Reaching US $ 700 billion, Vietnam's import and export surpassed Thailand and Indonesia, ranking 2nd in ASEAN

VCN - According to information announced by the General Department of Customs on the afternoon of December 14, Vietnam's import and export turnover reached US$700 billion (December 15). It is notable that Vietnam surpassed developed countries in the region to rank second in ASEAN.
The Customs sector has made great efforts in trade facilitation, promoting the growth of import and export turnover. Photo: T.Binh
The Customs sector has made great efforts in trade facilitation, promoting the growth of import and export turnover. Photo: T.Binh

Ranked 2nd in the region

According to the General Department of Customs over the years, Vietnam's import and export has made strong progress in terms of scale and speed. Total import and export value in twenty years (from 2002 to 2021) reached US $ 5.146 billion. In ten years alone (2012-2021), the total turnover reached US $ 4,110 billion, nearly four times higher than the previous ten years combined.

Via the close and drastic direction of the Government, the close and active coordination between ministries, branches, industry associations, provinces and cities, and the unremitting efforts of the business community. In the past two decades, imports and exports have reached important milestones.

2001 was the first year of the 21st century recorded at a modest figure of more than US $30 billion. Six years later (in 2007), reaching the milestone of US $ 100 billion after Vietnam became an official member of the World Trade Organization (WTO).

In 2011, the turnover doubled, reaching US $ 200 billion. In the next four years, Vietnam's imports and exports reached US $ 300 billion (in 2015).

The US $400 billion milestone was recorded in mid-December 2017 and the US $500 billion milestone was set in mid-December 2019, and the US $600 billion milestone was set on November 30, 2021.

The new milestone of $ 700 billion will be recorded on December 15, 2022 (as of December 14, 2022, reaching US $ 698.5 billion).

According to the WTO, in 2006 Vietnam ranked 50th in the world in terms of merchandise exports and 44th in terms of imports.

Over ten years, by 2018, Vietnam had an impressive growth rate ranked 26th in export and 23rd in imports. Accordingly, Vietnam is continuously in the group of 30 countries and territories with the largest import-export turnover in the world.

It is notable that in 2021, the World Trade Organization recorded that Vietnam's exports ranked 23rd in the world and Vietnam's imports ranked 20th.

In ASEAN, Vietnam's exports and imports of goods both ranked second (after Singapore).

With the impressive import and export results recorded in 2022, our country's import and export rank can be improved on a global scale.

Import and export activities have continuously achieved impressive milestones in recent years. Photo: T.Binh.
Import and export activities have continuously achieved impressive milestones in recent years. Photo: T.Binh.

Trade balance reversed

Vietnam's merchandise trade balance achieved a continuous surplus after a long period of deficit.

Since 2011, Vietnam was always in a state of deficit, which lasted continuously with a trade deficit of up to billions of USD, the largest deficit was recorded at 18.02 billion USD in 2008.

Since 2012, the trade balance changed direction, turning to a continuous surplus (except in 2015, with a deficit of US $ 3.55 billion).

In 2020, our country's trade in goods reached a record with a surplus of US $19.94 billion.

At the end of 2021, the trade surplus decreased sharply but it reached US $ 3.32 billion. In the first eleven months of 2022, with the increase in the scale of exports higher than imports, the trade balance surplus increased again, reaching US $ 10.68 billion.

Diversifying the market

Currently, Vietnam has extensive trade relations with countries and territories around the world, focusing on major partners such as China, the United States, Korea, Japan, EU, and ASEAN.

Regarding exports, for many years, the United States has always been the largest market while China is the largest import market.

From the beginning of the year to the end of November 2022, exports to the US reached US $ 101 billion, up 17.7% (equivalent to US $ 15.2 billion) over the same period in 2021.

While imports of goods of Chinese origin reached US $ 109.46 billion, up 10% (equivalent to US $ 9.93 billion).

In the past eleven months, exports to the United States and imports from China both exceeded the threshold of US$ 100 billion, reaching an all-time record.

In order to achieve the above results, the Government has directed the Ministry of Finance to coordinate with ministries, branches and localities to focus on synchronously implementing solutions to promote institutional reform, and administrative procedures reform, thereby creating an equal, open and transparent business environment, creating more favorable conditions for the business community.

By Thái Bình/Quynhlan

Related News

Vietnam kicked off the year with a strong start in trade, exceeding US$63 billion in the first month

Vietnam kicked off the year with a strong start in trade, exceeding US$63 billion in the first month

VCN - Data from the General Department of Vietnam Customs indicates a softening of both exports and imports in January 2025, relative to the same month in 2024.
Vietnam, Korea Customs sign AEO MRA

Vietnam, Korea Customs sign AEO MRA

VCN- The Director General of the General Department of Vietnam Customs (GDVC), Mr Nguyen Van Tho, and the Commissioner of Korea Customs Service (KCS), Mr Ko Kwang Hyo, signed the Authorized Economic Operator Mutual Recognition Agreement (AEO MRA) on the afternoon of December 24, at the GDVC’s headquarters.
Prioritizing semiconductor workforce training

Prioritizing semiconductor workforce training

VCN - Vietnam is well-positioned to participate deeply in the global semiconductor industry. Experts believe that developing a skilled workforce in microchips and semiconductors should be a long-term priority to effectively capitalize on this opportunity.
Vietnam-Cambodia: Looking back on journey of cooperation

Vietnam-Cambodia: Looking back on journey of cooperation

VCN – The bilateral meeting between the General Department of Vietnam Customs (GDVC) and the General Department of Customs and Excise of Cambodia (GDCEC) was held by the GDVC on December 9.

