Exports to Europe and America recover with significant growth

In the report on the development of the European and American markets in 2024,  Tạ Hoang Linh, director of the European - American Market Department, stated that despite the complex fluctuations in the global and regional markets negatively affecting production, business, and trade activities, under the leadership of the Ministry of Industry and Trade, in 2024, the European - American Market Department coordinated with relevant agencies both domestically and internationally to actively propose and implement many solutions and practical activities to support businesses in recovering production and boosting trade activities.

Linh emphasized that these activities have strongly supported the development of Vietnam's market, not only tapping into traditional markets and expanding potential markets, but also removing trade barriers and protecting the interests of Vietnamese businesses on the international stage.

In 2024, the trade turnover between Vietnam and the European and American markets saw a strong recovery and growth compared to 2023. The total trade turnover reached approximately US$250 billion, an increase of 18.5% compared to 2023, with exports projected at US$202.1 billion, up 20.3%, and imports forecast at US$ 47.9 billion, up 12.6%.
The trade surplus with the European and American markets surpassed the US$150 billion mark for the first time, standing at US$154.2 billion.

In 2024, Vietnam's key export markets in the European and American regions all saw strong growth. Exports to the United States were estimated at US$119.3 billion, up 23% from 2023; to the EU, US$51.9 billion, up 18.8%; to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) countries in the Americas (Canada, Mexico, Chile, Peru), US$13.7 billion, up 17%; to the UK, US$7.6 billion, up 19.6%; and to Eurasian Economic Union (EAEU) countries, US$3.3 billion, up 31.5%. Only exports to Mercosur countries experienced a decline of 6.5%, estimated at US$3.4 billion in 2024.

Notably, some of Vietnam's key export items to the European and American markets in 2024 witnessed impressive recovery and growth compared to 2023, including computers, electronic products and components; machinery, equipment, tools and spare parts; garments and textiles; phones of all kinds and components; footwear of all kinds; wood and wood products; transport vehicles and spare parts; and seafood.

In 2024, to promote the expansion of export markets, the Europe-America Market Department also coordinated the implementation of free trade agreements, existing cooperation mechanisms and frameworks, and the establishment of new cooperation frameworks. This includes focusing on research to take advantage of the benefits in agreements such as the EU-Vietnam Free Trade Agreement (EVFTA), the Vietnam-Eurasian Economic Union Free Trade Agreement (VN-EAEU), the UK-Vietnam Free Trade Agreement (UKVFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Vietnam-Cuba Free Trade Agreement (VCFTA), and disseminating information, and removing difficulties and obstacles in the implementation process.

At the same time, efforts were made to initiate negotiations for a free trade agreement (FTA) with the MERCOSUR bloc, expand export markets, advocate for policies, and remove market barriers; engage in supporting the resolution of anti-dumping investigations, anti-subsidy cases, and address other trade barriers such as food safety and sanitary and phytosanitary (SPS) measures, and standards for goods production, fishing and seafood exploitation.

Deputy Minister of Industry and Trade Nguyen Hoang Long suggested that the Europe-America Market Department focus on the following main directions in the time ahead:

First, thoroughly implement the Party and State's viewpoints, guidelines, and policies in foreign affairs to successfully complete the industry and trade sector’s goals assigned for 2025. It is essential to maximize political and diplomatic relations to develop economic, trade, and investment cooperation with countries in the region.

Second, focus on monitoring the situation and key policy changes in the host countries to advise the Party, State, Government, and Ministry of Industry and Trade on appropriate and feasible policy responses. At the same time, strengthen policy research, market research, and explore opportunities that both promote economic, trade, industrial, energy cooperation, and investment in line with the political, diplomatic relations, and the country’s position.

Third, continue to effectively implement existing Free Trade Agreements (FTAs) and cooperation mechanisms (Intergovernmental Committees, Joint Committees, Trade Councils) with countries in the region. At the same time, study the possibility of upgrading and signing new FTAs with potential markets.

Fourth, pay attention to and ensure the proper management of personnel affairs (from recruitment, training, planning, appointments, rotations, to the implementation of personnel plans), particularly focusing on the training and development of young staff.

Fifth, strengthen connections between domestic manufacturing and import-export enterprises and foreign businesses, and vice versa.

Finally, cooperate with the Ministry of Industry and Trade’s office and domestic media agencies to provide and orient information regarding policies and markets to relevant agencies and businesses.