The figure included US$33 billion with Europe and US$92 billion with the American market.

The two-way trade value between Viet Nam and Europe and America were estimated to hit US$208 billion in 2023, down 9.5 percent against the previous year. Viet Nam's exports and imports from these two continents attained US$166 billion and US$41 billion, down 9.6 percent and down 9.1 percent, respectively.

Exports witnessed sharp decreases in 2023 in such markets as the U.S. with US$96.9 billion, down 12.4 percent, the EU US$43.7 billion, down 6.7 percent, and members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in America US$13.1 billion, down 10.6 percent.

Meanwhile, exports saw increases of 3.1 percent, 12.7 percent and 10 percent to the United Kingdom, the Eurasian Economic Union (EAEU) (including Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan) and Mercosur, or the Southern Common Market (comprising Argentina, Brazil, Paraguay, and Uruguay), respectively.

Viet Nam is among the 20 countries in the world with the largest international trade in goods, with annual growth rate from 12.5 percent.

Amidst global headwinds, the country has cashed in on FTAs which helps bring its products to 60 countries and territories worldwide, he said, adding negotiations on FTAs with the European Free Trade Association which comprises Switzerland, Norway, Ireland and Liechtenstein, the Mecosur, the United Arab Emirates (UAE) and Canada are underway.

On the other hands, the ministry has effectively implemented the international commitments under the FTAs to which Viet Nam is a signatory to ensure sustainable development, with focus on the implementation of action plans to carry out new-generation FTAs such as the CPTPP, the EU-Viet Nam Free Trade Agreement (EVFTA), and the UK–Viet Nam Free Trade Agreement (UKFTA).