Latest News

Việt Nam’s durian exports to China plummet by 80%

Việt Nam’s durian exports to China plummet by 80%

This sharp decline has had a direct impact on Việt Nam’s fruit and vegetable export revenue, which stood at US$416 million in January 2025, marking a 11.3 per cent decrease month-on-month and a 5.2 per cent drop year-on-year.
Coconut exports reach 14-year high

Coconut exports reach 14-year high

In 2024, fresh coconut and coconut product exports surpassed US$1 billion, marking the highest figure in the past 14 years.
Shrimp exports grow in the first month of 2025

Shrimp exports grow in the first month of 2025

According to data from the Việt Nam Association of Seafood Exporters and Producers (VASEP), shrimp products recorded a 13 per cent increase in export value in January 2025, reaching a total of $273.3 million.
Rice export prices drop, but decline expected to be short-term

Rice export prices drop, but decline expected to be short-term

Việt Nam’s rice export prices have declined, reaching their lowest level in three years.

More News

Key agro products expected to maintain export growth this year

Key agro products expected to maintain export growth this year

At present, agricultural exports, such as rice, coffee and seafood, have steadily secured a stable place in major global markets.
EU issues 12 warnings against Việt Nam’s food and agricultural exports

EU issues 12 warnings against Việt Nam’s food and agricultural exports

The Việt Nam SPS Office has reported that some Vietnamese export products failed to meet the EU’s stringent standards.
Việt Nam to impose VAT on low-value express-imported goods

Việt Nam to impose VAT on low-value express-imported goods

Việt Nam will end a previous policy that exempted imported goods valued under VNĐ1 million (US$39.4) from taxes when shipped via express delivery.
Exchange rate risks need attention in near future

Exchange rate risks need attention in near future

VCN - Exchange rate developments in 2025 are considered to be quite complicated due to US policies related to trade and investment.
Import and export turnover reaches about US$29 billion in the second half of January 2025

Import and export turnover reaches about US$29 billion in the second half of January 2025

VCN - Vietnam's total import and export turnover in the second half of January 2025 (January 16-31, 2025) reached US$28.9 billion, the latest preliminary statistics of the General Department of Vietnam Customs reported.
Market edges up slightly as liquidity remains low

Market edges up slightly as liquidity remains low

Market breadth remained positive, with 161 gainers outnumbering 144 decliners.
Business regulations must be trimmed for development of enterprises: Experts

Business regulations must be trimmed for development of enterprises: Experts

The General Statistics Office (GSO)'s socio-economic report for January 2025 reveals that while over 33,400 newly established or resumed businesses entered the market - marking a 15% increase compared to January 2024 - more than 58,300 businesses withdrew from the market, representing a growth of 8.1% on year.
Vietnam's agricultural product exports shine in 2024

Vietnam's agricultural product exports shine in 2024

The agricultural sector wrapped up 2024 with 62.4 billion USD in export turnover, marking an 18.5% increase against 2023, while achieving a record trade surplus of 18.6 billion USD, surging 53.1%.
Aiming for 16% credit growth and removing credit room allocation

Aiming for 16% credit growth and removing credit room allocation

VCN - A representative of the State Bank of Vietnam (SBV) said that the SBV is gradually innovating its credit management methods, aiming to remove the mechanism of allocating credit room to each credit institution.
Read More

Your care

Latest Most read
Việt Nam’s durian exports to China plummet by 80%

Việt Nam’s durian exports to China plummet by 80%

This sharp decline has had a direct impact on Việt Nam’s fruit and vegetable export revenue, which stood at US$416 million in January 2025, marking a 11.3 per cent decrease month-on-month and a 5.2 per cent drop year-on-year.
Coconut exports reach 14-year high

Coconut exports reach 14-year high

In 2024, fresh coconut and coconut product exports surpassed US$1 billion, marking the highest figure in the past 14 years.
Shrimp exports grow in the first month of 2025

Shrimp exports grow in the first month of 2025

According to data from the Việt Nam Association of Seafood Exporters and Producers (VASEP), shrimp products recorded a 13 per cent increase in export value in January 2025, reaching a total of $273.3 million.
Rice export prices drop, but decline expected to be short-term

Rice export prices drop, but decline expected to be short-term

Việt Nam’s rice export prices have declined, reaching their lowest level in three years.
Key agro products expected to maintain export growth this year

Key agro products expected to maintain export growth this year

At present, agricultural exports, such as rice, coffee and seafood, have steadily secured a stable place in major global markets.
Mobile Version