According to the report on Industrial Production and Trade Activities for October and the First 10 Months of 2024, Vietnam's import-export activities continued to show positive results, maintaining a high growth rate. Notably, the domestic economic sector made remarkable progress, achieving a higher growth rate in import-export turnover compared to the foreign-invested sector.

Preliminary data from the General Statistics Office indicates that the total import-export turnover in October reached USD 69.19 billion, up 5.1% compared to the previous month and 11.8% year-on-year. Cumulatively, for the first 10 months of 2024, total turnover reached USD 647.87 billion, an increase of 15.8% year-on-year, with exports rising by 14.9% and imports by 16.8%. The trade balance recorded a surplus of USD 23.31 billion.

Export Highlights for the First 10 Months of 2024

Preliminary data shows export turnover reaching USD 335.59 billion, up 14.9% year-on-year, a significant growth compared to leading Asian economies like China (4.3%), South Korea (9.6%), and Thailand (3.9% for the first 9 months of 2024).

- The domestic sector achieved USD 93.97 billion, up 20.7%, accounting for 28.0% of total export turnover.

- The foreign-invested sector (including crude oil) reached USD 241.62 billion, up 12.8%, contributing 72.0%.

Export growth in the domestic sector notably outpaced that of the foreign-invested sector.

Key Export Categories

- Agricultural, forestry, and fishery products: Turnover reached USD 32.2 billion, up 21.4%, accounting for 9.6% of total exports. Key products with double-digit growth included pepper, coffee, rice, tea, fruits, cashews, and rubber.

- Manufactured and processed goods: Turnover rose by 14.7% to USD 284.4 billion, representing 84.7% of total exports. Major products such as computers, electronics, machinery, textiles, footwear, and wood products experienced strong double-digit growth.

Main Export Markets

The United States remained Vietnam’s largest export market, with estimated turnover of USD 98.4 billion, up 24.2% year-on-year. Other notable markets included:

- China: USD 50.8 billion, up 2.1%.

- EU: USD 42.3 billion, up 16.4%.

- South Korea: USD 21 billion, up 6.9%.

- Japan: USD 20.1 billion, up 4.6%.

Import Highlights for the First 10 Months of 2024

Preliminary data showed import turnover at USD 312.28 billion, up 16.8% year-on-year.

- Domestic sector: USD 113.58 billion, up 18.8%.

- Foreign-invested sector: USD 198.7 billion, up 15.8%.

Key Import Categories

As domestic production and exports recovered, imports of essential goods dominated, accounting for 89% of total import turnover. Major items included:

- Computers, electronics, and components: USD 88.25 billion, up 23.7%.

- Machinery, equipment, and parts: USD 39.7 billion, up 17%.

Other key products also saw notable growth:

- Steel: up 23.2%.

- Rubber: up 30.1%.

- Textile and footwear materials: up 19.3%.

- Fabrics: up 14.7%.

Imports of restricted goods also rose, totaling nearly USD 17 billion, up 11.9%. Among these, imports of household electrical appliances and components increased by 19.9%, reaching USD 1.86 billion.

Main Import Markets

China remained Vietnam’s largest import source, followed by South Korea, ASEAN, Japan, the EU, and the United States.