According to Vietnam’s import-export data reports, by mid-October, the country’s total import-export turnover had surpassed $610 billion, with hopes to achieve a record $800 billion by the end of 2024.
Strong export growth in key markets
As reported by the General Department of Customs, as of October 15, Vietnam’s total import-export turnover had reached $610.56 billion, an increase of 16.4% compared to the same period last year. Of this, exports accounted for $315.9 billion, growing by 15.3% year-on-year. Notably, four product groups exceeded the billion-dollar threshold: computers and electronic components at $55.2 billion; phones and components at $43.94 billion; machinery and equipment at $40.16 billion; and textiles and garments at $28.85 billion.
Export values of major product categories according to data from the General Department of Customs as of October 15, 2024
Demand for export orders and domestic consumption has also boosted imports of several categories, such as computers, electronics and components, machinery and equipment, tools and parts, iron and steel, and various fabrics. By October 15, cumulative imports reached $294.66 billion, marking a 17.5% increase, and resulting in a trade surplus of $21.24 billion.
The U.S. remains Vietnam’s largest export market, with import-export data exceeding $90 billion, and two-way trade between Vietnam and the U.S. surpassing $100 billion in the first nine months of 2024. Additionally, data from the same period shows Vietnam-EU trade reaching $50.3 billion, with exports to the EU at $38.13 billion, up 17% year-on-year. According to the Ministry of Industry and Trade, Vietnamese businesses have effectively leveraged free trade agreements (FTAs), particularly the new-generation FTAs, enabling continuous growth in import-export turnover.
Prospects for the final months and 2024 import-export forecast
From now until the end of the year, demand from major import markets such as the U.S. and EU is expected to rise, driven by upcoming major festivals. This demand is projected to further stimulate exports, especially in sectors such as garments, footwear, electronics, and agriculture-forestry-aquatic products, etc. Specifically, Vietnam’s textile exports is predicted to benefit in the short term from the shift in textile orders from Bangladesh to politically stable countries like Vietnam.
In addition, imports have also grown significantly, mainly focusing on raw materials and production inputs, indicating a strong push for manufacturing that could potentially yield positive results for exports in the final months of the year.
Associate Professor Dr. Dinh Trong Thinh, an economic expert, remarked: “If businesses make concerted efforts from now until year-end, Vietnam’s total export turnover for 2024 could potentially reach between $770-780 billion. Under favorable conditions, it might even hit $800 billion, far surpassing the previous import-export record of $732 billion in 2022. This is a high target, but it is entirely achievable.”
Information Sources: Investment Newspaper, People Newspaper, General Department of Vietnam Customs
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