Import and export increased dramatically in many key markets.

In 2024, import-export turnover between Vietnam and partner markets such as the United States, Indonesia, the Philippines... will grow dramatically, setting many new records.

Import-export turnover sets new record

The latest data from the General Statistics Office released on January 6, 2025 shows that in 2024, the total import and export turnover of goods reached 786.29 billion USD, an increase of 15.4% over the previous year, of which exports increased by 14.3%; imports increased by 16.7%. The trade balance of goods had a surplus of 24.77 billion USD.

This is a very impressive result in Vietnam's international trade activities last year, when the global economic context continues to face challenges from weak growth and high inflation risks that continue to impact macroeconomic stability and growth prospects of our country's highly open economy.

According to experts, the spectacular growth of import and export activities has greatly supported the economy. Notably, the contribution to the overall import and export achievements of the whole country cannot be ignored without mentioning the breakthrough growth in our country's key export markets in 2024.

In 2024, the import and export turnover of goods will reach 786.29 billion USD. Photo: Hung Duong

Mr. Do Quoc Hung - Director of the Department of Asian - African Markets, Ministry of Industry and Trade - commented that in 2024, export turnover will grow in all Asian and African market areas. This is a rare achievement, because in previous years, some market areas increased, but some markets decreased. In 2024, exports to all Asian and African markets will grow.

Specifically, in 2024, the Asian and African market region will continue to hold a strategic position in Vietnam's import and export activities with a total two-way import and export turnover estimated at 519.7 billion USD, 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 greatly contributes to the import and export results of the entire Industry and Trade sector and the whole country " - Director Do Quoc Hung emphasized.

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

Breakthrough growth in multiple markets

Notably, in 2024, Vietnam's import-export turnover with key partner markets will all grow dramatically, with exports to many markets having impressive double-digit growth.

As for 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 our country has achieved a turnover of 100 billion dollars.

Mr. Do Ngoc Hung - Commercial Counselor, Vietnam Trade Office in USA - said that the above results were achieved thanks to the efforts in removing difficulties and opening up the market of the Government, the Ministry of Industry and Trade and related ministries, branches and agencies.

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

Bright spot in relationship Vietnam - US trade is the export of agricultural, forestry and fishery products. The US market favors this product of Vietnam. In the first 11 months of 2024, the export of agricultural, forestry and fishery products to the US reached about 12.3 billion USD, accounting for 21.7% of the total export turnover of agricultural, forestry and fishery products of Vietnam to the world and 10% of the total export turnover to the US, an increase of 24.6% in value compared to the same period in 2023.

According to the trade deal, in the past three years, the export value of processed fruits and vegetables from Vietnam to this market has increased by 30-45% per year. Meanwhile, the growth rate of this item in the EU is an average of 10-20% per year. Therefore, the United States is truly a potential market for Vietnamese fruits and vegetables.

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

" It is estimated that by the end of 2024, the total bilateral turnover will reach at least 16 billion USD, of which exports are estimated to reach more than 6 billion USD, the highest level ever," Mr. Pham The Cuong - Trade Counselor of the Vietnam Trade Office in Indonesia - informed and added that bilateral trade turnover has recorded rapid growth in the past 4 years from 8.07 billion USD in 2020 to 16 billion in 2024.

Similar to the United States, agricultural exports to the Indonesian market have grown impressively, with rice being the commodity group with the highest export turnover. In the first 11 months of 2024, Vietnam's total rice exports to Indonesia reached 1,130,339 tons, worth 679 million USD, up 6.2% in volume and 10.4% in value. With this figure, Indonesia continues to be Vietnam's second largest rice export market in 2024.

Or as with the Philippine market, in 2024, trade between Vietnam and the Philippines will also record impressive growth in the context that Vietnam is looking for new directions for exporting goods, helping to reduce difficulties and pressure for domestic manufacturing enterprises.

According to the Vietnam Trade Office in the Philippines, in the first 10 months of 2024, the total import-export turnover between the two countries reached over 7.3 billion USD, equal to 93.6% compared to the results achieved in 2023. With this growth rate, it is forecasted that in 2024, bilateral trade between the two countries will exceed 8 billion USD for the first time, reaching about 8.5 billion USD, of which the trade surplus will be over 3 billion USD.

With the results achieved in 2024, in 2025, the Industry and Trade sector aims to increase total export turnover by over 10-12%. The trade balance continues to have a surplus of over 20 billion USD.

To realize the above goals, in 2025, the Ministry of Industry and Trade will continue to focus on implementing effective FTAs and signing and implementing new agreements to expand and diversify markets, import and export products, and supply chains. At the same time, it will increase the exploitation of potential markets, strongly shift to official exports associated with brand building, and promote sustainable exports.

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