Most export markets recorded positive growth compared to 2023, including ASEAN, the EU, the Republic of Korea, China, and the US. Specifically, export turnover to markets that have signed free trade agreements (FTAs) all achieved high growth. According to statistics from the General Department of Customs, Vietnam's export turnover to the EU reached nearly 52 billion USD in 2024, up 18.5% (equivalent to 8 billion USD) compared to 2023, resulting a trade surplus of more than 35 billion USD — the highest among the FTAs that Vietnam participates in.
Entering 2025, professional agencies and economic experts predict that Vietnam's export activities will continue to improve further thanks to the recovery of the global economy and trade.
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Visitors learn about pearl products for export of BLUSAIGON Joint Stock Company at an exhibition in early March 2025. (Photo: Collaborator) |
However, Vietnam's exports still face risks and challenges due to their heavy reliance on a few major markets such as the EU, the US and China. The global market is experiencing complex fluctuations, with economic protectionism on the rise in many countries, the increasing risks of trade conflicts, and the growing trend of sustainable development and the green economy. These factors can negatively impact export activities, especially given Vietnam’s dependence on a few major markets.
Recently, the US government has issued many decrees (effective from early March 2025) on increasing tariffs on imports from China, Canada, and Mexico. The shift in US tariff policies has posed a significant risk for many countries, including Vietnam. Meanwhile, Vietnam's key export industries such as textiles, footwear, high technology, seafood, and wooden products all have set ambitious export growth targets in 2025, towards a considerable increase compared to 2024, with many sectors targeting at least a 10% rise in export revenue.
In this context, in addition to regular solutions such as investing in advanced technology, applying green production processes and improving product quality, most economic experts believe that relevant authorities and businesses must step up trade promotion activities towards diversifying export markets. First and foremost, Vietnam should make the most of the 17 signed FTAs to increase export volume and turnover.
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Organic durian for exports in Nghia Trung commune, Bu Dang District, Binh Phuoc Province. (Photo: Quoc Phong) |
To better meet the demands of new markets, the state needs to continue refining the legal framework and policies that support businesses in transitioning to sustainable production models and improve the capacity to monitor and enforce environmental and labour commitments. At the same time, state management agencies need to quickly develop policies that facilitate deeper business integration into the global value chain while ensuring compliance with sustainable development standards in key and emerging markets, as well as support businesses in fostering innovation, applying digital technology, and optimising production and business to enhance their competitive advantage.
In addition, relevant authorities and businesses should focus on thoroughly researching and effectively tapping into potential markets such as the Middle East and Islamic countries (Halal market). In particular, Vietnamese trade offices abroad need to enhance their responsibilities and provide timely updates on global economic developments and host-country policies, especially changes in trade regulations. Moreover, they should issue practical warnings and recommendations while closely supporting businesses in trade defence cases.
