Vietnam Trade Trends November 2024

According to data released by the General Statistics Office, Vietnam’s international trade reached USD 716 billion during the first 11 months of 2024, up 15.4 per cent year-on-year. Exports rose by 14.4 per cent to USD 370 billion, while imports grew by 16.4 per cent to USD 346 billion during the same period, leading to a trade surplus of USD 24 billion.

The domestic economic sector contributed USD 103 billion to the total export value, an increase of 20 per cent year-on-year, accounting for 28.1 per cent of the country’s total export earnings, while the foreign-invested sector generated USD 266 billion, up 12.4 per cent year-on-year and making up 71.9 per cent of the total.

The United States remained the country’s largest export market, with exports worth USD 109 billion, while China was the top source of imports, worth USD 130 billion.

In its latest outlook, the International Monetary Fund estimated Vietnam’s GDP growth rate to be 6.1 per cent in both 2024 and 2025.

The Association of Southeast Asian Nations (ASEAN), a political and economic union, has a population of 667 million and a territory of 4.5 million km². It 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.