Vietnam's import and export picture in 2024 - Recovery, development and new records

In 2024, the total import and export turnover of goods reached 786.29 billion USD, an increase of 15.4% over the previous year, of which exports increased by 14.3%; imports increased by 16.7%. The trade balance of goods had a surplus of 24.77 billion USD.

1.Achievements of import and export in 2024

Stable export growth

Vietnam's total export turnover in 2024 continued to maintain positive growth in the context of many risks and uncertainties in the global economy. Preliminary export turnover in 2024 reached 405.53 billion USD, an increase of 14.3% over the previous year. Of which, the domestic economic sector reached 114.59 billion USD, up 19.8%, accounting for 28.3% of total export turnover; the foreign-invested sector (including crude oil) reached 290.94 billion USD, up 12.3%, accounting for 71.7%. In 2024, there will be 37 items with export turnover of over 1 billion USD, accounting for 94.3% of total export turnover (there are 8 items with export turnover of over 10 billion USD, accounting for 69.0%). Key export items such as electronics, computers and components; phones and components; machinery, equipment, other spare parts; textiles; footwear and wood maintain the leading position. Electronics, computers and components continue to be the leading export group in terms of export value. The export value of electronics, computers and components in 2024 will reach 72.6 billion USD, up 26.6% compared to 2023, accounting for 17.9% of total export turnover. Phones and components ranked second with a turnover of 53.9 billion USD, up 2.9%; machinery, equipment, tools and other spare parts reached 52.3 billion USD, up 21%; textiles reached 37 billion USD, up 11.2%; footwear reached 22.9 billion USD, up 13%; wood and wood products reached 16.3 billion USD, up 20.9%; means of transport and spare parts reached 15.1 billion USD, up 6.4%; seafood reached 10 billion USD, up 11.9%. 2024 recorded many achievements in agricultural exports with rice, coffee, cashew nuts, and fruits. Vietnam's rice has surpassed major competitors such as and won large export contracts, especially in Asian and African markets. Vietnamese fruit has increased exports to demanding markets such as the US, EU and Japan, marking a major step forward in improving product quality and standards.
Impressive import growth.

Vietnam's total import turnover continues to increase strongly. In 2024, the total import turnover of goods reached 380.76 billion USD, up 16.7% over the previous year, of which the domestic economic sector reached 140.11 billion USD, up 19.5%; the foreign-invested sector reached 240.65 billion USD, up 15.1%.

Regarding the structure of imported goods in 2024, the group of production materials will reach 356.43 billion USD, accounting for 93.6%, of which the group of machinery, equipment, tools and spare parts will account for 47.4%; the group of raw materials, fuels and materials will account for 46.2%. The group of consumer goods will reach 24.33 billion USD, accounting for 6.4%. The main imported goods all increased sharply compared to the previous year. The leading imported goods are electronics, computers and components reaching 107.1 billion USD, accounting for 28.1% of total import turnover, up 21.7% compared to 2023; other machinery, equipment, tools and spare parts will reach 48.9 billion USD, up 17.6%; fabrics will reach 14.9 billion USD, up 14.5%; iron and steel will reach 12.6 billion USD, up 20.6%; plastics reached 11.8 billion USD, up 11.8%; phones and components reached 10.4 billion USD, up 18.9%.

Trade balance continues to have a trade surplus

Vietnam's trade balance in 2024 continues to maintain a high trade surplus. Although imports increased sharply, exports still maintained growth momentum, helping the trade balance maintain a surplus. In the whole year of 2024, the trade balance of goods will have a trade surplus of 24.77 billion USD (the previous year's trade surplus was 28.4 billion USD). This is the 9th consecutive year that Vietnam's trade balance of goods has achieved a trade surplus.

Key export markets expand and increase

The increase in exports mainly comes from large markets such as the US, Europe (EU), Japan, South Korea, and China. In particular, the US remains Vietnam's leading export partner with items such as electronics, textiles, footwear, and agricultural products.

China remains the market with the largest two-way trade relations, reaching 204.9 billion USD, up 19.2% compared to 2023; of which, exports reached 60.6 billion USD, down 1.1%; imports were in the leading position with turnover reaching 114.3 billion USD, up 30.4%.

The United States ranked second with 134.6 billion USD, up 21.5%; of which, exports reached 119.6 billion USD, up 23.3%; imports reached 15.0 billion USD, up 8.8%.

ASEAN is estimated at 83.9 billion USD; of which exports are estimated at 37 billion USD, up 13.7%; imports are estimated at 46.9 billion USD, up 14.7%.

Korea is estimated at 81.8 billion USD, up 7.6%; of which exports are estimated at 25.5 billion USD, up 8.7%; imports are estimated at 56.2 billion USD, up 7.1%.

EU market is estimated at 68.8 billion USD; of which exports are estimated at 52.1 billion USD, up 19.3%; imports are estimated at 16.7 billion USD, up 11.8%.

Japan is estimated at 46 billion USD; of which exports are estimated at 24.6 billion USD, up 5.6% and imports are estimated at 21.4 billion USD, down 1.2%.

International trade agreements are effective; Digital transformation and strong logistics; and State policies and support. 

 2.Limitations in import and export activities in 2024

In 2024, Vietnam continues to record many important achievements in import and export activities, including stable growth in export turnover, making good use of free trade agreements and maintaining a surplus trade balance. However, many major challenges still exist, especially the decline in demand from major markets, difficulties in improving logistics infrastructure and dependence on a number of key commodities.

Decline in demand from major markets; Not yet offset by the decline from China; Difficulties in exporting agricultural and aquatic products; Still dependent on a number of key commodities; Difficulties in improving logistics infrastructure, high logistics costs; Fluctuations in exchange rates and interest rates; Incomplete protection of intellectual property and anti-counterfeiting.

 3.Some solutions to develop import and export activities in 2025

To develop and improve the efficiency of Vietnam's import and export activities in 2025, a series of strategic solutions and practical actions are needed. Below are specific solutions that can help improve and promote Vietnam's import and export activities in 2025.

Strengthening the diversification of export markets; Promoting digital transformation and technology application in import and export; Improving product quality and increasing added value; Improving logistics infrastructure; Strengthening training and human resource development; Strengthening international cooperation; Implementing policies to support businesses; Focusing on protecting and developing national brands.