According to data released by the General Statistics Office (GSO) on January 6, 2025, Vietnam’s total import–export turnover in 2024 reached USD 786.29 billion, up 15.4% year-on-year.
Exports increased by 14.3%, imports by 16.7%, resulting in a trade surplus of USD 24.77 billion — an impressive outcome for Vietnam’s international trade performance last year.
Risks of Over-Reliance on Traditional Markets
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In the textile and garment sector, the Vietnam Textile and Apparel Association (VITAS) reported that exports in 2024 reached USD 44 billion, up 11.26% compared to 2023. Imports rose 14.79% to USD 25 billion, resulting in a trade surplus of USD 19 billion — a 6.93% increase from the previous year.
Mr. Phạm Quang Anh, Director of Dony Garment Company, stated that beyond favorable market conditions, the key driver behind the sector’s impressive growth lies in active market expansion.
Approximately 20% of the company’s 2024 growth came from traditional markets such as the U.S., Middle East, and domestic market, while the remaining share came from newly explored destinations like Cambodia, Thailand, Malaysia, Singapore, and Russia.
Similarly, many companies across other sectors have also benefited from diversifying export markets, leading to stronger trade performance.
Fruits and Vegetables: Expanding to High-Value Markets
Mr. Đặng Phúc Nguyên, Secretary-General of the Vietnam Fruit and Vegetable Association (Vinafruit), noted that alongside traditional markets such as China, Vietnamese exporters have been successfully entering new high-value markets.
In particular:
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Passion fruit has emerged as a bright spot, with strong export growth to the EU, where Vietnam now accounts for nearly one-third of total EU imports — mostly in frozen processed form.
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Fresh and processed coconuts have also achieved notable success in the U.S. market, signaling positive prospects for Vietnam’s fruit exports overall.
Expanding FTA Networks and New Trade Opportunities
Mr. Lương Hoàng Thái, Director-General of the Multilateral Trade Policy Department (Ministry of Industry and Trade), emphasized that while Vietnam has effectively leveraged its traditional partners, overdependence on these markets may pose risks if their growth stagnates.
Therefore, exploring and developing new markets is a strategic priority.
In 2024, Vietnam signed two new Free Trade Agreements (FTAs) in the Middle East:
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The Vietnam–UAE FTA, opening access to a major logistics and financial hub linking the Middle East, North Africa, India, and beyond.
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The Vietnam–Israel FTA, officially implemented after years of negotiation. This agreement not only enhances trade but also promotes cooperation in science, technology, and innovation — areas where Israel is recognized as a global leader.
Although Israel is a relatively small export market, it offers high-tech collaboration potential, which can drive long-term sustainable growth for Vietnam’s economy.
Tapping New Markets: Latin America and Beyond
Mr. Thái added that Vietnam has maintained strong relationships with its major trading partners, achieving consistent growth and stability in global supply chains. Emerging industries such as electronics, semiconductors, and chips are also showing robust expansion.
However, there remain large untapped markets, especially in Latin America, home to major economies like Brazil, Argentina, Uruguay, and Chile — all with strong consumer demand and high per-capita income.
Vietnam’s participation in the CPTPP has already boosted exports to Mexico, with growth exceeding 20% annually. Building on this momentum, Vietnam is now exploring a potential FTA with Mercosur (Brazil, Argentina, Uruguay, Paraguay), which could further strengthen trade connectivity and export opportunities in the region.
Businesses Embrace Market Diversification and E-Commerce
According to Ms. Phan Thị Thanh Xuân, Vice President and Secretary-General of the Vietnam Leather, Footwear and Handbag Association (Lefaso), the industry will continue to target accessible markets in Africa and Asia to expand its customer base and increase revenues.
At the same time, enterprises are preparing to meet higher global standards, such as green production and eco-friendly products, to penetrate high-demand markets like Japan, the EU, and the U.S.
Furthermore, many firms are now leveraging major e-commerce platforms such as Alibaba and Amazon to reach new customers and diversify sales channels.
Some large enterprises have already secured export orders through mid-2025.
Market diversification not only helps businesses maintain export turnover but also reduces risks in foreign trade operations, ensuring long-term stability.