Reporting at a conference in Hanoi yesterday to review 2024 and plan for 2025, Vietnam Customs said that trade surplus is estimated to reach $23.53 billion in 2024.
The total import and export turnover from the start of the year until December 14 has reached $745.38 billion reflecting a growth of 15.35 percent compared to the same timeframe last year. Exports brought $384.4 billion marking a 14.46 percent year on year increase, while imports totaled $360.98 billion, a rise of 16.32 percent.
The trade balance indicated a minor decline, with the surplus recorded at $23.42 billion, down from $25.71 billion during the same timeframe last year. In 2024, vital export sectors, including electronics, textiles, and seafood, are expected to maintain their significance, even amid global economic fluctuations.
The export of phones and components will continue to dominate, while there will be a notable rise in imports of machinery and production equipment, highlighting a trend towards investment in new technologies. Nevertheless, the surge in imports, particularly of consumer goods, is exerting pressure on the trade balance.
It is anticipated that by 2025, Vietnam will be able to sustain its growth momentum, bolstered by new free trade agreements (FTAs). However, the country may also encounter obstacles stemming from a global economic downturn, intensified price competition, and emerging trade barriers in the international arena.
Vietnam Customs has effectively fulfilled its mandate for state budget collection from import-export activities in 2024, achieving VND402,680 billion by mid-December, which surpasses the assigned target by 107.4 percent. Projections indicate that the total for the year could reach approximately VND418,000 billion to VND420,000 billion , reflecting an increase of nearly 14 percent compared to 2023.
Export turnover for agricultural, forestry, and fishery products exceeds $62 billion
In Ho Chi Minh City, the Ministry of Agriculture and Rural Development yesterday convened a conference aimed at enhancing the export of agricultural, forestry, and fishery products.
Deputy Minister Tran Thanh Nam emphasized that 2024 is poised to be a transformative year for Vietnamese agriculture, both in terms of production and export. The projected export turnover for agricultural, forestry, and fishery products is anticipated to exceed VND62 billion reflecting an increase of over 18 percent compared to 2023.
The conference reached a consensus that in 2025 and beyond, the agricultural sector will prioritize the elimination of barriers and the expansion of export markets, particularly targeting promising regions such as the Middle East and Africa.
Additionally, efforts will be made to engage with the European Union to lift the "yellow card" status on Vietnamese seafood. The Ministry will also concentrate on training and providing guidance to enhance the awareness, skills, and production capabilities of agricultural producers and traders in accessing market information.
