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.

Source: SGGP News