According to the Import and Export Department (Ministry of Industry and Trade), Vietnam’s foreign trade performance in 2024 showed remarkable recovery and strong growth. Most export markets rebounded significantly, particularly those with Free Trade Agreements (FTAs) with Vietnam — all recording impressive increases.
Record Trade Value: Nearly USD 800 Billion
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Vietnam’s total import–export turnover in 2024 reached a record high of nearly USD 800 billion, a 15% year-on-year increase, and almost three times higher than the planned target.
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Exports recorded strong growth, led by key manufacturing industries.
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Processed industrial goods: up 14.7%, with notable gains in computers, electronics, machinery, equipment, and wood products (all above 20%).
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Textiles and footwear: up over 10%.
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Seafood exports: recovered strongly, rising more than 10%.
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Fruits and vegetables: surged over 20%.
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Vietnam also achieved a trade surplus exceeding USD 24 billion, contributing positively to economic stability and macroeconomic balance.
Both foreign-invested enterprises (FDI) and domestic businesses performed well.
Notably, domestic exports reached USD 105.5 billion, up 19.5%, outperforming the 12.6% growth of the FDI sector.
Challenges Ahead in 2025
Despite strong momentum, 2025 presents multiple risks and uncertainties that may affect trade performance:
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The U.S. Federal Reserve (Fed) is expected to cut interest rates only twice in 2025, following a total 1% reduction since September 2024.
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Global trade policies are likely to fluctuate as the United States enters a new presidential term.
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Rising protectionism and onshoring policies in many countries may lead to new trade barriers.
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The EU is intensifying sustainability regulations, such as the Carbon Border Adjustment Mechanism (CBAM)and the EU Deforestation Regulation (EUDR), which directly affect major Vietnamese exports.
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Tensions in the Middle East continue to disrupt global shipping routes, increasing logistics costs and delivery risks.
Ambitious Export Growth Target for 2025
Amid global uncertainties, the Ministry of Industry and Trade remains committed to sustaining export momentum, setting a challenging 2025 target:
12% export growth year-on-year, equivalent to an average increase of USD 4 billion in monthly exports compared with 2024.
Key Solutions Proposed by the Import and Export Department
To achieve this ambitious goal, the Department has proposed several measures in coordination with ministries, local authorities, and the business community:
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Accelerate the EU’s removal of the “yellow card” on Vietnam’s seafood exports related to illegal, unreported, and unregulated (IUU) fishing.
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Develop supportive policies to help Vietnamese enterprises enter the Halal food market.
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Promote supporting industries to increase the value-added content of export products.
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Assist farmers in coffee, rubber, and forestry sectors in building databases and traceability systems to comply with EU sustainability requirements.
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Maintain low lending interest rates and stabilize exchange rates to support production, import of raw materials, and export competitiveness.
Conclusion
Vietnam’s robust export growth in 2024 demonstrates the resilience and adaptability of its economy. However, navigating the evolving global trade landscape in 2025 will require proactive adjustments, policy coordination, and strategic investment from both government and businesses.
With continued reforms and strong collaboration, Vietnam’s export sector is well-positioned to maintain its role as a key driver of national economic growth.