Việt Nam's exports to EU see impressive recovery in 2024

Electronic components are manufactured at the Central Power Electronic Measurement Equipment Manufacturing Center in Đà Nẵng City. — VNA/VNS Photo

In 2024, Việt Nam exported nearly US$51.7 billion to the European Union, marking an 18.5 per cent increase, equivalent to an additional $8.08 billion compared to the previous year.

Among the key export categories, computers, electronic products and components reached nearly $10.8 billion, up 66.9 per cent, equivalent to an increase of $4.3 billion.

Machinery, equipment, tools and spare parts recorded $8.7 billion, a 24.9 per cent rise, equivalent to an increase of $1.7 billion.

Meanwhile, exports of phones and components fell by 13.4 per cent to nearly $7.4 billion, a decrease of $1.1 billion year-on-year.

Việt Nam’s imports from the EU in 2024 totalled $16.7 billion, up 12 per cent, an increase of $1.8 billion from the previous year.

Imports increased in several key product groups, including computers, electronic products and components, which amounted to $3.7 billion, up 16.4 per cent, equivalent to a $523 million rise.

Machinery, equipment, tools and spare parts reached $3.4 billion, an increase of 6.2 per cent, equivalent to an increase of $200 million.

With total two-way trade reaching nearly $68.4 billion in 2024, Việt Nam recorded a trade surplus of $35 billion with the 27 EU member states - higher than the $28.7 billion recorded in 2023.

Việt Nam’s strong trade growth with the EU has been significantly driven by the Việt Nam-EU Free Trade Agreement (EVFTA), which entered its fifth year of implementation. Since the FTA took effect in August 2020, Việt Nam’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 Việt Nam’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 Việt Nam Customs, after four years of EVFTA implementation, Việt Nam’s total exports in this period were estimated to have reached around $200 billion. This has positioned Việt Nam as the EU’s top trading partner among ASEAN nations.