Vietnam Trade Trends June 2024

According to data released by the General Statistics Office, Vietnam's international trade reached USD 368 billion in the first six months of 2024, with exports up 14.5 per cent and imports growing by 17 per cent on a yearly basis.

From January to June, 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.

The domestic economic sector contributed USD 66 billion to import turnover, reflecting a 22.3 per cent increase, while the foreign-invested sector imported USD 113 billion worth of goods, up 14.1 per cent compared to the same period last year.

Vietnam exported the most to the United States, with an estimated turnover of USD 54 billion, and China retained its position as Vietnam's top import market, with an estimated value of USD 67 billion.

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.