Vietnam's exports to EU see impressive recovery in 2024
In 2024, Vietnam exported nearly US$51.7 billion worth of goods to the European Union, marking an 18.5% increase, equivalent to an additional US$8.08 billion compared to the previous year.
Among the key export categories, computers, electronic products and components reached nearly US$10.8 billion, up 66.9%, and machinery, equipment, tools and spare parts recorded US$8.7 billion, a 24.9% rise. Meanwhile, exports of phones and components fell by 13.4% to nearly US$7.4 billion.
Vietnam’s imports from the EU in 2024 totalled US$16.7 billion, up 12%. Imports increased in several key product groups, including computers, electronic products and components (US$3.7 billion, up 16.4%), and machinery, equipment, tools and spare parts (US$3.4 billion, up 6.2%).
With total two-way trade reaching nearly US$68.4 billion in 2024, Vietnam recorded a trade surplus of US$35 billion with the 27 EU member states - higher than the US$28.7 billion recorded in 2023.
Vietnam’s strong trade growth with the EU has been significantly driven by the Vietnam-EU Free Trade Agreement (EVFTA), which entered its fifth year of implementation. Since the FTA took effect in August 2020, Vietnam’s exports to the EU have seen remarkable growth.
A survey by the European Chamber of Commerce in Vietnam (EuroCham) indicates that the EVFTA has significantly boosted Vietnam’s exports to Europe. This growth has been particularly evident in sectors, including electronics, textiles, footwear, agriculture, and seafood, which is in line with the tariff reduction roadmap under the FTA.
According to the General Department of Vietnam Customs, after four years of EVFTA implementation, Vietnam’s total exports in this period were estimated to have reached around US$200 billion. This has positioned Vietnam as the EU’s top trading partner among ASEAN member states.
