Figures presented at the “Conference on Summarizing the Work of Developing the European-American Market in 2024 and Deploying Tasks for 2025” showed a strong recovery and growth in trade between Vietnam and the European-American market in 2024 compared to 2023.
Total import and export turnover in 2024 is estimated at about $250 billion, up 18.5% compared to 2023, of which exports are estimated at $202.1 billion, up 20.3%; imports are estimated at $47.9 billion, up 12.6%. The trade surplus with the European-American market exceeded the $150 billion mark for the first time, reaching an estimated $154.2 billion.
Notably, Vietnam’s main export markets in the European-American region all witnessed strong growth in 2024. Specifically, exports to the US market in 2024 are estimated at $119.3 billion, up 23% compared to 2023; the EU market is estimated at $51.9 billion, up 18.8%; the CPTPP countries in America (Canada, Mexico, Chile, Peru) are estimated at $13.7 billion, up 17%; the UK is estimated at $7.6 billion, up 19.6%; and the EAEU countries are estimated at $3.3 billion, up 31.5%. Only exports to the Mercosur bloc witnessed a decline of 6.5%, estimated at $3.4 billion in 2024.
Vietnam’s key export items to the European-American market in 2024 all witnessed impressive recovery and growth compared to 2023. In particular, exports of computers, electronic products, and components are estimated at $34.6 billion, up 39.7%; machinery, equipment, and other parts and accessories are estimated at $33 billion, up 24.4%; textiles and garments are estimated at $23.4 billion, up 12%; telephones and components are estimated at $22.3 billion, up 12.5%; footwear of all kinds is estimated at $16.7 billion, up 16.5%; wood and wooden products are estimated at nearly $10 billion, up 21.9%; means of transport and spare parts are estimated at nearly $6 billion, up 7%; and seafood products are estimated at more than $4 billion, up 18.8%.
According to Mr. Ta Hoang Linh, Director of the European-American Market Department, in 2024, despite the complex fluctuations in the world and regional markets, which negatively affected production, business, and import and export activities, with the direction of the Ministry of Industry and Trade’s leaders, the European-American Market Department coordinated with relevant agencies at home and abroad to propose many solutions and deploy many practical activities to support businesses in recovering production and promoting import and export activities.
At the same time, the Ministry promoted the implementation of free trade agreements, existing mechanisms, and frameworks for cooperation and built new ones: Proactively implementing effective FTAs in force in the region, including the EVFTA, VN-EAEU, UKVFTA, CPTPP, and VCFTA. Focusing on studying the utilization of preferences in the Agreements, disseminating information, and removing difficulties and obstacles in the implementation process.
At the conference, Mr. Nguyen Hoang Long, Deputy Minister of Industry and Trade, said that in 2025, besides favorable factors, the international, regional, and domestic situations are forecast to continue to develop complexly and unpredictably, and the production and business activities of the business community will continue to face many difficulties and challenges.
Therefore, the Deputy Minister proposed that the European-American Market Department focus on maximizing political-diplomatic relations to develop economic, trade, and investment cooperation with countries in the region. It is necessary to closely grasp the situation and policy fluctuations of the host countries to advise the Party, State, Government, and Ministry of Industry and Trade on appropriate and feasible policy responses.
At the same time, promote policy research, market research, and explore opportunities to promote economic, trade, industrial, energy, and investment cooperation commensurate with the political, diplomatic, and national stature.
In addition, continue to promote the effective implementation of free trade agreements and existing cooperation mechanisms (Intergovernmental Committee, Joint Committee, Trade Council) with countries in the region; study the upgrading and signing of new FTAs with potential markets… It is especially necessary to better perform the function of a bridge between domestic manufacturing, import, and export enterprises and foreign enterprises and vice versa.
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