Vietnam’s Import-Export Sees Strong Growth in Early 2025
In the first two months of 2025, Vietnam’s total import export situation showed strong growth, with turnover reaching $127.07 billion – an increase of 12% compared to the same period in 2024. Notably, the trade balance recorded a surplus of $1.47 billion, highlighting a positive recovery and expansion in import-export activities.
According to data released by the Tong Cuc Thong Ke (Ministry of Finance) on March 6, Vietnam’s import-export activities in February 2025 recorded a total trade turnover of $63.77 billion, up 0.7% from the previous month and 32.6% year-over-year. For the first two months of 2025, import-export activities continued to show strong growth, with total trade turnover reaching $127.07 billion, an increase of 12% compared to the same period last year, including an 8.4% rise in exports and a 15.9% increase in imports.
Exports Continue to Drive Growth
In February 2025, export turnover reached $31.11 billion, down 6.2% from the previous month but still marking a significant 25.7% increase year-over-year.
Overview of Exports (First Two Months of 2025)
- Total export turnover: $64.27 billion (+8.4%).
- Domestic sector exports: $17.92 billion (+12.8%), accounting for 27.9% of total exports.
- FDI sector exports (including crude oil): $46.35 billion (+6.7%), making up 72.1% of total exports.
- Key Export Items:12 items exceeded $1 billion in export value, representing 77.7% of total exports.
- 4 items surpassed $5 billion, accounting for 54.6% of total export turnover.
Export Structure by Industry
- Manufacturing & processing: $57.01 billion (88.7% of total exports).
- Agriculture & forestry: $5.35 billion (8.3%).
- Seafood: $1.43 billion (2.2%).
- Fuels & minerals: $0.48 billion (0.8%).
Strong Growth in Imports, Especially from China and South Korea
In February 2025, import turnover reached $32.66 billion, up 8.4% from the previous month and surging 40% year-over-year.
Overview of Imports (First Two Months of 2025)
- Total import turnover: $62.8 billion (+15.9%).
- Domestic sector imports: $22.8 billion (+18.7%).
- FDI sector imports: $40 billion (+14.4%).
- Key Import Items:16 items exceeded $1 billion in import value, making up 76.2% of total imports.
- 2 items surpassed $5 billion, accounting for 44.5% of total import turnover.
Import Structure by Industry
- Production materials: $58.83 billion (93.7%), including:Machinery, equipment, tools, and spare parts: 50.8%.
- Raw materials & fuels: 42.9%.
- Consumer goods: $3.97 billion (6.3%).
Key Export and Import Markets
United States: Remained Vietnam’s largest export market with a total turnover of $19.6 billion, playing a crucial role in Vietnam’s export growth.
China: Vietnam’s largest import market, with total turnover reaching $23.3 billion. Imports mainly consisted of raw materials, components, and production-related goods, reflecting the close trade relationship between the two countries.
Trade Balance by Partner
- Trade Surplus:
- United States: $17 billion (+16.3%).
- EU: $6.4 billion (+19.2%).
- Japan: $0.5 billion (nearly 10 times higher than in early 2024).
- Trade Deficit:
- China: $15.4 billion (+36.9%).
- South Korea: $4.6 billion (+20.6%).
- ASEAN: $2.1 billion (+116.8%).
Vietnam’s import-export performance in the first two months of 2025 highlights strong trade growth, with exports continuing to be a key economic driver, while imports surged, particularly from major Asian partners.
Trends and Forecasts for Vietnam’s Import-Export in 2025
With a 12% growth rate in the first two months of the year, Vietnam’s import-export performance in 2025 is expected to remain positive, driven by:
- Increasing export orders to the U.S., EU, and Japan.
- Rising demand for imported raw materials to support domestic production.
- Free Trade Agreements (FTAs) enabling businesses to leverage tariff incentives.
- Challenges such as exchange rate fluctuations, shipping costs, and global market volatility may impact growth.
Conclusion
Vietnam’s import-export sector saw strong growth in early 2025, with total trade turnover reaching $127.07 billion and a trade surplus of $1.47 billion. The U.S. remains the largest export market, while China continues to be the main import source.
Despite the positive outlook, businesses must closely monitor raw material prices, exchange rates, and trade policies to develop effective strategies for 2025.
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