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VIETNAM EXPORT-IMPORT-TURNOVER REACHING TO HISTORIC RECORD

VIETNAM EXPORT-IMPORT-TURNOVER REACHING TO HISTORIC RECORD
In 2024, Vietnam's Import-Export turnover reaches to a historic milestone.

According to Vietnam’s Customs, Vietnam’s total import-export turnover is approaching a historic milestone of approximately USD 800 billion, the highest ever recorded, with a trade surplus for the 9th consecutive year, reaching nearly USD 25 billion.

In 2024, import-export activities experienced a strong recovery. The total import-export turnover is projected to reach USD 800 billion, a 15% increase, nearly 2.5 times higher than the government's planned target of around 6%. Exports are expected to exceed USD 400 billion, growing by 14.4%, while imports are anticipated to increase by 16.4%. The trade balance remains in a high surplus of nearly USD 25 billion, marking the 9th consecutive year of a trade surplus.

Nationwide, 36 products achieved export turnovers of over USD 1 billion (compared to only 33 in the same period in 2023), accounting for 94.1% of the total export turnover, with 7 products exceeding USD 10 billion, making up 66.5%. On the import side, 44 products reached values of over USD 1 billion, representing 92.6% of total import turnover, with 5 products surpassing USD 10 billion, accounting for 51.4%.

Some experienced experts argue that Vietnam has effectively become an export hub for Chinese goods, as the higher Vietnam's export ratio grows, the greater its imports from China become. Moreover, Vietnam is a major trading partner with the United States, often serving as a way for Chinese businesses to circumvent tariffs.

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