Bloomberg reported that Vietnam has surpassed Japan to become the third largest export market for Chinese goods in 2024, with a turnover of 162 billion USD.
According to data from China Customs, China's exports to Vietnam in 2024 increased by nearly 18% to a record $162 billion. This figure surpassed China's total exports to Japan of $152 billion, making our country China's third largest export market.
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| According to data from China Customs, the export turnover of Chinese goods to Vietnam reached a record 162 billion USD last year. Illustration photo: Government Newspaper. |
The surge is largely due to increased exports of technical components from China that are assembled in Vietnam and then exported to the U.S. and elsewhere. Electronic components such as display modules and computer memory accounted for eight of the top 10 fastest-growing export items, according to China Customs data.
As many companies seek to diversify their supply chains away from China, Vietnam is benefiting greatly from the trade diversion and increased investment, according to Bloomberg. Leading electronics manufacturers such as Samsung Electronics, Luxshare Precision Industry and Hon Hai Precision Industry (also known as Foxconn) have invested billions of dollars in the country in recent years, assembling products such as AirPods and MacBooks.
In particular, the boom in artificial intelligence (AI) technology and US export restrictions targeting AI chips have also boosted investment in Vietnam.
According to customs analysis data from NBD, Foxconn began producing NVIDIA AI chips in Vietnam in 2024, with key components including integrated circuits and printed circuit boards originating from China. Most of the assembled products were shipped to the US, boosting Vietnam’s trade surplus with the US to a record high in 2024, estimated at $106 billion.
“We see more and more companies moving their production facilities from China to Vietnam to avoid future tariff risks. This has significantly increased the volume of exports from China to Vietnam,” Prof. Dr. Nguyen Mai, Chairman of the Vietnam Association of Foreign Invested Enterprises (VAFIE), told Bloomberg.
However, Prof. Dr. Nguyen Mai said that Vietnam may face higher tariffs and other trade challenges as President-elect Donald Trump returns to the White House. However, the professor remained optimistic, affirming: “We also believe that the incoming administration of President-elect Donald Trump, like the previous administration of President Joe Biden, will recognize the importance of Vietnam in foreign policy with the US and how the two countries' markets can benefit from each other.”
Source: https://congthuong.vn/viet-nam-soan-ngoi-nhat-ban-trong-nhap-khau-hang-trung-quoc-369522.html
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