In 2024, Vietnam set a new export record, with total trade turnover estimated at $800 billion, marking a 15% increase compared to 2023 and nearly tripling the original target. The trade balance achieved a surplus for the 9th consecutive year, reaching nearly $25 billion, contributing to macroeconomic stability and increased foreign exchange reserves.
The export sector witnessed strong growth, with total export turnover projected to reach $403 billion, a 13.6% rise from 2023. Key sectors saw significant recovery: agricultural, forestry, and fishery exports increased by 20.6%, while processed industrial goods grew by 14.3%. Leading export categories rebounded impressively, such as computers and electronics at $71.7 billion (+25%), phones and components at $53.9 billion (+2.9%), textiles at $37 billion (+11.2%), and wood products at $16.2 billion (+20.3%).
Export markets expanded significantly. The United States remained Vietnam’s largest export market, with turnover reaching $119.7 billion, up 23.4%. Exports to the EU grew to $51.6 billion (+18.3%), ASEAN increased by 13.6%, and shipments to China remained steady, avoiding seasonal bottlenecks.
Additionally, Vietnam signed an FTA with the UAE, unlocking potential markets in the Middle East and Africa. Vietnamese exporters effectively leveraged existing trade agreements, boosting growth in key markets.
Domestic enterprises showed improved export capacity, with growth in the domestic sector at 18.9%, outpacing the FDI sector’s 11.6% growth.
In 2024, Vietnam’s trade sector demonstrated exceptional progress, enhancing the global presence of Vietnamese goods and reaffirming the pivotal role of local businesses in the global supply chain.
