Import-export turnover sets new record
The latest data from General Statistics Office announced on January 6, 2025 shows that in 2024, total import-export turnover of goods reach 786.29 billion USD, an increase of 15.4% over the previous year, of which exports will increase by 14.3%; imports will increase by 16.7%. Trade balance of goods have a surplus of 24.77 billion USD.
This is a very impressive result in Vietnam's international trade activities last year, when global economic context continues to face challenges from weak growth and high inflation risks that continue to affect macroeconomic stability and growth prospects of our country's highly open economy.
According to experts, spectacular growth of import and export activities has greatly supported the economy. Notably, contribution to 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.
Mr. Do Quoc Hung - Director of 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, 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 contributes greatly 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 European - American Market Department, Ministry of Industry and Trade - also said that in 2024, total import and export turnover between Vietnam and European - American market is estimated to reach about 250 billion USD, an increase of 18.5% compared to 2023, of which exports are estimated at 202.1 billion USD, an increase of 20.3%; Imports are estimated at 47.9 billion USD, up 12.6%. Trade surplus with European - American market exceeded the 150 billion USD mark for the first time, estimated at 154.2 billion USD.
Breakthrough growth in many markets
Notably, in 2024, Vietnam's import and export turnover with key partner markets all grew 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 only export market to date where our country has achieved a turnover of 100 billion dollars.
Mr. Do Ngoc Hung - Trade Counselor, Vietnam Trade Office in the United States - said that the above results were achieved thanks to efforts in removing difficulties and opening up the market of the Government, Ministry of Industry and Trade and relevant ministries, branches and agencies.
A bright spot in the Vietnam - US trade relationship is export of agricultural, forestry and fishery products. The US market favors this product from Vietnam. In the first 11 months of 2024, agricultural, forestry and fishery exports to the US reached about 12.3 billion USD, accounting for 21.7% of total export turnover of agricultural, forestry and fishery products from Vietnam to the world and 10% of total export turnover to the US, an increase of 24.6% in value compared to the same period in 2023.
According to trade office, in the past three years, export value of processed vegetables and fruits from Vietnam to this market increased by 30 - 45% per year. Meanwhile, growth rate of this item in the EU is on average 10 - 20%/year. Therefore, the United States is truly a potential market for Vietnamese fruits and vegetables.
Meanwhile, in Asian market region, in 2024, Vietnam - Indonesia trade also had a breakthrough double-digit growth, the highest ever.
"It is estimated that in 2024, total bilateral trade turnover 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 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, exports of agricultural products to Indonesian market have grown impressively, of which rice is the group with the highest export turnover. In the first 11 months of 2024, Vietnam's total rice exports to Indonesia reached 1,130,339 tonnes, 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 also recorded impressive growth in context that Vietnam is looking for new directions for exporting goods, helping to reduce difficulties and pressure for domestic production enterprises.
According to Vietnam Trade Office in the Philippines, in the first 10 months of 2024, total import-export turnover of 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 two countries will exceed 8 billion USD for the first time, reaching about 8.5 billion USD, of which, trade surplus will be over 3 billion USD.
With the results achieved in 2024, in 2025, Industry and Trade sector aims for total export turnover to increase by over 10-12%. Trade balance continues to have a trade surplus of over 20 billion USD.
To realize the above goals, in 2025, 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. Along with that, it will strengthen exploitation of markets with great potential, strongly shift to official exports associated with brand building, and promote sustainable exports.

Source: Vitic/ congthuong.vn