Record-Breaking Trade: Vietnam’s Foreign Trade Hits a Staggering $800 Billion

Vietnam’s trade turnover reached a new record high of nearly $800 billion in 2024, a remarkable 15% increase from the previous year, and nearly three times the target set by the government, which was around 6%. Exports surpassed $400 billion, a 14.4% increase, while imports grew by 16.4%.

The trade balance maintained a significant surplus of nearly $25 billion, marking the ninth consecutive year of trade surplus.

There were 36 export commodities with a turnover of over $1 billion (compared to 33 in the previous period), including seven with exports of over $10 billion. Imports saw 44 commodities valued at over $1 billion, accounting for 92.6% of total import turnover, with five of them exceeding $10 billion in value, making up 51.4%.

According to the Ministry of Industry and Trade, these figures demonstrate a strong recovery in trade activities in 2024. This was largely attributed to the implementation of the Strategy for Merchandise Exports by 2030, leveraging competitive advantages, developing Vietnamese brands, and exploring new markets and areas with high potential to enhance the country’s position in global supply and value chains.

Additionally, the simplification of procedures for issuing certificates of origin, the promotion of digital transformation in issuing electronic certificates of origin, and the innovative approach to trade promotion activities contributed significantly.

At the conference to review the performance in 2024 and deploy tasks for 2025, the Ministry of Industry and Trade also reported that industrial production recovered strongly, with an impressive growth rate of 8.4%. The processing and manufacturing industry grew by almost 10% (compared to just under 1% in 2023), providing a significant boost to macroeconomic growth.

Many localities overcame challenges, restored production, and maintained impressive industrial growth, with the industrial production index (IIP) increasing in 60 out of 63 provinces and cities nationwide. Key industrial hubs, such as Bac Giang (up 27.7%), Vinh Phuc (up 11.1%), Hai Phong (up 15.3%), Hai Duong (up 13.9%), Thanh Hoa (up 19.2%), Quang Nam (up 18.6%), Ho Chi Minh City (up 7.1%), Binh Duong (up 6.8%), and Dong Nai (up 8%), witnessed rapid recovery and maintained positive growth momentum.

For 2025, the Ministry of Industry and Trade proposes to raise growth targets in the fields of industry and trade to align with the government’s latest directive to set an ambitious GDP growth scenario of 8%.

Specifically, the IIP is expected to increase by about 9-10% compared to 2024; exports are targeted to grow by approximately 12%; total retail sales of goods and service revenue are projected to increase by around 10%; and total electricity production and imports across the system are estimated to reach 347.5 billion kWh, a rise of about 12.2% compared to 2024.