In 2024, Vietnam’s total trade turnover reached US$786.29 billion, an increase of 15.4% compared to the previous year. Of the total, exports grew by 14.3% to US$405.53 billion, while imports rose by 16.7% to US$380.76 billion, resulting in a trade surplus of US$24.77 billion.

The MoIT holds in a recently issued directive,that there are favourable opportunities for continued export growth in 2025 thanks to the global economic recovery, controlled inflation, and the expansion of export markets through tariff reduction commitments under Free Trade Agreements (FTAs).

However, there are still many challenges, such as increasing protectionism in importing countries, fierce competition from exporters, and the potential for trade wars that could disrupt supply chains and narrow export markets.

In this context, meeting the 12% export growth target with a trade surplus of US$30 billion in 2025 requires great efforts and effective actions from all sectors, localities, industry associations, and businesses, it says.

Therefore, the MoIT maintains, it will implement synchronized and effective solutions to mobilize competitive advantages and capitalize on export market opportunities. This will be done by promoting and supporting businesses and industry associations in effectively exploiting traditional markets with great potential. In addition, it will proactively study, accelerate negotiations, and sign cooperation agreements with new markets, while maximizing opportunities from key strategic markets.

According to MoIT Minister Nguyen Hong Dien, the ministry will focus on resolving difficulties for businesses, supporting production, and boosting exports. It will request its watchdog agency – the Department of Foreign Market Development - to closely monitor and promptly update information on the import-export situation, economic and trade policy changes in the regions they oversee, particularly in key markets such as the United States, China, and the European Union.

To fully tap into FTAs, the MoIT will work with partners to expedite the completion of internal procedures in countries that have signed FTAs with Vietnam, formulate domestic legal documents to quickly take advantage of the opportunities arising from the newly signed FTAs, and step up negotiations of new FTAs.

It will direct related departments to review the list of goods and procedures for issuing permits, aiming to reduce administrative procedures, shorten processing time, and facilitate business operations.

The MoIT’s Import-Export Department will work with other relevant units to develop logistics services, increase cooperation and investment, and utilize logistics centres abroad to ramp up Vietnam’s import – export activities with international markets.

The Ministry’s Trade Remedies Authority will increase the dissemination of Vietnamese laws on trade defense measures to raise awareness and understanding among businesses about effectively using trade defence tools, protecting their legal rights and interests against unfair trade practices or surges in imports.

The Trade Promotion Agency will coordinate with the Department of Foreign Market Development, the Import-Export Department, and other relevant units to enhance import promotion activities, diversify the import market, and connect with businesses and associations in the United States to achieve a balanced and reasonable trade relationship with the US.

Among other things, the MoIT will strengthen market inspections and control, combat illegal activities related to counterfeit goods, intellectual property violations, and smuggling, and lead efforts with relevant agencies to develop the goods distribution system and promote the campaign “Vietnamese people prioritize using Vietnamese goods.”

The northern border provinces’ Departments of Industry and Trade are encouraged to strengthen exchanges with Chinese counterparts to facilitate customs procedures and extend clearance times for agricultural products, especially during peak harvest seasons.

Philippines – opportunities and challenges for Vietnam’s exports in 2025

VOV.VN - Vietnam-Philippines trade turnover in 2024 reached US$8.66 billion, with exports exceeding US$6 billion and a trade surplus of US$3.72 billion, surpassing the expected US$3.5 billion, a positive outcome as Vietnam explores new pathways for exports, helping businesses navigate challenges and ease market pressures.