Vietnam is emerging strongly as a global commerce and manufacturing hub in 2024–2025, with impressive export growth and an increasingly important role in international supply chains. These achievements demonstrate Vietnam’s competitiveness, integration prowess, and sound external economic policies.

A Trusted Trade Partner & Key Supply Chain Link

Images of workers processing frozen shrimp in Vietnamese factories reflect its robust manufacturing capacity for export. In 2023, the country’s total import-export turnover exceeded USD 683 billion, placing Vietnam among the world’s top 20 trading economies.

Export growth continues to impress, with merchandise exports in 2024 projected at around USD 405.5 billion—a 14.3% increase from 2023. With nine consecutive years of trade surplus, Vietnam has demonstrated both resilience and competitiveness.

“Made in Vietnam” smartphones have become a flagship export, strengthening the country’s position in global tech supply chains. Minister of Industry and Trade Nguyen Hong Dien emphasized that Vietnam “stands ready as a reliable partner in global supply chains,” actively building a fair, adaptive, and sustainable trade environment.

Global corporations such as Samsung, Apple, and Intel have established large-scale production bases in Vietnam, making the country an indispensable part of the global manufacturing network.

A Samsung R&D center is located in the Tay Ho Tay Urban Area (Hanoi).

Participation in Modern Free Trade Agreements

Vietnam is actively involved in next-generation free trade agreements such as CPTPP, EVFTA, and RCEP. These deals have significantly expanded export markets, lowered tariffs, and enhanced the country’s international trade reputation. Benefiting from its strategic location—bordering China and situated on major shipping routes—Vietnam has attracted strong foreign investment, emerging as a prime “China+1” production hub. Major tech players have helped integrate Vietnam deeper into electronics and high-tech supply chains.

In 2024, exports of computers, electronics, and components reached USD 72.56 billion, up 26.6% year-on-year. Vietnam is now the world’s second-largest smartphone exporter after China, with about a 12% global market share. Alongside electronics, strong growth in textiles, footwear, and agricultural sectors has reinforced Vietnam’s role as a crucial global supply node providing a wide array of products.

Balancing Relations with the U.S., China, and Vietnam

Vietnam’s export-oriented pangasius (tra fish) processing industry illustrates its intertwined supply chain ties—benefiting from U.S. markets while using inputs from China. Amid U.S.–China strategic competition, Vietnam skillfully maintains balanced cooperation with both powerhouses to maximize economic opportunities.

In September 2023, the bilateral relationship with the U.S. was elevated to a Comprehensive Strategic Partnership—the highest level in Vietnam’s diplomatic ties. The U.S. is currently Vietnam’s largest export market. In 2024, exports to the U.S. are estimated at USD 119.6 billion, leading to a record trade surplus of USD 104.6 billion. Washington regards Vietnam as a vital partner in its “trusted supply chain” strategy. The U.S. presidential visit to Vietnam in 2023 highlighted cooperation in high-tech, especially the establishment of a secure semiconductor supply chain.

Simultaneously, Vietnam maintains robust economic ties with China—its largest trading partner by total trade volume. China accounts for about one-third of Vietnam’s imports, mainly electronic and textile raw materials. Vietnam also pursues import diversification to reduce dependence and leverage RCEP’s rules of origin to optimize supply chain integration in the Asia–Pacific region. RCEP’s flexible rules are facilitating Asia–Pacific supply chains and benefiting Vietnam.

On the political front, high-level dialogues between leaders of both countries reinforce the spirit of “friendly neighbors, cooperative development,” ensuring a smooth bilateral supply chain.

According to World Bank expert Andrea Coppola, U.S.–China tensions have positively affected Vietnamese trade, helping expand electronics and machinery exports to the U.S. However, Vietnam faces challenges as the U.S. tightens rules of origin to prevent tariff evasion. Therefore, Vietnam is striving to meet high standards in origin traceability, labor, and environmental compliance to maintain confidence in both major markets.

Expanding Multilateral Cooperation and Economic Blocs

Vietnam’s durian pre-processing activity—leading to record export levels in 2024—shows its effort to diversify export markets. Beyond major powers, Vietnam actively fosters multilateral economic relations at various levels. Within ASEAN, Vietnam plays a dynamic role in building the ASEAN Economic Community (AEC), promoting infrastructure connectivity and intra-regional trade facilitation. It also participates in regional supply chain initiatives, such as Mekong–U.S. cooperation in logistics and supporting industries.

Vietnam has signed comprehensive FTAs like CPTPP (10 countries) and EVFTA (EU), creating a broad network spanning Asia to Europe. Thanks to these FTAs, “Made in Vietnam” goods have penetrated deep into developed markets (Japan, Canada, Germany, France…) with preferential tariffs, while attracting investment and technology transfer. Exports to the EU have grown since EVFTA came into effect, making Vietnam the EU’s top ASEAN trade partner. RCEP (15 Asia–Pacific nations) has opened a vast region to Vietnam, encouraging technology transfer and domestic industrial upgrading through freer flow of components and materials.

A Samsung R&D center is located in the Tay Ho Tay Urban Area (Hanoi).

Vietnam: A Rising Supply Chain Partner Ready to Go Further

From 2024 to 2025, Vietnam has undergone a profound transformation as a global production and trade hub. From attracting manufacturing shifts, increasing export market share, to fostering deep economic relations with major powers and regional connections, Vietnam is asserting itself as a trustworthy, stable partner in the eyes of the international community.

This success is thanks to the strategic vision and wise leadership of the Communist Party of Vietnam, combined with unity across the political system, businesses, and the public. The 13th National Congress (2021) set the course of building an economy that is “independent, autonomous, and deeply integrated,” with a foreign policy of multilateralization, being a reliable friend and partner to all nations.

With stable politics, consistent policies, and improved business environment, Vietnam inspires confidence among partners and foreign investors. The Party directs improvements in business conditions, infrastructure investment, and human resources to seize global supply chain opportunities.

Vietnam’s long-term goal is to become a modern, high-income industrialized country by 2030 and 2045. While challenges remain—raising added value, pursuing green transformation, and addressing geopolitical risks—Vietnam’s strong foundation positions it well for continued ascent.

A confident, proactively integrated Vietnam—trusted by all nations—is increasingly taking shape, ready to contribute actively to global supply chains and pursue sustainable, shared prosperity with its partners.