Vietnam has made its mark by being among the top 30 countries with the highest trade growth in the world, according to the latest report of the World Trade Organization.
Vietnam continues to be the leading country in Southeast Asia.
According to data from the World Trade Organization (WTO), Vietnam's total import-export turnover in 2023 will reach about 683 billion USD, ranking Vietnam 20th in exports with a turnover of about 352 billion USD and top 23 in the world in imports with a turnover of about 331 billion USD.
In particular, Vietnam continues to be the leading country in Southeast Asia in terms of trade growth rate, surpassing many major economies in the region.
In 2024, Vietnam's total import-export turnover of goods reached 786.29 billion USD, up 15.4% over the previous year. Of which, exports increased by 14.3% and imports increased by 16.7%, leading to a trade surplus of 24.77 billion USD.
Key export items such as agricultural products, aquatic products and processing industry all grew impressively. Export turnover of agricultural and aquatic products is estimated at 35.46 billion USD (up 20.6%), while the processing industry group is estimated at 312.59 billion USD (up 13.9%).
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| Vietnam is still expected to maintain its trade growth momentum thanks to flexible policies and sustainable development orientation. Photo: Can Dung |
Factors that helped Vietnam enter the top 30
Vietnam is currently a member of 15 Free Trade Agreements (FTAs), including many new-generation FTAs with large scale and high standards, typically CPTPP, EVFTA and RCEP, helping Vietnamese goods penetrate large markets with preferential tax rates.
Participation in FTAs helps Vietnam expand export opportunities to large markets with preferential tariffs. As a result, key products such as textiles, agricultural products, electronics and seafood can gain deeper access to large markets such as the EU, the United States, Japan and South Korea.
Vietnam has become an attractive destination for foreign investors thanks to its stable business environment, favorable geographical location and competitive labor costs. Large corporations such as Samsung, Intel, Foxconn, LG, Nike and Adidas have expanded their production scale in Vietnam.
FDI enterprises not only invest in the processing and manufacturing industry but also contribute greatly to the export of high-tech products such as phones, computers and electronic components.
Vietnam has focused on developing its strong industries to increase export turnover. Key export items that have helped Vietnam achieve high growth include: Phones and components, computers, electronic products and components, textiles, agricultural products, seafood, coffee, cashew nuts and rice, which also play an important role in expanding export markets.
Diversifying export products helps Vietnam limit the risk of dependence on certain industries and improve its competitiveness in the international market.
The shift of production by international businesses out of China has brought great opportunities to Vietnam. Vietnam owns a strategic geographical location in Southeast Asia, convenient for transporting goods between countries in the Asia-Pacific region. Investment in industrial parks, logistics centers and seaports has helped Vietnam improve its production capacity and expand its role in the global supply chain.
The Vietnamese government has implemented many reform policies to improve the investment environment and create favorable conditions for import-export enterprises.
Solutions to maintain growth momentum
Despite its impressive achievements in being among the top 30 countries with the highest trade growth in the world, Vietnam still faces a number of major challenges in the context of a volatile global economy.
Many major export markets such as the US, EU and Japan are facing high inflation and slowing economic growth, leading to falling consumer demand.
In addition, major exporting countries in the region such as Thailand, Indonesia, Malaysia and Bangladesh are stepping up efforts to improve production capacity and expand export markets.
Major markets such as the EU, the US and Japan are increasingly tightening standards on quality, food safety, traceability and the environment. Vietnam’s agricultural, seafood and textile industries are particularly affected by green standards, fair labour and sustainable development requirements.
Vietnam still relies heavily on imported raw materials for key export industries such as textiles, footwear and electronics, making the supply chain vulnerable to disruptions when there are major fluctuations in the global market.
To maintain growth momentum, Vietnam needs to focus on increasing product value, diversifying export markets and boosting investment in production technology.
Enterprises need to invest in clean, environmentally friendly production processes, while improving their ability to meet strict international standards to maintain their position in the market. Promote the development of domestic supporting industries to proactively source raw materials, reducing dependence on other countries.
Vietnam's entry into the top 30 countries with the highest trade growth globally is the result of a combination of effective open-door policies, strong reforms and business dynamism. |
Source: https://congthuong.vn/vi-sao-viet-nam-lot-top-30-tang-truong-thuong-mai-cao-nhat-toan-cau-378929.html
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