Vietnam sets new record for exports in 2024, runs trade surplus for 9 straight years
Vietnam sets new record for exports in 2024, runs trade surplus for 9 straight years
Vietnam’s exports hit a new record of US$405.53 billion in 2024, up 14.3 percent year on year, according to the General Statistics Office (GSO).
Workers process seafood for export at a factory in Vietnam. Photo: Thao Thuong / Tuoi Tre |
The Southeast Asian country's import-export turnover also hit an all-time high of $786.3 billion last year, picking up 15.4 percent over 2023.
Its imports reached $380.76 billion, up 16.7 percent.
Vietnam achieved its ninth consecutive year of trade surplus in 2024, recording a surplus of over $24.7 billion, according to a GSO report presented at a press briefing in Hanoi on Monday.
Of the total exports, domestic enterprises contributed $114.59 billion, or 28.3 percent, while foreign-invested companies accounted for $290.94 billion, representing 71.7 percent.
On the import side, domestic firms spent $140.11 billion, while foreign-invested companies reported $240.65 billion in expenditures.
The GSO highlighted that 37 commodities each achieved export values exceeding $1 billion, representing 94.3 percent of Vietnam’s total export revenue.
Among them, eight commodities recorded export values of over $10 billion each.
The United States remained Vietnam's largest export market in 2024, with revenues reaching $119.6 billion, while China was the country's top import source, with turnover totaling $144.3 billion.
Vietnam’s trade surplus with the U.S. grew 25.6 percent, hitting $104.6 billion, while its trade deficit with China soared 69.5 percent to $83.7 billion, according to local media reports.
|
|
| Nguyen Thi Huong, head of the General Statistics Office, announces a report on Vietnam’s socio-economic performance in 2024 at a press conference in Hanoi, January 6, 2025. Photo: B.Ngoc / Tuoi Tre |
At the press conference, the GSO reported Vietnam’s gross domestic product (GDP) growth at 7.09 percent last year and its GDP at some $476 billion.
The service sector emerged as the primary engine of Vietnam’s economic growth in 2024, accounting for 49.46 percent of GDP. Industry and construction contributed 45.17 percent, while agro-forestry-fishery made up 5.37 percent, according to the GSO.
This year’s GDP growth was lower than in 2018, 2019, and 2022, marking a modest pace compared to prior years since 2011.
Nguyen Thi Huong, head of the GSO, noted that the GDP expanded 7.55 percent in the fourth quarter, maintaining an upward trend in quarterly growth throughout the year.
In particular, the country’s GDP rose over 5.9 percent in the first quarter, 7.2 percent in the second quarter, 7.4 percent in the third quarter, and over 7.5 percent in the last quarter.
It achieved a GDP per capita of VND114 million, equivalent to $4,700, in 2024, rising $377 over 2023.
Labor productivity also improved significantly, reaching VND221.9 million ($8,747) per worker, up $726 from the previous year.
Huong reported that 2024 witnessed more than 157,200 new enterprises established with a total registered capital of over VND1,547 trillion ($60.8 billion).
Nearly 76,200 firms resumed operations, surging 30.4 percent year on year.
Meanwhile, nearly 100,100 businesses suspended their operations temporarily, almost 76,200 others halted operations to complete dissolution procedures, and 21,600 completed dissolution procedures, up 12.4, 16.3, and 20 percent, respectively.
On average, nearly 16,500 enterprises withdrew from the local market per month.
Vietnam welcomed nearly 17.6 million international tourists last year, soaring 39.5 percent over 2023 and equal to 97.6 percent of the figure in 2019, when the COVID-19 pandemic had yet to hit the country.
In terms of foreign investment, the Southeast Asian country attracted some $38.23 billion in 2024.
Its consumer price index in 2024 increased 3.63 percent over 2023, meeting the target of below four percent set by the law-making National Assembly.
