(VOVWORLD) - Vietnam's imports and exports in 2024 valued at more than 790 billion USD, up 15.4% against the previous year. 2024 is the 9th consecutive year for Vietnam to earn a trade surplus of nearly 25 billion USD. These achievements are the foundation for Vietnam to realize higher growth targets in 2025 and the following years.
 Vietnam's total trade revenue reached 786.29 billion USD in 2024, up 15.4% year-on-year, with a trade surplus of 24.77 billion USD. |
Amid weak global economic growth and high inflation risks, the growth of import and export has greatly supported Vietnam’s economy.
Last year, Vietnam earned a record 403 billion USD from exports, up 13.6% compared to 2023. The growth was recorded in all markets and sectors. The structure of export items strongly shifted from raw goods to processed ones, affirming Vietnam's deeper engagement in the global production and supply chain.
The Asian and African markets held strategic positions, accounting for 66.3% of Vietnam's total import and export turnover. Vietnam’s exports to Europe and America rose 20% with the trade surplus exceeding 150 billion USD for the first time.
Dau Anh Tuan, Deputy Secretary General of the Vietnam Chamber of Commerce and Industry (VCCI), said: “Vietnam's total import-export turnover last year was the highest in history. This shows that Vietnam is among the countries with profound impact and influence on the international market.”
The agricultural sector is a bright spot with its contributions accounting for 75% of last year’s total trade surplus of 25 billion USD.
Economist Dr. Le Duy Binh, CEO of Econmica Vietnam, said, “The agricultural sector’s added value makes up a large portion in exports. It contributed to increasing Vietnam’s imports and exports and also to enhancing Vietnam’s economic status. The sector also contributed directly to inflation control in Vietnam.”
The garment and textile industry recorded double-digit growth in export turnover, making Vietnam the second largest garment and textile exporter in the world after China and surpassing Bangladesh.
According to experts, based on last year's import-export performance, Vietnam aims to increase import-export turnover by 12%, earning 1 trillion USD. Economist Nguyen Thuong Lang said, “To achieve the target of 1 trillion USD, which we have never thought of, or even set in our import-export strategy until 2030, we need to raise the strategic target higher. In addition, it’s necessary to create trade infrastructure including digital infrastructure, green infrastructure, and support policies for green finance, green human resources, and green technology. If all of these are comprehensively done, the set targets can be achieved, even raised.”
 Minister of Industry and Trade Nguyen Hong Dien (Photo: VOV) |
As an economy with large openness, Vietnam needs to promote the implementations of free trade agreements, avoid the risks of trade remedies, and harmonize the trade balance. Vietnam also needs to open up new markets to boost exports in both volume and value, said Minister of Industry and Trade Nguyen Hong Dien.
Minister Dien also underscored the need to further promote the role of Vietnamese trade offices abroad in supporting localities and enterprises and make full use of FTAs to diversify markets and supply chains, and boost exports.
“Vietnam needs to boost negotiations, sign new agreements, upgrade FTAs with potential partners, strengthen trade and investment cooperation, and support production businesses and official exports while building brands and promoting sustainable exports,” said Mr. Dien.