Exports increased by 14.3%, trade surplus of 24.77 billion USD
According to General Statistics Office, in December, total import-export turnover of goods reached 70.53 billion USD, up 6.2% over previous month and up 15.9% over the same period last year. In the whole year of 2024, 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%; imports increased by 16.7%. Trade balance of goods had a trade surplus of 24.77 billion USD.
Regarding goods exports, export turnover of goods in December 2024 reached 35.53 billion USD, up 5.3% over the previous month.
Of which, domestic economic sector reached 10.68 billion USD, up 8.5%; Foreign-invested sector (including crude oil) reached 24.85 billion USD, up 4.0%. Compared to the same period last year, export turnover of goods in December increased by 12.8%, of which domestic economic sector increased by 17.6%, foreign-invested sector (including crude oil) increased by 10.9%.
In the whole year of 2024, export turnover of goods reached 405.53 billion USD, up 14.3% over the previous year. Of which, domestic economic sector reached 114.59 billion USD, up 19.8%, accounting for 28.3% of total export turnover; the foreign-invested sector (including crude oil) reached 290.94 billion USD, up 12.3%, accounting for 71.7%.
In 2024, there will be 37 items with export turnover of over 1 billion USD, accounting for 94.3% of total export turnover (8 items with export turnover of over 10 billion USD, accounting for 69.0%).
Regarding goods imports, in the whole year of 2024, import turnover of goods reach 380.76 billion USD, an increase of 16.7% over the previous year, of which domestic economic sector reach 140.11 billion USD, an increase of 19.5%; foreign-invested sector reach 240.65 billion USD, an increase of 15.1%.
In 2024, there will be 46 imported items with a value of over 1 billion USD, accounting for 93.1% of total import turnover (6 imported items will reach over 10 billion USD, accounting for 54.0%).
Import-export results of 2024 also marked the United States as Vietnam's largest market with a turnover of 119.6 billion USD.
Sharing about potential of the US market for Vietnamese goods, Mr. Ta Hoang Linh - Director of Department of European and American Markets - Ministry of Industry and Trade - said that the two countries' official announcement to upgrade their relationship to level of Comprehensive Strategic Partnership in September 2023 has created a solid foundation, helping cooperation activities between two countries to go deeper and more substantive on all pillars, in which economic - trade - investment pillar continues to play a central role in promoting relationship between the two countries.
Regarding key product groups, technology industry also witnessed a rebound after the difficult period of 2023. Breakthrough in Vietnam's technology exports is largely thanks to presence of foreign corporations. Manufacturing plants of the "big guys" of South Korea, the US and other countries have played a key role, helping Vietnam maintain a technology export turnover exceeding threshold of 100 billion USD per year after 2020.
According to data from General Department of Customs (from January 1, 2024 to December 15, 2024), export value of phones and components of Vietnam reached 51.6 billion USD, accounting for about 13.3% of total export turnover. This achievement has a significant contribution from phone manufacturing factories of Samsung, Foxconn or DBG Technology (one of the companies that manufacture phones for Xiaomi).
Samsung has invested in building its largest phone manufacturing factory in the world in Yen Binh Industrial Park, Pho Yen, Thai Nguyen, with a total investment of about 7.5 billion USD.
Foxconn, an equally important name, has been present in Vietnam very early, even before Samsung. With about 6 factories in operation, the group will continue to expand its scale in 2024 by announcing an investment of 550 million USD to build two new factories in Quang Ninh.
Or for textile and garment industry, 2024 also marks a strong breakthrough. Mr. Cao Huu Hieu - General Director of Vietnam Textile and Garment Group (Vinatex) - said that with a turnover of 44 billion USD, an increase of 11% compared to 2023, Vietnam ranks 2nd in the world in textile and garment exports, after China and surpassing Bangladesh.
Textile and garment industry in general and Vinatex in particular have experienced 2024 with many ups and downs. In the first half of 2024, market, orders and export prices remained at the low level of 2023 (small orders, strict requirements, fast delivery time, and very low unit prices), but in the second half of 2024, situation improved again, helping the industry "escape danger" and reach target of 11% growth.
Efforts for target of 12% growth in export turnover in 2025
At conference to summarize 2024 and deploy tasks for 2025 recently organized by Import-Export Department - Ministry of Industry and Trade, Mr. Tran Thanh Hai - Deputy Director of Import-Export Department - commented that import-export situation of Vietnam in 2025 is forecast to be more favorable thanks to economic growth and global trade growth that has been recovering.
In 2025, Ministry of Industry and Trade sets a target of increasing total export turnover by 10-12% compared to 2024. Trade balance continues to have a trade surplus of over 20 billion USD. To achieve set target, Import-Export Department will strengthen research, forecasting, and warning for export goods; closely monitor the import-export situation, border trade situation, coordinate with industry associations to grasp difficulties and problems of export enterprises, promptly advise, propose, and recommend solutions to remove difficulties and promote exports.
Regularly grasp information on issues that are likely to impact and affect the transportation, circulation, import and export of goods in Vietnam to strengthen forecasting, warning, and recommendation for associations, enterprises and report to the Ministry's leaders on solutions to respond and minimize negative impacts on the import and export activities of enterprises.
Advise on issuance of legal documents to promptly guide commitments under signed free trade agreements (FTAs), agreements that are being negotiated and continue to be signed in the coming time; disseminate and popularize commitments, encourage businesses to take advantage of opportunities from FTAs, trade agreements, and promote diversification of export and import markets. Regarding specific industries, in 2025, textile and garment exports are expected to have better growth opportunities when major import markets such as the US and EU recover economically, people's spending needs improve with better prospects for the textile and garment industry. However, experts in this industry also recognize that textile and garment enterprises are monitoring US policies after US President Donald Trump took office. Accordingly, the US may implement a new tax policy with China of up to 60% and some countries from 10-20%. With that ability, Vietnam may have to pay an additional 10% tax on goods exported to this market. This is a big barrier for textiles next year.
Or with vegetables and fruits, after the impressive results of reaching nearly 7.1 billion USD in 2024, it is forecasted that it will bring in more than 8 billion USD in 2025 from many new factors such as frozen durian, fresh coconut exported to China, passion fruit is expected to be officially licensed for export to the US market in 2025... However, Vietnam Fruit and Vegetable Association pointed out that the US-China trade conflict, global geopolitical conflicts... are still big challenges. In order for this industry to export more sustainably, it is necessary to pay attention to post-harvest technology, improve product quality and improve ability of businesses to comply with great demands of the market.

Source: Vitic/ congthuong.vn