Vietnam Trade Trends May 2024

According to data released by the General Statistics Office, Vietnam's international trade reached USD 305 billion in the first five months of 2024, with exports up 15.2 per cent and imports growing by 18.2 per cent on a yearly basis.

In May alone, total import and export turnover reached USD 67 billion, up 9.1 per cent from the previous month and increasing 22.6 per cent compared with the same period of 2023.

From January to May, a total of seven export items, including electronics, computers, components, telephones, textiles, footwear and lumber, accounted for more than 65 per cent of the total export value.

Vietnam exported the most to the United States, while China was the country's main import market.

The Vietnamese government is targeting economic growth of 6 to 6.5 per cent in 2024, faster than the 5.05 per cent expansion recorded in 2023.

The Association of Southeast Asian Nations (ASEAN) is a political and economic union of ten members, has 667 million people and a territory of 4.5 million Km2; is currently the third largest economy in Asia-Pacific and the fifth largest in the World. The ASEAN Economic Community (AEC) has a combined GDP of USD 4.2 trillion, according to estimates for 2024.