Vietnam posted a trade surplus of US$24.31 billion in the first 11 months of 2024, according to the General Statistics Office.

Its exports and imports totaled $715.55 billion during the period, up 15.4% from a year earlier, with November alone accounting for $66.4 billion, up 9% year-on-year.

In the first 11 months, exports expanded by 14.4% from the same period last year to $369.93 billion, while imports grew by 16.4% to $345.62 billion. The domestic sector contributed $103.88 billion, a 20% increase, accounting for 28.1% of the total. The foreign-invested sector, including crude oil, generated $266.05 billion, up 12.4% and making up 71.9% of the total.

Some 36 key export items generated over $1 billion, collectively accounting for 94.1% of total exports. Among them, seven standout products exceeded $10 billion, contributing a substantial 66.5% to the total.

Meanwhile, imports were valued at $345.62 billion, up 16.4%. The domestic sector’s spending went up 18.5% to $126.05 billion while the foreign-invested sector recorded $219.57 billion, a 15.2% increase.

A total of 44 import products surpassed the $1 billion threshold, making up 92.6% of the total, with five exceeding $10 billion, representing 51.4%.

The U.S. remained Vietnam’s largest export market with $108.9 billion, while China led as the top supplier at $130.2 billion.

Efforts to improve export quality, reduce costs, and leverage Free Trade Agreements were emphasized, along with the need for digital transformation and enhanced market linkages.