Vietnam Trade Trends August 2024

According to data released by the General Statistics Office, Vietnam's international trade reached USD 511 billion in the first eight months of 2024, with exports totaling USD 265 billion, up 15.8 per cent on a yearly basis, and imports growing by 17.7 per cent to USD 246 billion.

From January to August, a total of seven export items, including electronics, computers, components, telephones, textiles, footwear and lumber, accounted for more than 65 per cent of the total export value.

In August alone, the trade value reached USD 70.65 billion, up 13.5 per cent compared to the same period last year. Exports grew by 3.7 per cent to USD 37.6 billion on a monthly basis, and imports decreased by 2.4 per cent to USD 33.1 billion.

Vietnam exported the most to the United States, with an estimated turnover of USD 77.9 billion, and China retained its position as Vietnam's top import market, with an estimated value of USD 92.3 billion.

Foreign investment inflows rose 8 per cent in the January-August period compared to a year earlier.

Inflation slowed to 3.4 per cent in August, below the 4.5% ceiling set by the government for 2024.

The Vietnamese government is targeting economic growth of 6 to 6.5 per cent in 2024, faster than the 5 per cent expansion recorded in 2023.

The Association of Southeast Asian Nations (ASEAN) is a political and economic union of ten members, has 667 million people and a territory of 4.5 million Km2; is currently the third largest economy in Asia-Pacific and the fifth largest in the World. The ASEAN Economic Community (AEC) has a combined GDP of USD 4.2 trillion, according to estimates for 2024.