Vietnam outlines measures for 2025 trade ambitions
Vietnam outlines measures for 2025 trade ambitions
The domestic economy is expected to see a significant trade surplus this year, driven by rising external demand and new trade targets set for next year.
The National Assembly (NA) was reported by the government last week that total goods export turnover in 2024 is projected to reach $382.7 billion, marking a 7.9 per cent on-year increase, while total goods imports are expected to amount to $366.9 billion, a 12.4 per cent rise. This would result in a trade surplus of $15.8 billion.
In 2025, the government is targeting an even larger goal, pending discussion by the NA. Export turnover is forecast to hit $405 billion, a 6 per cent rise, with imports expected to total $389 billion, also up 6 per cent, leading to a projected trade surplus of about $16 billion.
To achieve these targets, the government has outlined several measures, including enhancing trade promotion, expanding and diversifying import and export markets, improving product quality, integrating more deeply into regional and global supply chains, and capitalising on new markets.
Negotiations for a comprehensive economic partnership agreement between Vietnam and the UAE will also be expedited. Additionally, the government plans to implement a variety of trade promotion events, both offline and online, to highlight the benefits of existing free trade deals and seize the opportunities they offer.
Notably, the government will continue providing support to businesses in digital transformation, green transition, and production adjustments to meet new standards, particularly in the EU market, which will enforce new green and carbon emissions regulations from 2026.
“We will develop and implement trade promotion plans targeting key markets and priority product groups in line with global economic developments, while making the most of the opportunities in both domestic and international markets,” noted a government report submitted to the NA last week.
Throughout the past few months, the government has introduced various solutions to help businesses boost exports. For example, in the first half of 2024, the National Trade Promotion Programme supported nearly 2,000 enterprises, generating close to $10 million in contracts at international fairs and exhibitions, with $3.4 million in sales at regional events.
“This assistance has helped businesses secure stable sources of raw materials, diversify export markets, and connect with new partners, while leveraging free trade agreements and deepening their integration into global value chains,” the report said.
A survey conducted in Q3 2024, covering over 6,100 manufacturing and processing firms, revealed an upward trend in export-oriented sectors compared to Q2.
For instance, in the leather sector, companies reported on-quarter increases of 52 per cent in production volume, 46.4 per cent in new orders, and nearly 40 per cent in export orders. Similarly, the electronics, computer, and optical products sectors recorded respective increases of 47.5, 42.4, and 35.6 per cent, while the garment and textile sector saw rises of 48.3, 47.2, and 42.8 per cent.
Regarding Q4 export expectations compared to Q3, 36 per cent of respondents anticipate an increase in export orders, with 47.6 per cent expecting stable orders.
Nguyen Viet Thang, vice director of Hanoi Garment and Textile Materials JSC, noted that export orders had rebounded in the past six months.
“Since July, the recovery has been particularly strong. Export procedures at ports have become more efficient, with processing times halved to just three days,” Thang said, expecting the company’s total revenue for 2024 to return to pre-pandemic levels, with double-digit growth anticipated from early 2025.
The General Department of Vietnam Customs reported that Vietnam’s total textile and garment export turnover reached $27.34 billion in the first nine months of this year, reflecting a 9 per cent on-year increase. The sector aims to achieve $44 billion in export turnover by the end of the year, up 9.2 per cent on last year.
According to the General Statistics Office, Vietnam’s export and import turnover in September was estimated at $65.8 billion, up 10.9 per cent on-year. For the first nine months of 2024, total trade turnover reached an estimated $578.47 billion, up 16.3 per cent on-year, with $299.63 billion in exports (up 15.4 per cent) and $278.84 billion in imports (up 17.3 per cent). The trade surplus for the nine-month period was $20.8 billion.
In 2023, total export and import turnover was $354.7 billion and $326.4 billion respectively, with a trade surplus of $28.3 billion.
