Vietnamese exporters must leverage new FTAs and adapt to changing conditions

The Agency of Foreign Trade (AFT) under the Ministry of Industry and Trade recently held a trade event in Hanoi on Vietnam’s import-export sector, aiming to recognize the contributions of importers and exporters and to provide strategic direction for development amid deepening international integration.

A vital driver of the economy

Information shared at the event highlighted that in 2024, against a more favorable macroeconomic backdrop than in 2023, along with the active effort of the Government, ministries, and agencies as well as the determination of businesses, Vietnam’s import-export sector made a strong recovery and positively contributed to overall economic growth and macroeconomic stability.

Specifically, the import and export value totaled US$786.9 billion in 2024, representing a year-on-year growth of 15.5%. Exports accounted for US$405.9 billion (up 14.4%) while imports totaled US$381.0 billion (up 16.7%).

The positive momentum for imports and exports continued into 2025 despite numerous challenges. According to data released by the Ministry of Industry and Trade, the import and export value grew 16.1% year on year to US$432.1 billion in the first six months of 2025, of which exports accounted for US$219.9 billion, up 14.5%, and imports valued US$212.2 billion, up 17.9%.

Speaking at the event, Minister of Industry and Trade Nguyen Hong Dien noted that Vietnam has faced significant difficulties and challenges in recent years. Strategic competition and trade conflicts among major economies have intensified, leading to fractures and disruptions in global production and supply chains. The rising trend of trade protectionism in many economies, along with the introduction of more stringent technical standards on climate and environment, which are essentially non-tariff barriers, has produced a direct and adverse impact on most countries, especially those with high economic openness like Vietnam.

In response, the Ministry of Industry and Trade, under the direct and constant guidance of the government and the Prime Minister, has proactively collaborated with relevant ministries and local authorities to closely monitor both international and domestic situations to work out timely and appropriate policy responses and carry out various effective measures to support businesses and industry associations in developing their manufacturing, trading, and exporting activities.

Specifically, the ministry has launched many supply-demand connection events for Vietnamese producers and foreign suppliers through trade promotion channels and the network of Vietnamese trade offices abroad. It has also enhanced support by providing information on individual export markets and focused on removing barriers to help businesses maintain traditional markets while entering and exploring new ones.

Furthermore, the ministry has hosted various programs to link producers with markets. Notably, several events chaired by the Prime Minister were held to work with Vietnam's overseas representative agencies, international organizations, industry associations, and major businesses to address difficulties, boost domestic production and consumption, and expand export markets.

Minister Dien affirmed: “With the correct, consistent, and decisive leadership of the Party and the State, the timely and effective engagement of ministries and local authorities, and the extraordinary effort of the business community and the people, Vietnam’s socioeconomic landscape has continued to thrive, achieving significant, positive, and relatively comprehensive results across all sectors. A notable highlight is the strong growth in import and export value, which has continuously set new records and served as a vital driver of the country's economic growth”.

Enterprises should track trends and adapt to market demands for effective planning

Three solutions for breakthrough import-export growth

To overcome difficulties, tackle challenges, and further boost imports and exports to achieve the economic growth target of 8.3-8.5% in 2025 and double-digit growth in the years to come, while ensuring that exports remain a key engine of economic growth, Minister Dien emphasized three strategic approaches that need to be implemented simultaneously.

First, the functional units under the ministry must continue to improve the quality of advice and proposals to perfect mechanisms and policies, especially the decrees and circulars that internalize Vietnam's commitments in the free trade agreements (FTAs) to which it is a member.

They must also continue to innovate and enhance the performance of trade promotion, advance the development of e-commerce, especially cross-border e-commerce, and promote the development of supply chains and goods circulation.

Additionally, it is important to improve trade defense capabilities, strengthen early warning mechanisms for the risk of lawsuits in foreign markets, and guide businesses and industry associations on how to respond promptly and effectively to trade disputes to protect the legitimate interests of Vietnamese businesses in international trade.

Second, ministries, sectors and localities must continue to provide support and coordinate efforts to remove bottlenecks and facilitate production and export activities of enterprises. They must actively push negotiations to open more export markets for Vietnamese goods, especially for agricultural and aquatic products. At the same time, they should focus on implementing measures and policies that channel credit into business production, prioritizing the import-export sector, and making it easier for businesses to access credit for production and export purposes.

Third, importers, exporters, industry associations, and sectors must track market trends and respond flexibly to market demands to organize production and import-export plans effectively. They must also boost official exports in tandem with building product brands. They should actively coordinate with relevant ministries and sectors to receive timely information on the demand, regulations, and new policies of foreign markets for their member businesses.

Concurrently, they must organize more training courses on skills for penetrating target markets. They should also actively participate in policy discussions and provide feedback to relevant ministries and sectors on the development of import-export mechanisms and policies and on FTA negotiations.

Launch of the Vietnam Import-Export Report 2024

As part of the event, the Agency of Foreign Trade hosted the official launch ceremony for the Vietnam Import-Export Report 2024.

This report is the official document of the Ministry of Industry and Trade on import and export situations for each group of goods and market and on insights into the utilization of opportunities from FTAs and the management of import and export activities. Over the years, the report has provided transparent and systematic information, gaining the attention, trust, and high regard of regulatory agencies, businesses, associations, research institutions, and training organizations.

The 2024 edition, released in a more positive macroeconomic context than in 2023, illustrates the significant efforts of the Government, ministries, and the business community to drive a strong recovery in export and import, contributing positively to overall economic growth and macroeconomic stability.

After eight years of publication, the Vietnam Import-Export Report 2024 compiled a comprehensive overview of not only import-export activities but also the management efforts of agencies under the Ministry of Industry and Trade and other ministries.