Vietnam Trade Data: 2024: A Brief Insight
Vietnam has continued to confirm its position in the global trading system, reshaped its trading partners and faced new challenges even in 2024. Due to its strategic position in international trade and commerce, Vietnam’s economic position and operation has become a centre of focus to investors, policy makers and even the world’s leading economists.
This blog focuses on Vietnam’s trade figures in 2024 through comprehensive and evaluated analysis of export/import turnover, main partners, sectors, and impact of the global economy policy on Vietnam.
Key Highlights:
- The growth of imports contributed to an increase in surplus of $2 billion in October 2024.
- The exports rose by 14.9% to $335.59bn in January-October 2024.
- Vietnam’s export market in 2024 is made up of Electronics, Textiles, Footwear, Agriculture products.
- Vietnam will shine in global commerce in 2024: U.S., China, EU, and Southeast Asia.
- Trade risks encompass the potential of the U.S. preparing to impose tariffs, shifts in supply chain and regional trade agreements.
Trade Balance and General Behavior
According to Vietnam trade data, Vietnam’s trade showed a surplus of $ 2 bln in October 2024, the lowest value since May due to the faster import growth. Export rose to $ 25.4 billion at an annual rate of 10.1 while imports stood at $ 39.5 billion at an annual rate of 13.6. About 93.6% of the total general import included raw materials to be used for manufacturing purposes. Exports of goods were up to $335.59 billion from $295.12 billion, a 14.9% rise for the period of January-October while imports were up by $312.28 billion from $269.22 billion a 16.8% increase.Â
As per Vietnam's export data in 2024, Vietnam has been dominated by several key commodities:
Electronics and Electrical Products: This category such as computers and smartphones remains one of Vietnam’s most significant exports, this being occasioned by the influx of large amounts of foreign direct investments besides the transfer of production facilities by other countries.
Textiles and Garments: The textile sector continues to be a major participant, Vietnamese apparel products also enjoying popularity in other demanding markets such as the United States and the European Union.
Footwear: Vietnam has established itself as a strong player in the global footwear exports market, and you will find shoes in the luxury and the economy segment.
Agricultural Products: Products like coffee, rice and seafood still remain the key export products area with export giving direction for increase in flow from Asia and Europe.
Major Import Commodities
As per Vietnam import data, Vietnam's primary commodities include:
Machinery and Equipment: Also required for developing the manufacturing and construction industries that are still emerging in this country.
Raw Materials: Which are fabrics, plastics and metals required for the manufacture of exported products in Kenya.
Consumer Goods: As the income of the country increases, there has also been enhancement of the import of luxury and consumer goods to satisfy the arising demands within the country.
Vietnam's trade relationships have been both diverse and strategic. Few of the trading partners are listed below:
United States: The U.S. is still one of the leading importers of Vietnamese products especially electronics, textiles and garments and footwear.
China: As a major importer where Vietnam sources most of its imports particularly inputs and capital goods and as a fast growing market for Vietnamese agricproduct.
European Union: Thanks to the signed EVFTA trade has improved with the EU remaining one of the largest markets for Vietnamese products.
ASIAN Countries: Where regional trade is concerned, Southeast Asia has not lagged behind and has been driven by treaties that facilitate trade by expunging the tariff barriers.
Top Imports & Exports Companies in Vietnam
According to Vietnam import export data, the Vietnamese trade environment has various domestic and international firms that contribute to exports and imports of different products. Below is an overview of prominent companies involved in Vietnam's trade activities in 2024:
Top Exporting Companies in Vietnam
Samsung Electronics Vietnam
Industry: Electronics and Technology
Exports: Cooking appliances, Refrigerators, air conditioners, and computer racks.
Industry: Automobiles and Real Estate
Exports: Vietnamese automobile company VinFast electric vehicles (EVs).
Exports: Petroleum and its derivatives – Crude oil.
Tan Thanh Cong Textile Garment Investment Trading JSC
Industry: Textiles and Garments
Exports: Apparel and textiles.
Exports: Shrimps, fish and other marine creatures.
Vietnam’s main importing companies
Imports: Others named it display components and technologies.
Industry: Products for construction and manufacturing industry
Imports: The materials used for iron making and production of steel.
Imports: Products and packaging materials for personal care as well as household uses.
Imports: Vehicle parts and components.
Industry: These sub-sectors include; Agriculture and Foods Production.
Imports: Products that it feeds to animals and agriculture related machinery.
These companies actually depict the diversification of Vietnam trade departments especially in technology, agriculture, textiles among others. Not only do they influence the country's export-import figures but also the image of Vietnam as an up and coming favourable trading partner.
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Effects Of International Economic Systems
The global economic environment in 2024 has presented both opportunities and challenges for Vietnam. Let’s discuss the challenges and opportunities in brief:
U.S. Trade Policies: Potential for more protectionism from the U.S. has been added into the equation. Vietnam has a trade surplus with the U.S. and in turn the fear over possible tariffs or trade barriers.Â
Supply Chain Shifts: Continuous political conflicts around the world have forced large enterprises to spread their factories, and Vietnam has become one of the ideal locations for investment.
Regional Trade Agreements: Vietnam has improved the outlook of its trade because of joining agreements such as the Regional Comprehensive Economic Partnership (RCEP) that interrupts the difficulties in trade from various nations.
ConclusionIn 2024, Vietnam will continue to show its strength and flexibility of trading by taking its geographical advantage and diverse trading partners. Despite various barriers, which include shifts in the world economy and changes in trade partnerships, the international buying and selling of goods by Vietnam remains strong as it focuses on its strength in sectors like electronics, textiles, and agriculture.
Increased cooperation with the leading trade partners including the US, China and the EU has strengthened its position in trade while regional integration through agreements has deepened within the Asian region. While following through its economic programs, Vietnam is potentially rated to be an ideal regional destination in their economic mapping to attract local and international investors, policy makers and stakeholders.
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