export turnover reaches threshold of 800 billion USD

During the 2024 year-end review and 2025 task-setting conference of the Ministry of Industry and Trade on the afternoon of December 23, the ministry disclosed that the total import-export turnover for 2024 is expected to exceed USD100 billion and establish a new record.

Export turnover is anticipated to reach USD403 billion in 2024, which is a substantial increase compared to other ASEAN and Asian nations. In the initial 11 months, the export performance of agricultural, forestry, and fishery products was robust, with a 20.6% increase. This growth was facilitated by favorable agricultural commodity prices, which increased the output and income of producers. Furthermore, processed industrial products experienced a 14.3% increase during the same period.

Export turnover for agricultural, forestry, and fishery products reached a record high of USD60 billion, which is particularly noteworthy. According to Deputy Minister of Agriculture and Rural Development Vo Van Hung, the Ministry of Industry and Trade’s innovative strategies and efforts to expand global markets for Vietnamese products across various continents were primarily responsible for this success.

“The Ministry of Industry and Trade has not only ensured favorable conditions for production and improved product quality but also acted as a leading expert in broadening export markets for Vietnamese agricultural products,” Deputy Minister Vo Van Hung pointed out.

Consequently, Vietnam has become the largest ASEAN trade partner of three main economic hubs: the United States, the EU, and China, and has risen to 23rd globally and second in ASEAN in trade turnover. This achievement has made a substantial contribution to the macroeconomic stability and foreign exchange reserves of Vietnam.

During the conference, Deputy Prime Minister Bui Thanh Son highlighted the significant and comprehensive contribution of the industry and trade sector to the country’s overall success. He recognized the dual role it plays in enhancing legal frameworks and policies, as well as in promoting business development and production.

Manufacturing and processing expanded by nearly 10%, while industrial production experienced a robust rebound, expanding at a remarkable 8.4%. In 60 out of 63 provinces, the Industrial Production Index (IIP) increased, and several key industrial areas maintained positive momentum. Several localities topped challenges, restored production, and achieved solid industrial performance.

Another notable aspect was the sector’s record-breaking import-export performance, with a total trade turnover of nearly USD800 billion, a 15% increase from the previous year. Exports alone rose by almost 14%, far exceeding the target of 6%.

The trade surplus has now been recorded for the ninth consecutive year, positively influencing the balance of payments, enhancing foreign exchange reserves, stabilizing exchange rates, and supporting other macroeconomic indicators.

One of the primary drivers of national economic growth is trade achievements, which have contributed to social welfare by promoting domestic production, generating employment, and providing incomes for tens of millions of workers.

“Now more than ever, leaders, personnel, and workers in the industry and trade sector must unite, strive, and demonstrate bold thinking and decisive action, taking responsibility to lead and advance the sector’s development,” Deputy Prime Minister Bui Thanh Son advised.

He underscored the significant challenge presented by the 2025 objective of surpassing 8% growth in order to establish a foundation for double-digit growth in the 2026–2030 period. He urged the sector to reaffirm its pioneering role in this process.