According to the World Trade Organisation (WTO), Vietnam has advanced significantly in import-export rankings, now standing second in ASEAN, trailing only Singapore.

Cai Mep - Thi Vai Port in Ba Ria-Vung Tau province.

Phung Thi Lan Phuong, an expert from KTP FTA Consulting, highlighted how Vietnam became one of the four fastest-growing exporters globally between 2019 and 2023, alongside India, Canada, and China.

This achievement is credited to the Government's robust economic integration strategy, signing 16 FTAs and opening markets with nearly 60 partners.

Phuong emphasised that these FTAs have attracted foreign direct investment (FDI), created jobs and spurred internal reforms. However, FDI enterprises account for 70% of export turnover, while the domestic value-added (DVA) rate is only 52%, below the global average.

Notably, in the first ten months of 2024, the domestic economic sector saw robust growth, achieving a rate four times that of the FDI sector. The export-import turnover share of the domestic sector rose to 32% of the country's total.

The increasing share of the domestic sector marks a turnaround after a long period of decline and dependence on FDI. In 2015, the domestic sector contributed 35.4% to the nation's total turnover, by 2024, it had risen to 32%, with further growth expected.

According to the WTO, Vietnam ranked 50th in exports and 44th in imports in 2006. By 2021, it had climbed to 23rd in exports and 20th in imports worldwide. Within ASEAN, Vietnam is second in goods exports and imports, following Singapore.

Despite maintaining a trade surplus since 2012 (except in 2015), Phuong noted that value-added in trade remains modest. To enhance this, Vietnamese businesses must improve capabilities, reduce reliance on imported materials, deepen their participation in global value chains and take on higher-value roles.

Seven commodities with export value of over 10 billion USD

Seven commodities of Vietnam posted an export value of over 10 billion USD in the first 10 months of this year, accounting for over 66.5% of the country's total export turnover.

Textile, garment exports projected to hit 44 billion USD this year

Textile and garment exports are likely to hit 44 billion USD this year, said Chairman of the Vietnam Textile and Apparel Association (VITAS) Vu Duc Giang.

Vietnam ranks fifth in the world in tea exports

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Vietnamese exports to US grow as supply chains shift

Vietnam recorded a 24% year-on-year increase in exports to the US in the second quarter, ranking second in the ASEAN region after the Philippines, which saw a 35% rise, according to Nikkei Asia trade data published on its site on October 31.

Export turnover in 10 months is estimated at over 24.3 billion USD.

BAC GIANG - The export turnover in Bac Giang province reached more than 24.3 billion USD in 10 months, up 22.8% over the same period, reported the Department of Industry and Trade.

First Vietnamese enterprise exports passion fruit to Australia

Blue Ocean JSC, located in Lam Dong Province, officially exported a batch of passion fruit to the Australian market, making it the first Vietnamese enterprise to export the fruit.