Illustration by AI.
According to a report by the General Department of Vietnam Customs, as of December 14, the total import and export turnover of the country reached US$745.38 billion, an increase of over 15% compared to the same period last year. Of this, exports reached US$384.4 billion, up 14.5%, and imports reached US$361 billion, up 16.3% over the previous year.
The General Department of Vietnam Customs stated, “The total import and export turnover of goods of Vietnam for the whole of 2024 is forecast to reach approximately US$782.33 billion, the highest ever. Surplus estimated at US$23.53 billion.”
Previously, in 2022, Vietnam recorded an export-import turnover record of US$732 billion. With the expected record this year, Vietnam’s import and export turnover has doubled in the past decade.
Electronics, computers, and components will be the first commodity of Vietnam to reach an import-export turnover of over US$100 billion. Illustration by AI.
As of December 14, Vietnam’s trade surplus is estimated at over US$23.5 billion, a surplus of over US$23.4 billion. This figure is lower than the same period last year by nearly US$2.3 billion.
According to statistics from the General Statistics Office, as of the end of November, there were 36 commodities of Vietnam with an export turnover of over US$1 billion, accounting for 94% of the total export turnover, of which 7 commodities had an export turnover of over US$10 billion (accounting for 66.5%).
On the import side, 44 commodities had a value of over US$1 billion, accounting for 93% of the total import turnover, of which 5 commodities had an import turnover of over US$10 billion (accounting for 51%).
Electronics, computers, and components had a total import and export turnover of US$163 billion. This will be the first commodity of Vietnam to reach an import and export turnover of over US$100 billion. Mobile phones and components are the leading export commodity, reaching US$41 billion.
In terms of import and export markets, China is Vietnam’s largest two-way trade partner in the past 11 months, with a preliminary estimate of US$185 billion, up 20% over the same period last year. followed by the US, ASEAN, Korea, EU, and Japan.
Regarding state budget revenue, this year, the National Assembly assigned an estimate of budget revenue from import and export activities of VND 375,000 billion. However, by mid-December this year, budget revenue from this activity was about VND 402,680 billion, exceeding the estimate by over 7%.
According to estimates, revenue for the whole year can exceed 11.5 – 12%, equivalent to VND 418,000 – 420,000 billion. This figure exceeds the assigned estimate by 12%, up 14% over the same period last year.
Durian is one of Vietnam’s key agricultural export products.
Talking about the prospects of export activities, the Ministry of Industry and Trade assessed that in 2025, export activities are forecast to have many advantages and growth potential. Along with that, the recovery of large markets such as the US and the EU will be an important driving force to promote exports, especially in the fields of electronics, consumer goods, and textiles.
The Ministry of Industry and Trade sets the goal of export growth in 2025 to increase by about 6% compared to 2024. To achieve this, the Ministry of Industry and Trade will continue to monitor and provide timely information to industry associations and businesses about market developments to adjust production plans accordingly, orienting the search for orders from markets; maintain regular trade promotion conferences with the system of Vietnamese trade offices abroad.
At the same time, deploy a variety of forms, both direct and online, to introduce the advantages and incentives from FTAs that have been implemented, thereby taking advantage of opportunities from FTAs. Promote the development of logistics services, promote sustainable border trade activities through promoting exports through border gates in the form of official exports…
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