Vietnam’s Import-Export Performance in Early 2025:

The first month of 2025 recorded a total import-export turnover of over $63 billion, with declines in both exports and imports, making the annual export growth target of 10-12% a challenging goal.

According to the General Department of Customs, Vietnam’s export turnover in January 2025 reached $33.2 billion, a 6.6% decrease compared to the previous month and a 4% decline year-on-year. On the other hand, imports totaled over $30 billion, down 14.1% from December 2024 and 2.6% lower than January 2024. As a result, Vietnam achieved a trade surplus of over $3 billion in the first month of the year.

The decline in trade figures was attributed to the Lunar New Year holiday (Tet At Ty 2025), which fell in January, while in the previous year, the holiday occurred in February 2024.

Diversifying Markets to Mitigate Trade Shocks

In 2024, Vietnam’s total trade turnover was $786 billion, reflecting a 15.4% growth, with exports accounting for nearly $406 billion, up 14.3%. The Ministry of Industry and Trade has set a target of 12% export growth for 2025.

A positive signal for early 2025 is the increase in export orders in key sectors such as wood products, textiles, and footwear from major markets. However, Vietnamese goods must meet the stringent requirements of export destinations to maintain this momentum.

According to Mr. Trinh Duc Kien, Deputy Director of Ke Go Co., Ltd., his company has secured orders until the end of Q1 2025. After the Lunar New Year, potential customers from the U.S. and EU have expressed interest, but securing deals depends on multiple factors, including meeting customer standards.

Vietnam’s Economy: Open and Adaptive

Vietnam ranks among the top 20 economies with high trade openness. Participation in numerous Free Trade Agreements (FTAs) enables the country to react swiftly to global trade shifts, helping maintain export growth despite uncertainties.

Currently, 17 FTAs provide a competitive edge, allowing Vietnamese goods to access over 60 global markets. This strong market integration acts as a catalyst for export growth and enhances Vietnam’s ability to adapt to market fluctuations.

For example, within the agricultural sector, seven FTAs have helped Dong Giao Export Food JSC expand its processed agricultural products to 25 different markets. Mr. Nguyen Huu Hieu, Export Sales Director at Dong Giao, emphasized that each market has unique preferences and seasonal demands, requiring careful planning to ensure a stable year-round supply.

Similarly, Mr. Nguyen Thanh Lam, CEO of Lam Viet JSC, reported an annual export revenue of approximately $30 million from wood and furniture products, mainly targeting the U.S., EU, and the UK. To achieve this, the company has adhered to strict sustainability and origin traceability requirements.

Strategies for Sustaining Export Growth

To maintain Vietnam’s export strength, economic expert Assoc. Prof. Dr. Dinh Trong Thinh recommends that businesses maximize the advantages of the 17 FTAs to enhance export value and diversify markets, reducing reliance on any single country and mitigating trade shocks caused by policy changes.

Additionally, he suggests that authorities should encourage increased imports of U.S. machinery and technology to enhance domestic manufacturing capabilities and productivity, ensuring long-term sustainable growth.

“Vietnam could also consider increasing imports of consumer goods, including aircraft and civilian vehicles, to balance trade relations with the U.S.,” said Dr. Thinh.

According to the latest Global Trade Outlook Report by the World Trade Organization (WTO), the forecasted growth rate for global trade in 2025 has been revised up to 3.3%, an increase of 0.3% from the previous forecast. This presents growth opportunities for major trading nations like Vietnam.

Given the ongoing complexities of global geopolitics, Vietnam’s key export industries must focus on production innovation to leverage emerging opportunities while overcoming potential challenges in 2025.

Reference source: The Internet