Vietnam is in the TOP 30 countries with the highest trade growth.

Durian contributes large export turnover to the fruit and vegetable industry in 2024.

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.

Leading Southeast Asia in trade growth

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%, with 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%).

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 tariffs. Participation in FTAs ​​helps Vietnam expand export opportunities to large markets with preferential tariffs. Thanks to that, 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 items 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.

Improve policies, create favorable conditions for businesses

Besides, the Government has also implemented many reform policies to improve the investment environment and create favorable conditions for import-export enterprises.

Most recently, Prime Minister Pham Minh Chinh issued Official Dispatch No. 22/CD-TTg on a number of key tasks and solutions to reduce administrative procedures, improve the business environment, and promote socio-economic development.

It clearly states that it is necessary to focus on thoroughly reviewing, cutting down, and simplifying regulations and administrative procedures related to investment, production, business activities, and people's lives, ensuring a reduction of at least 30% of administrative procedure processing time, at least 30% of business costs (compliance costs); abolishing 30% of unnecessary business conditions. At the same time, continue to extend and reduce taxes to remove difficulties for production and business activities, promote private economic development, and mobilize resources for investment and development.

Implementing the Government's direction, the Ministry of Industry and Trade has just issued Directive No. 06/CT-BCT dated March 4, 2025 on a number of solutions to develop the market, promote exports, and manage imports in 2025. According to the Directive, the Ministry of Industry and Trade directs units to focus on implementing solutions to remove difficulties for businesses, support production, and promote exports.

Despite its impressive achievements in being among the top 30 countries with the highest trade growth in the world, according to the Ministry of Industry and Trade, Vietnam still faces a number of major challenges in the context of global economic fluctuations. Many major export markets such as the US, EU and Japan are facing high inflation and slowing economic growth, leading to a decline in 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’s continued reliance on imported raw materials for key export sectors such as textiles, footwear and electronics makes 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 and reduce dependence on other countries.

Phan Trang