AsemconnectVietnam - According to the data from the General Department of Customs, in January of 2024, the trade between Vietnam and ASEAN reached 6.81 billion USD, an increase of 35% over the same period of 2023.

Vietnam's exports of goods to ASEAN in January of 2024
Vietnam's goods exports to ASEAN reached 3.19 billion USD in January of 2024, an increase of 45% over the same period last year and accounting for 9.2% of Vietnam's total export turnover of goods to the whole world.
Also in January of 2024, Thailand was the largest import-export country in ASEAN of Vietnam with a turnover of 734 million USD, an increase of 31.6% over the same period last year.
Indonesia ranked second with 562 million USD, an increase of 59%; while the country’s exports to the Philippines reached 498 million USD, up by 71%; to Cambodia reached 448 million USD, up by 17%; to Malaysia reached 464 million USD, up by 73%; to Singapore reached 397 million USD, up by 36% over the same period last year.
Notably, in January, Vietnam's exports of goods to Laos increased by 104%, to 56 million USD; to Myanmar reached 31.5 million USD, up by 29%.
Vietnam's exports of goods to the Indonesian market in January of 2024
Indonesia is the country with the largest Muslim population in the world, with nearly 85% of the Indonesian population practicing Islam. Indonesia's consumer market for Halal products (products "permitted", "legal" for use under Islamic Law) reached 220 billion USD in 2018 and is expected to increase to 330.5 billion USD in 2025. This is a potential market for Vietnamese export businesses, especially those that produce quality products and achieve Halal certification.
According to calculations from the statistics figures of the General Department of Customs, Vietnam's exports of goods to the Indonesian market in January of 2024 reached 562 million USD, up by 43.3% over the previous month and up by 58.2% compared to the same period last year. Plastic raw materials led the export turnover, reaching 67.8 million, an increase of 141.1% compared to the previous month, accounting for 12% of the export proportion. The next was the group of vehicles and spare parts with 61.1 million USD, an increase of 327.8%, accounting for 10.8% of the proportion.
In 2023, some products had increased export turnover compared to the same period last year. The exports of coffee increased by 123.3%; chemicals increased by 698%; electric wires and cables increased by 34.5%.
In January of 2024, a number of products saw export turnover increase compared to the previous month: coffee increased by 173.6%; computer and electronic products increased by 106.7%; phones of all types and accessories increased by 66.9%; iron and steel products increased by 231.5%.
Vietnam's goods exports to Singapore grew strongly in January of 2024
In January of 2024, Vietnam rose to the position of Singapore's 10th largest trading partner (up 1 place), with a two-way trade turnover of more than 2.9 billion SGD, an increase of 18.08%.
Vietnam Trade Office in Singapore said that in January of 2024, the total import-export turnover between Vietnam and Singapore reached 2.9 billion SGD, an increase of 18.08% over the same period of 2023, of which the exports of Vietnam to Singapore reached 678.84 million SGD, an increase of 30.34% and Vietnam’s imports from Singapore were about 2.25 billion SGD, an increase of 14.79%.
Notably, most (18/21) of the main export product groups to Singapore had positive growth, of which many groups had quite strong increases such as iron and steel (up by more than 30 times); salt, sulfur, soil and stone, gypsum, lime and cement (increased by 1.22 times); animal vegetable oils and fats (up by 85.32%). Notably, the industry group with the largest export turnover was machinery, equipment, mobile phones, components and spare parts of all kinds, which grew very strongly (reaching 255.2 million SGD, up by 50.62%).
In contrast, two-thirds of the groups with the largest import turnover were: machinery, equipment, mobile phones, components and spare parts of all kinds and reactors, boilers, machine tools and equipment spare parts for the above machines increased sharply over the same period, up by 19.82% and by 31.9% respectively. Most of the remaining product groups achieved high increases (over 20%), especially some groups increased very strongly such as pearls, gemstones, and jewelry products (increased by more than 2.34 times); cigarettes and tobacco substitute products (increased by more than 1.7 times); optical machines, measuring instruments, medical equipment, watches, musical instruments and accessories of all kinds (increased by nearly 1.6 times).
According to the assessment of the Vietnam Trade Office in Singapore, Singapore's trade situation with the world in the first month of 2024 showed quite positive signs when all indicators of total two-way turnover and export and import turnover were quite positive. The exports all increased well at over 2 digits (14.06%, 16.74% and 11.06% respectively). However, the long-term outlook for the whole year 2024 still poses many difficulties.
In that context, the import-export turnover between Vietnam and Singapore in January was still maintaining a positive growth momentum with all three turnover indicators increasing strongly and reaching the highest level since 2020, bringing Vietnam became the 10th largest trading partner (up 1 place), the 17th import partner (up 4 places) and the 8th export partner (up 2 places) of Singapore.
Notably, the positive point is that the growth rate is quite uniform among industries and fields, not only focusing on key industries.
CK
Source: VITIC/congthuong.vn