Vietnam's exports surge 15.3% in first 9 months

Vietnam's trade with the rest of the world reached $610.57 billion in the first nine months of 2024, an increase of 16.4% compared to the same period last year, the Government News reported.

Exports surged by 15.3% to $315.91 billion, while imports rose 17.5% to $294.66 billion, resulting in a trade surplus of $21.25 billion.

Key export sectors included electronics ($11.67 billion), machinery ($7.34 billion), garments ($2.61 billion), phones ($2.31 billion), and timber ($2.2 billion). Vietnam's imports of electronics also grew substantially to $16.82 billion.

Nine localities reported export values exceeding $10 billion each, led by Ho Chi Minh City with $34.25 billion. Economists forecast that Vietnam's total trade value will reach $800 billion by the end of 2024, surpassing the previous record of $732 billion recorded in 2022.

Vietnam's GDP has continued to expand, reaching $433 billion in 2023, making it the 34th largest economy globally. The country aims to achieve a GDP of $500 billion by 2025, strengthening its position as a leading Southeast Asian economy.