(photo: congthuong.vn)

Economists say Vietnam’s import-export in 2024 reached an unprecedented level in its 40 years of national renewal. That’s particularly impressive considering that the global economy is struggling, which affects Vietnam’s macroeconomic stability and growth prospects.

"Sweet fruits" thanks to efforts by businesses, Government incentives

Exports to most markets grew strongly, especially to countries with free trade agreements with Vietnam. In addition to its traditional export markets, Vietnam has penetrated into high-potential markets in the Middle East and Africa with the signing of the Vietnam-UAE Comprehensive Economic Partnership Agreement (CEPA).

Vietnam’s exports of the industry, agriculture, and service sectors increased sharply. Dr. Le Duy Binh, CEO of Economica Vietnam, said: “This year’s growth rate is quite high compared to previous years. This is due to the adaptability, flexibility, and proactiveness of businesses and the Government’s support incentives. In return, import-export activities have strong effects on the economy. The industrial growth index and the recovery of the manufacturing and processing industry have been strongly supported by import-export activities.”

There was a trade surplus of nearly 25 billion USD, a strong result for the 9th year in a row, helping to increase foreign exchange reserves and stabilize exchange rates and macroeconomic indicators.

Despite difficulties caused by Typhoon Yagi, the agricultural sector saw breakthroughs, with export turnover reaching 63 billion USD, up 18% from last year, and a trade surplus of 18.6 billion USD.

Associate Professor Dr. Nguyen Thuong Lang, a senior lecturer at the National Economics University, said: “Vietnam's export momentum comes from many factors, including strong foreign direct investment and the signing of free trade agreements which have opened up a huge market. The Vietnamese agricultural market has expanded with improved price and quantity. Vietnam's recent import-export policy has been very successful. Businesses increasingly understand the market, join business chains, and respond very quickly to fluctuations and the trade barriers of import countries. All of these factors create an optimistic prospect for Vietnam.”

Creating momentum for future breakthroughs

In the context of global economic recovery and potential risks, Vietnam continues to pursue administrative reforms, support businesses, improve institutions and the business environment, and diversify export markets.

Bui Huy Son, Director of the Department of Financial Planning of the Ministry of Industry and Trade, said: “The Ministry of Industry and Trade continues to implement incentives to support exporters via official export programs. We continue to work closely with the Ministry of Agriculture and Rural Development in negotiating with major export markets for Vietnamese agricultural and aquatic products. We’re speeding up negotiations of free trade agreements to create a legal framework and enter markets with high incentives and stability.”

Vietnam is anticipating stronger import-export growth in 2025. With an increasingly important position in the supply chain, larger production scale, and deep integration into the global economy, Vietnam’s goal looks eminently achievable.