Processing pangasius for export in southern Vietnam.

Due to the negative impact from the global economic fallout, Vietnamese exports to the European and American markets this year only yielded approximately 166 billion USD, down 9.6%, while its imports were estimated at nearly 41 billion USD, down 9.1% compared to 2022.

However, the country ‘s trade surplus with the European and American markets is estimated at 125 billion USD, including 33 billion USD from European economies.

After obtaining high growth in consecutive years, Vietnamese export turnover with some key markets decreased sharply this year, with exports to the US and the European Union projected to drop 12.4% to 96.9 billion USD and 6.7% to 43.7 billion USD, respectively.

Vietnam’s main export products to these markets such as machinery, equipment, tools and other spare parts; phones, computers and accessories; PCs, electronic products and components; textiles; leather shoes and bags; wood and wood products; and seafood all witnessed an average decrease of over 10% compared to 2022.

In 2024 the economic growth rate of the world and countries in Europe and America is projected to be lower than in 2023, but Europe and the Americas remain Vietnam’s major export markets thanks to the enforcement of free trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU-Vietnam Free Trade Agreement (EVFTA) and the UK-Vietnam Free Trade Agreement (UKVFTA).

Vietnamese Commercial Counselor in Canada Tran Thu Quynh notes that among CPTPP member countries, Vietnam is the country that has best exploited this agreement to accelerate its exports to Canada, with its export turnover likely to climb to more than 5.7 billion USD.

The Ministry of Industry and Trade says it will keep a close watch on market developments in 2024 to consult with the government and come up with appropriate policies.