According to the latest data from Vietnam’s General Statistics Office under the Ministry of Planning and Investment, Vietnam’s total import-export turnover reached approximately $578 billion in the first nine months of 2024, marking a 16% year-on-year increase. This figure underscores Vietnam’s sustained growth in foreign trade, despite the impact of Typhoon No. 3.

Exports Surpass $299 Billion Milestone

From January to September 2024, Vietnam’s national goods export value reached approximately $299.63 billion, a 15.4% increase compared to the same period last year. Domestic enterprises contributed $83 billion, growing by nearly 21% and accounting for 28% of total exports. Foreign-invested enterprises (including crude oil) exported goods worth $216 billion, an increase of 13.4%, representing 72% of the total.

Notably, 30 types of goods exceeded $1 billion in export value during this period, accounting for 92% of total exports. Seven categories surpassed $10 billion, constituting over 66% of total exports. This data indicates a diversifying export structure with a significant proportion of high-value goods.

Imports Approach $279 Billion

During the same period, Vietnam’s total import value reached approximately $279 billion, a 17% year-on-year increase. Domestic enterprises imported goods worth over $100 billion, up nearly 19%, while foreign-invested enterprises imported close to $178 billion, an increase of 16.5%.

The import structure also showed diversity. In the first nine months of 2024, 40 types of goods exceeded $1 billion in import value, accounting for 91.5% of total imports. Three categories surpassed $10 billion, representing over 45% of total imports.

Key Trading Partners and Trade Balance

The United States maintained its position as Vietnam’s largest export market, with exports valued at $66.09 billion. China remained Vietnam’s largest import market, with imports totaling approximately $105 billion.

Vietnam’s trade balance with major partners in the first nine months of 2024:

• Trade surplus with the U.S.: approximately $78.5 billion, up 31% year-on-year
• Trade surplus with the EU: about $26 billion, up nearly 21%
• Trade surplus with Japan: $2 billion, up nearly 29%
• Trade deficit with China: over $61 billion, up 70%
• Trade deficit with South Korea: exceeding $22 billion, up 9.2%
• Trade deficit with ASEAN: $6.2 billion, up 9.3%

Overall Trade Surplus Performance

In September 2024, Vietnam achieved a trade surplus of $23 billion. Cumulatively, for the first nine months of 2024, the country recorded a trade surplus of $20.79 billion. Domestic enterprises had a trade deficit of $17.3 billion, while foreign-invested enterprises (including crude oil) achieved a trade surplus of $38 billion.

Monthly Data Fluctuations

In September 2024, Vietnam’s total import-export turnover reached $65.8 billion, down 8% month-on-month but up 10.9% year-on-year. Exports amounted to over $34 billion, down nearly 10% month-on-month, while imports reached $32 billion, down 6% month-on-month. Despite the monthly decrease, the figures still show growth compared to the same period last year.

Strong Quarterly Performance

In the third quarter of 2024, Vietnam’s export value reached approximately $108.6 billion, up 16% year-on-year and 10.6% compared to the second quarter. Imports totaled about $100 billion, a 17% year-on-year increase and 6% growth compared to the second quarter. This indicates Vietnam’s foreign trade maintained strong growth momentum in the third quarter.

Key Takeaways:

• Vietnam’s foreign trade maintained robust growth in the first nine months of 2024, with total import-export turnover reaching $578 billion, up 16% year-on-year.
• The export structure shows diversification trends, with a significant proportion of high-value goods. Thirty types of goods exceeded $1 billion in export value.
• The U.S. and China maintain their positions as Vietnam’s largest export market and import source, respectively.
• Vietnam maintains trade surpluses with the U.S., EU, and Japan, while experiencing trade deficits with China, South Korea, and ASEAN.
• Despite a month-on-month decrease in September, the overall third-quarter performance was impressive, indicating strong growth momentum in Vietnam’s foreign trade.

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