Asia, Africa remain Vietnam's key trading partners

Asia and Africa remain strategic markets for Vietnam's import-export, according to a report from the Asia-Africa Market Department under the Ministry of Industry and Trade.

Vietnam's total import-export turnover from the two markets was estimated to reach $519.7 billion this year, a 13.7% increase compared to 2023, accounting for 66.3% of Vietnam's total import-export turnover with the world.

The country's exports to all markets in Asia and Africa increased, with a strong recovery from key markets among them.

Regarding export groups, Vietnam's export structure has shown positive improvements, with a reduction in raw material exports and an increase in the export of processed and industrial products.

The agricultural and aquatic products sector grew impressively by 30.4% year-on-year. Notably, Vietnam's fruits and vegetables are increasingly affirming their positions in demanding markets such as China, South Korea, and Japan.

Vietnam's import value from Asia and Africa also increased significantly in most input items serving production and export, contributing to the recovery of domestic production.

In 2024, Vietnam continued to record a trade deficit of $123.9 billion with the Asia-Africa region, focusing on production materials such as machinery, petroleum, and raw materials (e.g., raw cashew nuts) to meet demands from domestic consumption and export.