According to the Asia–Africa Market Department (Ministry of Industry and Trade), both the global and domestic economies regained strong growth momentum in 2024, comparable to the pre-pandemic period, though the recovery remained uneven among different economic groups.
Global inflation continued to decline toward target levels, financial conditions eased, and global merchandise trade rebounded significantly compared to 2023.
Asia–Africa Region: Vietnam’s Strategic Trade Partner
Table of Contents
The Asia–Africa region maintained its strategic importance, with Vietnam’s two-way trade turnover estimated at USD 519.7 billion, up 13.7% year-on-year, accounting for 66.3% of Vietnam’s total global trade value.
Exports to all regional markets recorded positive growth, with strong recoveries in Vietnam’s major export destinations within Asia and Africa.
Export Growth and Structural Transformation
Vietnam’s export structure continued to improve, marked by:
-
A decline in raw material exports,
-
A rise in processed and industrial products, and
-
Impressive performance in agricultural and aquatic exports, which grew by 30.4%.
Vietnamese fruits and vegetables further strengthened their presence in demanding markets such as China, South Korea, and Japan, reflecting enhanced product quality and competitiveness.
Imports Supporting Production and Export Growth
Imports of production materials and intermediate goods surged, supporting domestic manufacturing recovery and export expansion.
Vietnam recorded a trade deficit of USD 123.9 billion with the Asia–Africa region in 2024, primarily due to imports of machinery, petroleum, raw cashew nuts, and other inputs necessary for domestic production and re-export.
Trade by Subregion (2024 Estimates)
Asia
-
Total trade turnover: USD 497.3 billion
-
Exports: USD 187.1 billion
-
Imports: USD 310.3 billion
Africa
-
Total trade turnover: USD 6.9 billion (+19.4%)
-
Exports: USD 3.1 billion
-
Imports: USD 3.8 billion
Oceania
-
Total trade turnover: USD 15.4 billion (+2.2%)
-
Exports: USD 7.2 billion
-
Imports: USD 8.2 billion
Conclusion
With Asia and Africa continuing to serve as Vietnam’s largest and fastest-growing trade partners, the Ministry of Industry and Trade emphasizes strengthening cooperation, promoting high-value processed exports, and improving supply chain connectivity. These efforts aim to reinforce Vietnam’s position as a key trading hub across the Asia–Africa economic corridor.