AsemconnectVietnam - Vietnam has made its mark by being in the top 30 countries with the highest trade growth in the world, according to the latest report from the World Trade Organization.

Vietnam continued to be the leading country in Southeast Asia in terms of trade growth rate
According to the data from the World Trade Organization (WTO), Vietnam's total import-export turnover in 2023 reached about 683 billion USD, making Vietnam to the 20th position in terms of exports with a turnover of about 352 billion USD and top 23 in the world in terms of imports with a turnover of about 331 billion USD.
In particular, Vietnam continued to be the leading country in Southeast Asia in terms of trade growth rate, surpassing many major economies in the region.
In 2024, Vietnam's total import-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% and imports increased by 16.7%, resulting in a trade surplus of 24.77 billion USD.
The key export items such as agricultural products, aquatic products and processed industry all grew impressively. The export turnover of agricultural and aquatic products was estimated at 35.46 billion USD (up by 20.6%), while the export turnover of processed industry group was estimated at 312.59 billion USD (up by 13.9%).
Advantages and opportunities of Vietnam
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.
Participating in FTAs helps Vietnam expand export opportunities to large markets with preferential tariffs. As a result, key products such as textiles, agricultural products, electronics and seafood can access more deeply into 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 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.
The diversification of 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 enterprises 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.
The Vietnamese government has implemented many reform policies to improve the investment environment and create favorable conditions for import-export enterprises.
Solutions to maintain growth momentum
Despite its impressive achievements in being among the top 30 countries with the highest trade growth in the world, 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, US and Japan are increasingly tightening standards on quality, food safety, traceability and the environment. Vietnam's agricultural, aquatic and textile industries are particularly affected by green standards, fair labor requirements and sustainable development.
Vietnam still has to rely heavily on imported raw materials for key export industries such as textiles, footwear and electronics. This 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 increasing 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, reduce dependence on foreign countries.
CK
Source: VITIC/thitruongvietnam.vn