The Customs Department of the Ministry of Finance says that two-way trade turnover between Vietnam and ASEAN went from roughly 3 billion USD in 1995 to nearly 91 billion USD in 2025, a 30 fold increase. Last year Vietnam recorded a trade deficit of 14 billion USD, up 4 billion USD.
In the first five months of this year, Vietnam exported 18.5 billion USD worth of goods to ASEAN, up 17%, while imports from ASEAN reached 27.1 billion USD, up 22%.
Le Quoc Phuong, former Deputy Director of the Industry and Trade Information Center at the Ministry of Industry and Trade, said: “We are exporting many products to ASEAN, including electronics, mobile phones, steel, textiles and garments, construction materials, and agricultural products like rice, seafood, and coffee."
"Vietnam participates in multiple trade agreements including the ASEAN Free Trade Area (AFTA), the ASEAN Trade in Goods Agreement (ATIGA), the Regional Comprehensive Economic Partnership (RCEP), and ASEAN+ free trade agreements (FTAs). As a result, tariff lines between Vietnam and ASEAN countries have been reduced to very low levels, commonly around 0–5%. This helps Vietnamese goods more easily access the ASEAN market."
Investment is another pillar of economic relations between Vietnam and ASEAN. Dr. Le Quoc Phuong said ASEAN is one of the largest sources of investment in Vietnam. Singapore consistently ranks among the top investors, while Malaysia and Thailand also have many large-scale investment projects in Vietnam.
“ASEAN is the top destination for Vietnam’s outbound investment. Vietnamese businesses invest in Laos, Cambodia, the Philippines, Indonesia, and other ASEAN countries. ASEAN is currently a ‘springboard’ for Vietnam to participate in major free trade agreements like RCEP and the CPTPP, strengthening its position and enabling it to participate more deeply in regional supply chains,” said Mr. Phuong.
