and regulations on supply chains, raw materials, labor..., which will affect our country's exports, the export growth target of 12% will not be easy?
Although exports have recovered, they are not yet sustainable and are affected by many external factors. In addition, 70% of our country's export turnover belongs to the FDI sector, which depends heavily on the global supply chain and has not created a spillover effect, encouraging domestic enterprises to participate.
The world's geopolitical situation continues to evolve unpredictably, natural disasters and climate change continue to have a heavy impact, competition is increasing (especially from China, Indonesia, Thailand), developed countries are applying many new, stricter standards and regulations on supply chains, raw materials, labor, and the environment for imported products; sea freight rates have not shown any signs of cooling down.
Vietnam also faces challenges in price competitiveness in exports due to increasing logistics costs and meeting the increasingly high demands of export markets.
Along with that, we are facing major challenges in the possibility that the US may impose taxes on Vietnam's export goods due to the high trade surplus with this market; trends in investment disguised as Vietnam, fraudulent origin to avoid taxes...
To overcome the identified difficulties, what scenarios does the Ministry of Industry and Trade have to support export industries and enterprises, Minister?
To effectively support businesses in production and export activities, the Ministry of Industry and Trade will focus on perfecting institutions and policies. Promoting restructuring towards improving quality, efficiency and competitiveness based on the foundation of science - technology and innovation.
The Ministry continues to focus on removing difficulties and obstacles and supporting businesses to restore production and business. Focus on effectively exploiting FTAs that have come into effect and signing and implementing new agreements to expand and diversify markets, import and export goods, and supply chains.
Strengthen support for businesses to build brands to promote sustainable exports; effectively exploit free trade agreements to which Vietnam is a member to diversify markets, global supply chains and boost exports.
Strongly develop domestic trade to effectively exploit the domestic market; continue to coordinate with ministries and branches in advising on price management of goods under State price management, including petroleum products... At the same time, promote the development of e-commerce to more effectively exploit the strong development of the digitalization trend of the economy.
Source: https://baodautu.vn/ky-tich-xuat-khau-hon-400-ty-usd-va-dau-an-hoi-nhap-kinh-te-quoc-te-d243715.html
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