Hanoi's foreign trade turnover hits US$60.1bn in 2024
Hanoi's foreign trade turnover hits US$60.1bn in 2024
The city will continue to support businesses in exploring new markets, capitalizing on the Free Trade Agreement of which Vietnam is a member.
Hanoi's total import-export turnover reached US$60.1 billion in 2024, up 11% year-on-year, according to the Hanoi Department of Industry and Trade.
Local consumers shop at the OCOP showroom in My Duc district. Photo: Hoai Nam/The Hanoi Times |
The report highlighted that the export value hit $19.1 billion, up 14.8% year on year. Of this, domestic enterprises contributed $11.1 billion, up 17.1%, while exports from the foreign-invested sector totaled $8 billion, up 11.9%.
Major export categories showing growth included computer components and peripherals at $2.8 billion (up 25.5%), machinery and parts at $2.4 billion (up 13.3%), transportation vehicles and parts at $2.3 billion (up 23.4%), textiles at $2.2 billion (up 7.7%), agricultural products at $1.5 billion (up 33.8%), and lumber and wood products at $816 million (up 4.9%).
On the import side, Hanoi's goods import value reached $41 billion in 2024, up 9.4% from 2023. The domestic investment sector totaled $34.2 billion (up 9.6%), while the FDI sector contributed $6.8 billion (up 8.5%).
Initiatives to boost exports
Nguyen Thuong Lang of the National University of Economics said Hanoi's export growth reflects a recovery in production and efforts by Vietnamese businesses to take advantage of signed free trade agreements (FTAs). Local firms are actively seeking new customers, adjusting their production models, and engaging directly with foreign distribution networks.
To further boost exports, Nguyen Kieu Oanh, Deputy Director of the Hanoi Department of Industry and Trade, said that the city will continue to support businesses in exploring new markets by capitalizing on FTA advantages. For China, the department will provide regular updates on new import policies at border crossings to help companies complete export procedures for this important market, she added.
The department aims to implement a comprehensive strategy to expand markets, tapping both traditional and emerging markets for highly competitive and value-added products. "We will regularly provide information on export markets, relevant sectors, and the free trade agreements to which Vietnam is a signatory to help businesses," the deputy director said.
It will also work with foreign distribution groups in Vietnam to help integrate Hanoi's products into their supply chains. There are also plans to organize trade missions to major international trade fairs and welcome foreign business delegations to Vietnam to meet with the city's exporters.
Local economists stressed the importance for businesses to focus on building brand awareness for their export products. These efforts are essential to boost brand prestige and consumer confidence in Vietnamese products abroad.
