According to statistics from the Ministry of Industry and Trade (MOIT), in 2024, Vietnam's import and export turnover with the Europe-Americas region maintained strong growth momentum. The total import and export value reached approximately 250 billion USD, an increase of 18.5% year-on-year. Of this, exports reached 202.1 billion USD, a surge of 20.3%, while imports reached 47.9 billion USD, an increase of 12.6%. The trade surplus with the Europe-Americas region surpassed 150 billion USD for the first time, reaching approximately 154.2 billion USD.
Hanoi (VNA) – In 2025, the international, regional, and domestic situation will continue to be complex and volatile, and businesses will continue to face difficulties in their production and business activities. In this context, the MOIT's Europe-Africa Market Department will further strengthen its grasp of the situation and policy changes in countries within this region, thereby acting as an effective advisor and proposing reasonable and feasible policy responses. Simultaneously, the department will promote policy and market research, explore opportunities, and foster the development of economics, trade, energy, and investment, ensuring alignment with the country's political and diplomatic relations and national status with various countries.
The department will particularly promote the effective implementation of free trade agreements and existing cooperation mechanisms with countries in the region, while also studying the upgrading and signing of free trade agreements with potential markets. On the other hand, it will act as a bridge between domestic and foreign production, import, and export enterprises.
Ta Hoang Linh, Director of the Europe-Africa Market Department, stated that in 2024, the department coordinated with domestic and foreign agencies to propose a number of practical measures and activities to assist businesses in restoring production and promoting exports. Based on this, the department will vigorously promote the development of the Vietnamese market, not only by expanding traditional markets but also by exploring potential markets, eliminating trade barriers, and protecting the rights and interests of Vietnamese businesses in the international arena.
Regarding exports, Vietnam's major export markets in the Europe-Americas region have all experienced strong growth. Specifically, exports to the US market reached approximately 119.3 billion USD, a year-on-year increase of 23%; exports to the EU market reached approximately 51.9 billion USD, a year-on-year increase of 18.8%.
In addition, exports to the Americas, including Canada, Mexico, Chile, and Peru, which are signatories to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), reached approximately 13.7 billion USD, an increase of 17%; exports to the UK reached approximately 7.6 billion USD, an increase of 19.6%. Furthermore, exports to the Eurasian Economic Union (EAEU) countries reached approximately 3.3 billion USD, an increase of 31.5%. Only exports to the Southern Common Market (Mercosur) countries experienced a decline in growth rate, reaching approximately 3.4 billion USD, a year-on-year decrease of 6.5%.
It is worth noting that in 2024, Vietnam's major export products to the Europe-Americas market all showed a strong year-on-year recovery momentum. Specifically, computers, electronic products, and components reached approximately 34.6 billion USD, an increase of 39.7%; machinery, equipment, and other spare parts reached approximately 33 billion USD, an increase of 24.4%; textiles and garments reached approximately 23.4 billion USD, an increase of 12%; mobile phones and components reached approximately 22.3 billion USD, an increase of 12.5%, etc.
Moreover, to expand export markets, the Europe-Africa Market Department is also actively promoting the implementation of existing Free Trade Agreements (FTAs) and cooperation mechanisms, and formulating new cooperation frameworks. Among them, the focus is on studying how to utilize the preferential policies in agreements such as the Vietnam-EU Free Trade Agreement (EVFTA), the Vietnam-Eurasian Economic Union Free Trade Agreement (VN-EAEU), the Vietnam-UK Free Trade Agreement (UKVFTA), the CPTPP, and the Vietnam-Chile Free Trade Agreement (VCFTA); disseminating information; and addressing difficulties and obstacles encountered in the implementation process.
In addition, the department is also promoting the launch of free trade agreement negotiations with the world's fifth largest economy, including the four countries of Brazil, Argentina, Uruguay, and Paraguay (Mercosur), to expand export markets, promote policy advocacy, and eliminate market barriers. In particular, it participates in supporting the handling of anti-dumping investigations, anti-subsidy investigations, and resolving issues related to other trade barriers, such as food safety, sanitary and phytosanitary (SPS) measures, product production standards, and fishing resources exploitation.