Vietnam, CPTPP trade volume exceeds $102bln

The two-way trade turnover between Vietnam and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) market was estimated to reach $102.1 billion last year, marking a 6.8% increase compared to 2023 and accounting for 13.1% of the country's total import-export turnover.

According to the Ministry of Industry and Trade, Vietnam's exports to the CPTPP market was projected at $55.8 billion, an 11.2% year-on-year increase. This growth rate, however, was lower than the 13.8% overall growth rate of Vietnam's exports.

On the import side, Vietnam's goods imports from CPTPP member markets were estimated at $46.4 billion, representing a 2% increase from the previous year. This import growth is significantly lower than the nearly 17% increase in Vietnam's overall imports.

In 2024, there has been a shift in the export market structure among CPTPP members. Specifically, the proportion of exports to Canada, Australia, Mexico, and Singapore has gradually increased, while the proportion of exports to Japan has decreased, from 46.6% in 2023 to 44.1% in 2024.

The Australian market, in particular, saw the most significant increase, with its export share rising from 10.4% in 2023 to 11.6% in 2024. Meanwhile, exports to Chile, New Zealand, Peru, and Brunei remain low, combinedly accounting for less than 2.5% of total exports to the CPTPP market.

The composition of exported goods to CPTPP member markets has also evolved. Vietnam's exports are now predominantly concentrated in the manufacturing sector, with the top six leading export categories being machinery, equipment, tools, and parts; textiles and garments; computers, electronic products, and components; telephones and components; vehicles and parts; and footwear.