Vietnam’s exports to the U.S. near US$100 billion milestone

Import and export activities have improved significantly in the past 10 months. In the photo, import and export goods at Tan Vu port, Hai Phong. Photo: T.Bình

According to the General Department of Vietnam Customs, by October 2024, seven markets or market groups recorded export turnover of US$10 billion or more.

The United States maintained its leading position, with total export turnover reaching US$98.69 billion, marking a significant 24.6% increase (equivalent to US$19.47 billion) compared to the same period last year. The U.S. accounted for 29.4% of Vietnam’s total export turnover.

China ranked as Vietnam’s second-largest export market, with export turnover reaching US$49.62 billion in the first 10 months of the year. However, China posted the lowest growth among Vietnam’s major markets, with a modest 0.8% increase year-on-year.

The European Union was the third-largest export market group, with a total turnover of US$42.83 billion, representing an 18.3% increase (equivalent to US$6.61 billion) compared to the same period last year.

Other key markets included ASEAN ranked fourth with US$30.48 billion, up 14.7% (a growth of US$3.91 billion); South Korea achieved US$21.17 billion, a 7.9% rise (an increase of US$1.55 billion); Japan reached US$20.22 billion, a growth of 5.1% (an increase of US$976 million).

Notably, Hong Kong (China), while the smallest among the seven major markets, recorded the highest growth rate. Exports to Hong Kong reached US$10.27 billion, a remarkable increase of 35.4% (equivalent to US$2.69 billion).

By the end of October, Vietnam’s total export turnover reached US$335.63 billion, reflecting a robust 14.9% growth (an increase of US$43.58 billion) compared to the same period in 2023.