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Home News Vietnam’s trade with ASEAN surges 13.9% YoY, reaches over $76.3 billion in Jan-Nov 2024

Vietnam’s trade with ASEAN surges 13.9% YoY, reaches over $76.3 billion in Jan-Nov 2024

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Vietnam’s trade with ASEAN surges 13.9% YoY, reaches over $76.3 billion in Jan-Nov 2024

Vietnam’s trade with ASEAN surges 13.9% YoY, reaches over $76.3 billion in Jan-Nov 2024

Vietnam’s trade with the ASEAN (Association of Southeast Asian Nations) region has shown remarkable growth in 2024, with total bilateral trade soaring by 13.9% year-on-year to exceed $76.3 billion over the first eleven months of the year. This increase highlights the strength of regional economic ties and underscores the importance of ASEAN as a key trading partner for Vietnam.

Vietnam’s trade with ASEAN nations has continued to flourish in 2024, driven by increased demand for goods, favorable trade agreements, and strong economic integration within the region. From January to November 2024, the total value of exports and imports between Vietnam and ASEAN countries grew by nearly $9.3 billion compared to the same period in 2023.

This performance reflects the strategic role of ASEAN in Vietnam’s trade and economic growth, with the bloc serving as a critical market for Vietnamese goods. ASEAN nations are not only major consumers of Vietnam’s exports but also key sources of imports that support various industries, including textiles, machinery, and electronics.

Vietnam’s exports to ASEAN countries saw significant growth across various sectors. Key exports included textiles, footwear, machinery, and electronics, all of which have benefitted from the region’s expanding middle class and increasing demand for high-quality products. Textiles, in particular, continued to perform well, with Vietnam’s competitive advantages in textile manufacturing, such as cost efficiency and quality, playing a significant role in expanding market share within ASEAN markets.

The textile and garment sector remains one of Vietnam’s most important export industries, with demand for both finished products and raw materials from neighboring ASEAN countries contributing to the trade surge. As ASEAN countries are key manufacturing hubs, Vietnam’s textile exports are well-positioned for continued growth in this regional market.

Several factors have fueled the increase in trade with ASEAN in 2024. Key among them are the regional free trade agreements (FTAs) that Vietnam is part of, particularly the Regional Comprehensive Economic Partnership (RCEP) and the ASEAN Free Trade Area (AFTA). These agreements have facilitated tariff reductions, simplified customs procedures, and enhanced market access, making it easier for Vietnamese products to penetrate regional markets.

Vietnam’s participation in RCEP, the world’s largest trade bloc, has especially strengthened its trade ties with ASEAN nations, enhancing economic cooperation and boosting trade volume across multiple sectors, including agriculture, machinery, and consumer goods.

Vietnam’s trade with ASEAN is also marked by a growing trade surplus in recent years. In 2024, exports to ASEAN countries were higher than imports, further emphasizing Vietnam’s strong production capacity and export-oriented industries.

The largest trade partners within ASEAN for Vietnam include Thailand, Indonesia, and Malaysia. These countries have long been important economic players for Vietnam, and their continued growth has contributed to the robust trade figures.

Vietnam’s increasing trade with ASEAN is expected to continue into 2025 and beyond. The ongoing economic integration within ASEAN, coupled with the growing demand for Vietnamese goods, positions Vietnam for sustained growth in regional trade. Additionally, the continuous improvement in infrastructure, logistics, and trade facilitation within ASEAN will further boost trade flows between the nations.

For the textile industry, the regional market remains a key growth area. With the ASEAN region increasingly becoming a hub for textile production and consumption, Vietnam’s textile exports are likely to maintain their upward trajectory, driven by both increasing domestic production capacity and regional demand.