HCMC – Vietnam’s total trade value is projected to hit US$783 billion in 2024, increasing by over US$100 billion compared to 2023, showed data from the Ministry of Industry and Trade.
Exports are forecast to reach US$403 billion, rising 13.6% year-on-year, bolstered by recoveries in key sectors, Deputy Minister Phan Thi Thang said during the ministry’s annual meeting on December 23. Agricultural, forestry, and fishery exports surged by 20.6%, while processed industrial goods climbed by 14.3%.
Trade with Asia and Africa continues to perform well, accounting for US$519.7 billion or 66.3% of Vietnam’s total trade value. Exports to these regions are projected at US$197.4 billion, up by 8.4%, while imports increased by 17.2% to US$322.3 billion, resulting in a trade deficit of US$124.9 billion, a 34.6% rise.
The U.S. remains Vietnam’s largest export market, with shipments valued at US$119.7 billion, a significant 23.4% increase. Exports to the EU rose by 18.3%, while shipments to ASEAN, South Korea, and Japan recorded respective growth rates of 13.6%, 8.6%, and 5.5%.
Vietnam’s e-commerce market is also projected to grow, exceeding US$25 billion in 2024, a 20% increase from last year. However, challenges such as counterfeit goods and regulatory gaps persist, the ministry noted.
To address these challenges, the Government plans to draft an E-Commerce Law in 2025 to enhance the legal framework and support sustainable development in the sector.
