Trade Performance

- Total Trade Volume: Vietnam’s import-export turnover hit an all-time high of $786.29 billion, marking a 15.4% increase compared to 2023.  

- Exports: The country achieved a record $405.53 billion in exports, up 14.3% year-on-year. Key export commodities included electronics, smartphones, and garments.  

- Imports: Imports totaled $380.76 billion, reflecting a 16.7% rise from the previous year. The increase was partly due to heightened coal imports to prevent power shortages.  

- Trade Surplus: Vietnam maintained a trade surplus for the ninth consecutive year, recording $24.77 billion in 2024.  

Key Trade Partnerships

- United States: The U.S. remained Vietnam’s largest export market, with the trade surplus reaching a record $123.5 billion, a nearly 20% increase from 2023.  

- China: Bilateral trade with China amounted to $172 billion in 2023, with both nations signing 10 cooperation agreements in 2024 to enhance agricultural trade and cross-border payments.  

Free Trade Agreements (FTAs)

- Expansion of FTA Network: By October 2024, Vietnam had signed and implemented 17 FTAs and was negotiating two more, reflecting its commitment to economic integration.  

- Vietnam-UAE CEPA: In October 2024, Vietnam signed a Comprehensive Economic Partnership Agreement with the United Arab Emirates, its first FTA with a Middle Eastern country. The UAE agreed to eliminate tariffs on 99% of Vietnam’s exports, while Vietnam committed to removing tariffs on 98.5% of UAE exports.  

Economic Growth

-  GDP Growth: Vietnam’s GDP expanded by 7.09% in 2024, reaching $476.3 billion. This growth was driven by strong exports and increased foreign investment inflows, which rose by 9.4% to $25.35 billion.  

Challenges and Outlook

- Trade Imbalances: The significant trade surplus with the U.S. has raised concerns about potential tariffs, especially with the re-election of President Donald Trump, who has emphasized addressing trade deficits.  

- Global Economic Conditions: Despite impressive growth, Vietnam remains vigilant about global economic fluctuations and policy changes that could impact its trade dynamics.

Keywords: Vietnam trade 2024, export growth, trade surplus, free trade agreements, U.S.-Vietnam trade relations, Vietnam-UAE CEPA, economic growth.

Sources for Further Reading