Exports expected to reach $404 bln in 2024, marking 14% growth

Vietnam's total exports for the full year of 2024 are expected to exceed $404 billion, representing a growth of around 14% compared to 2023, according to a report from the Government News.

The source quoted the Ministry of Industry and Trade as reporting  at its 2024 Review Conference and 2025 Task Deployment, held on December 23, that the ministry set a target of approximately 12% export growth for 2025 compared to 2024.

A representative from the ministry’s Export-Import Department stated that in 2024, import-export experienced a strong recovery, becoming a bright spot in the country's economy.

Export turnover grew at a high rate, with key export product groups showing significant recovery: processed industrial products increased by 14.7%, with computers, electronic products and components, machinery, equipment, tools and spare parts, wood and wood products increasing by over 20%; textiles and footwear by over 10%; seafood by over 10%; and fruit and vegetable by over 20%.

The Export-Import Department noted that most export markets have recovered and achieved good growth, with the markets that have signed FTAs with Vietnam all showing high growth. In terms of trade balance, the country continued to record a substantial surplus of over $24 billion, making a positive contribution to macroeconomic growth and stability.

Both the foreign direct investment (FDI) enterprise sector and the 100% domestic enterprise sector recorded growth in export turnover. In particular, exports by domestic enterprises reached $105.5 billion, an increase of 19.5%, higher than the growth rate of the FDI sector (12.6%).