Trade Performance

- Total Trade Volume: Vietnam’s total import-export turnover reached an all-time high of USD 786.29 billion, up 15.4% compared to 2023.

- Exports: Vietnam achieved a record-high export value of USD 405.53 billion, an increase of 14.3% year-on-year. Key export items included electronics, smartphones, and garments.

- Imports: Total imports reached USD 380.76 billion, up 16.7% from the previous year. This rise was partly driven by a surge in coal imports to prevent electricity shortages.

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

Key Trade Partnerships

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

- China: Bilateral trade with China reached USD 172 billion in 2023. In 2024, both countries signed 10 cooperation agreements to enhance agricultural trade and cross-border payments.

Free Trade Agreements (FTAs)

- FTA Network Expansion: As of 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 the Comprehensive Economic Partnership Agreement with the United Arab Emirates—Vietnam’s first FTA with a Middle Eastern country. The UAE agreed to eliminate tariffs on 99% of Vietnamese exports, while Vietnam committed to removing tariffs on 98.5% of UAE exports.

Economic Growth

- GDP Growth: Vietnam’s GDP grew by 7.09% in 2024, reaching USD 476.3 billion. This growth was driven by strong exports and a 9.4% increase in foreign direct investment, totaling USD 25.35 billion.

Challenges and Outlook

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

- Global Economic Conditions: Despite impressive growth, Vietnam remains cautious of global economic fluctuations and policy changes that could impact its trade momentum.

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

Sources for Further Reading