Vietnam Trade Trends October 2024

According to data released by the General Statistics Office, Vietnam's exports grew by 10.1 per cent in October from a year earlier, and imports increased by 13.6 per cent.

During the first 10 months of 2024, seven products recorded an export value of more than USD 10 billion. These include electronics, computers, components, telephones, textiles, footwear, and lumber, which together accounted for more than 66 per cent of the total export value.

For the January-October period, exports rose 14.9 per cent from a year earlier to USD 335 billion, while imports were up 16.8 per cent to USD 312 billion.

The United States is Vietnam’s largest export market, while China remains its biggest import market.

The Vietnamese government is targeting economic growth of 6 to 6.5 per cent in 2024, faster than the 5 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.