According to a report released by the General Statistics Office of Vietnam (GSO) on January 6, 2025, China remained Vietnam’s largest trading partner in 2024 with a total import-export turnover of USD 204 billion. Other major markets included the United States (USD 134.6 billion), South Korea (USD 81.7 billion), the European Union (USD 68.8 billion), and Japan (USD 45.9 billion).
In total, Vietnam’s trade with its six largest partners reached USD 619.8 billion in 2024, accounting for 78% of the country’s total trade turnover. Of this, exports totaled USD 319 billion, while imports stood at USD 300 billion.
ASEAN Achieves Record Trade Volume with Vietnam
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Notably, Vietnam’s trade with the ASEAN bloc reached a record USD 83 billion in 2024, marking the highest level ever.
In comparison, trade between Vietnam and ASEAN hit a decade-high USD 80.8 billion in 2022, but fell 8.7% in 2023 to USD 73.7 billion due to global market fluctuations.
Vietnam’s Trade Surplus with the U.S. and EU Soars
In 2024:
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Vietnam recorded a trade surplus of USD 104.6 billion with the United States, up 25.6% YoY.
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A trade surplus of USD 35.4 billion with the European Union, up 23.2% YoY.
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A trade surplus of USD 3.2 billion with Japan, up 91.9% YoY.
On the other hand:
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Vietnam ran a trade deficit of USD 83.7 billion with China (+69.5% YoY).
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A trade deficit of USD 30.7 billion with South Korea (+5.9% YoY).
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A trade deficit of USD 9.9 billion with ASEAN (+18.9% YoY).
Export Highlights
In 2024, the United States remained Vietnam’s largest export market, with a value of USD 119.6 billion, up 23.3% YoY.
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China ranked second with USD 60.6 billion (down 1.1% YoY).
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European Union (EU) ranked third with USD 52.1 billion (+19.3%).
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ASEAN followed with USD 37 billion (+13.7%).
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South Korea reached USD 25.5 billion (+8.7%).
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Japan achieved USD 24.5 billion (+5.6%).
Import Overview
China continued to be Vietnam’s largest import source in 2024 with a value of USD 144.3 billion, a surge of 30.4% YoY.
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South Korea ranked second with USD 56.2 billion (+7.1%).
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ASEAN reached USD 46.9 billion (+14.7%).
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European Union (EU): USD 16.7 billion (+11.8%).
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United States: USD 15 billion (+8.8%).
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Japan was the only market showing a decline, USD 21.4 billion (-1.2%).
Vietnam’s Total Trade in 2024
Vietnam’s total import-export turnover reached USD 786 billion in 2024.
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Exports: USD 405.5 billion (+14.3% YoY)
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Imports: USD 380.7 billion (+16.7% YoY)
Overall, Vietnam recorded a trade surplus of USD 24.77 billion, slightly lower than USD 28.4 billion in 2023.
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The domestic sector posted a trade deficit of USD 25.52 billion.
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The foreign-invested sector (including crude oil) achieved a trade surplus of USD 50.29 billion.