The country’s trade value from January to November rose by 15.4 per cent year-on-year to $715.5 billion. The value in November alone reached $66.4 billion, down 4.1 per cent from the month before but up 9 per cent compared to November 2023.
In 11 months, export value expanded by 14.4 per cent to $369.9 billion, while imports grew by 16.4 per cent to $345.6 billion.
The domestic economic sector contributed $103.9 billion to the total export value, an increase of 20 per cent on-year, while the foreign-invested sector (including crude oil) generated $266 billion, up 12.4 per cent.
Up to 36 key export items each surpassed $1 billion in value, collectively accounting for 94.1 per cent of the total. Among these, seven standout products exceeded $10 billion.
The GSO also reported that imports were valued at $345.6 billion, up 16.4 per cent year-on-year. Spending in the domestic economic sector went up 18.5 per cent to $126 billion, while the foreign-invested sector recorded $219.6 billion, an increase of 15.2 per cent.
A total of 44 import products surpassed the $1 billion threshold, making up 92.6 per cent of the total, with five exceeding $10 billion.
The US remained Việt Nam’s largest export market with $108.9 billion, while China was the largest supplier of goods to Việt Nam at $130.2 billion.
To further increase the export value of Vietnamese goods, the GSO has proposed that ministries and branches effectively implement product traceability and improve the competitiveness of made-in-Việt Nam products in terms of prices and quality in the global market, especially for key exports.
The Ministry of Industry and Trade also continues to take full advantage of signed FTAs to promote exports.
It should also innovate trade promotion activities, focusing on a digital transformation programme for trade promotion activities connecting domestic and foreign supply and demand.
Export record in agriculture
Việt Nam also recorded a trade surplus of $16.5 billion in agricultural, forestry and aquatic products during the first 11 months of 2024, up 52.8 per cent on-year, reported the Ministry of Agriculture and Rural Development.
Deputy Minister Phùng Đức Tiến said these commodities brought home a total export value of $56.7 billion since January, representing a year-on-year increase of 19 per cent. The value of these commodities in November was about $5.3 billion, up 13.9 per cent over the same period last year.
During the 11-month period, farm produce generated $29.8 billion from overseas shipments, growing 23.2 per cent year-on-year. Meanwhile, exports of livestock, aquatic and forestry products increased 4.4 per cent, 11.8 per cent and 19.6 per cent respectively, reaching $475.5 million, $9.2 billion and $15.6 billion.
The US, China and Japan were the three largest export markets for Vietnamese agricultural, forestry and aquatic products. The exports to these markets climbed 24.6 per cent, 11 per cent and 5.5 per cent respectively against the same period in 2023, according to the ministry.
If Việt Nam’s agricultural, forestry and fishery exports in December reach more than $5 billion, the agricultural sector this year will hit a new record for export value at more than $61 billion.
The recovery of aquaculture, the wood industry and the rice production will help bring the country’s agricultural, forestry and fishery exports to new heights.
To achieve this, science and technology have been applied in all areas of agriculture to improve production, according to Tiến.
International cooperation and trade promotion programmes have also been promoted, including focusing on traditional markets and expanding new markets, such as for Halal products.
Some Vietnamese products – like veterinary medicine, vaccines and processed chicken – have already penetrated the Halal market.
The Deputy Minister said that large Vietnamese enterprises are actively reviewing their processing, food safety chain and raw materials to enter this market in the future.
