Despite ongoing challenges such as slow global demand recovery and geopolitical tensions in some regions, many enterprises have still maintained stable production, gradually improved their operations, and tapped into niche markets to seek new growth opportunities.
Vietnam's GDP per capita was 4,535 USD in 2024. The Government aims to achieve over 7,500 USD in GDP per capita by 2030 and become a high-income country by 2045.
The business community should strengthen resilience and diversify supply chains to reduce dependence on a single market for raw materials and intermediate goods, heard a hybrid conference held on April 28.
Exporters were advised to make full use of FTAs, tap into niche markets, and seize new opportunities to overcome challenges in an increasingly unpredictable global trade landscape.
While Vietnam's exports to the US have bolstered GDP growth this year, domestic factors, including the Government’s increasing spending on infrastructure, real estate market recovery, and consumption, will help the country maintain its economic expansion at around 6.5% in 2025, according to the latest report from VinaCapital.
From being a minor exporter prior to 2013, Vietnam rose to number eleven in the global rankings of top exporters by 2023, emerging as a surprise player in global trade.
Vietnam’s economy continued to receive positive assessments in August, including those from the World Bank (WB) that upgraded its growth forecast for this year to 6.1% from 5.5%.
In the first half of this year, Vietnam's exports to the Republic of Korea (RoK) reached some 12 billion USD, an increase of nearly 11% compared to the same period last year. Notably, Vietnamese farming produce is increasingly favored by Koreans.
Vietnam’s goods export turnover was estimated at 190.08 billion USD in the first half of 2024, a year on year rise of 14.5% and pushing up the country's trade surplus to 11.63 billion USD.
Vietnam’s exports expanded about 13.8% year-on-year in the first half of this year, and imports rose 18.4%, the Ministry of Industry and Trade (MoIT)’s Planning and Finance Department said at a press conference in Hanoi on June 19.
Trade between Vietnam and Singapore topped 1.87 billion USD in March, rising nearly 4.3% year on year, according to the Trade Office of Vietnam in the city state.
Vietnam's exports to the EU and the US in 2023 were estimated to reach around 166 billion USD, a 9.6% decrease while imports were estimated at nearly 41 billion USD, a 9.1% drop in comparison to 2022.
There are concrete signs that Vietnam’s exports are set to recover in the fourth quarter driven by a bottoming out of the US inventory cycle and by an acceleration in multinational firms’ movement of manufacturing to Vietnam.
After a period of implementation, new-generation FTAs have brought into play their positive effects, with markets broadened and export revenue considerably increasing.
There remains untapped potential for Vietnam's exports of agricultural and food products to major markets in Asia, Europe and America, but it is important for Vietnamese enterprises to improve the quality of their products, sharpen their competitiveness, and better grasp current international consumption trends, experts have said.
Though Vietnam suffered a brief setback in 2021 because of the highly-infectious Delta variant of COVID-19, its economy has begun to recover since the end of last year with exports achieving outstanding performance, Hong Kong (China)-based news outlet HK01 reported.
A meeting held by the Ministry of Agriculture and Rural Development (MARD) on March 9 pointed out the urgent need to shift from unofficial and small-scale shipment to export through official channels to China.
