2024 import-export highlights and contributions of industry and trade sector

Successful export results

According to a report by the General Statistics Office of Vietnam, in the first 11 months of 2024, the total import-export value reached US$715.55 billion, a year-on-year increase of 15.4 percent, with exports rising by 14.4 percent and imports increasing by 16.4 percent. These results yielded a trade surplus of US$24.31 billion. The import-export turnover is expected to reach a record high of US$800 billion by the end of this year.

Vietnamese textiles and garments have been exported to various markets - Photo: Can Dung

Dr. Le Quoc Phuong, former Deputy Director of the MoIT’s Vietnam Industry and Trade Information Center, said that these results reflect the ministry’s effective role as a state manager in promoting exports and imports, significantly contributing to overall achievements of the economy.

Specifically, the MoIT has intensified trade promotion activities to expand markets for goods. Trade promotion efforts have become increasingly in-depth, focusing on specific product groups or markets to facilitate Vietnamese goods’ access to new markets.

At the same time, the MoIT has supported businesses in understanding and taking advantage of the signed free trade agreements (FTAs). Notably, the Comprehensive Economic Partnership Agreement (CEPA) between Vietnam and the UAE has been signed, reflecting the ministry’s efforts to diversify export markets for Vietnamese goods.

“The MoIT significantly contributed to this fruitful achievement. Since 2022, the Vietnamese MoIT and the UAE Ministry of Economy have studied the possibility of negotiating and signing a bilateral FTA. This FTA is expected to create opportunities for Vietnamese goods to reach new markets,” shared Dr. Le Quoc Phuong.

Highly appreciating the MoIT’s efforts, Phan Thi Thanh Xuan, Vice President and Secretary General of the Vietnam Leather, Footwear and Handbag Association, said that the ministry has intensified its support for businesses in effectively utilizing FTAs. Robust trade promotion activities have been implemented to help businesses explore and access new markets.

Leather and footwear are among major Vietnamese exports - Photo: Can Dung

Vietnamese goods enter new markets

The MoIT’s efforts have enabled Vietnamese goods to reach an increasing number of foreign markets. In March 2024, the Vietnam National Textile and Garment Group (Vinatex) and Coats Group from the UK signed a memorandum of understanding on producing flame-resistant fabric garments using Coats Group’s proprietary technology. The goal for the first year is to launch flame-resistant fabric products worth US$5 million to the market.

In July 2024, Vinatex’s member companies have received orders to export 5,000m of fabric to Indonesia, 50,000m to the Middle East, 5,000m to India, and continued offerings to other markets. This will bring new opportunities to Vinatex and its member units as traditional markets become increasingly competitive and unpredictable.

As for fruits and vegetables, Vietnam has exported 19 types of plant-based farm produce and fresh fruits to over 60 countries and territories, including key markets, such as China, the US, the Republic of Korea (RoK), Japan, the EU, and Australia. The 2024 export value of Vietnamese fruits and vegetables is expected to reach US$7.2 billion, with fruit exports alone potentially exceeding US$6.5 billion.

According to the Plant Protection Department under the Ministry of Agriculture and Rural Development, Vietnam is likely to export passion fruit to the US in 2025. Guava, lime and jackfruit have had their market access dossiers submitted to relevant authorities from importing countries. Meanwhile, the dossier for lychee exports to the RoK is also being finalized.

It is evident that the Government’s guidance, the MoIT’s management efforts, and the determination of businesses have enabled Vietnam to achieve significant import-export results. Further efforts to penetrate new markets will contribute to making import and export activities more sustainable in the future./.