Hanoi, October 15, 2024 – The Europe Today: Vietnam’s total import-export value is projected to surpass $800 billion by the end of 2024, significantly exceeding the record $732 billion achieved in 2022, according to economic expert Định Trọng Thịnh.
Thịnh attributed this anticipated growth to the country’s robust trade performance, with significant increases in exports to major markets such as the United States, the European Union, Japan, and South Korea. He also highlighted the business community’s determination to boost export activities in the final quarter of the year, capitalizing on the opportunities presented by new-generation free trade agreements (FTAs).
“The increasing demand from import markets, particularly during the year-end festival season, will facilitate Vietnam’s exports, especially in key sectors like textiles and garments, footwear, electronics, agroforestry, and fisheries,” Thịnh told baocongthuong.vn.
Vũ Đức Giang, Chairman of the Vietnam Textile and Apparel Association (VITAS), shared Thịnh’s optimism, predicting that garment and textile exports would generate over $4 billion each month for the remainder of the year, bringing the sector’s total annual revenue to more than $41 billion.
Similarly, Đặng Phúc Nguyên, General Secretary of the Vietnam Fruit and Vegetable Association (Vinafruit), forecasted that horticultural exports could hit a new milestone of $7 billion this year, driven by strong growth in key markets such as China, the U.S., and South Korea.
According to the General Statistics Office (GSO), Vietnam’s total trade turnover in the first nine months of 2024 rose by 16 percent year-on-year to reach $578 billion. Exports during this period amounted to $299.63 billion, a 15.4 percent increase compared to the same period in 2023, with seven product categories exceeding $10 billion each in turnover. These included machinery, equipment, electronics, footwear, garments, wood and furniture products, and transport vehicles.
The U.S. remained Vietnam’s largest export market, with revenues nearing $90 billion and a trade surplus of $78.5 billion. On the import side, Vietnam’s total import value reached $279 billion, a 17 percent year-on-year increase, with $178 billion coming from the foreign-invested sector. China remained Vietnam’s largest supplier, accounting for $105 billion in imports, leading to a trade deficit of over $61 billion.
From January to September, Vietnam recorded a trade surplus of $20.79 billion, slightly below the $22.1 billion surplus posted during the same period last year.
The Ministry of Industry and Trade reaffirmed its commitment to expanding trade relations with major partners, particularly those with established FTAs. The ministry also aims to accelerate negotiations and ratifications of new FTAs, with initial focus on Israel and the UAE, in order to diversify trade links and strengthen supply chains.
