Data presented at the “Conference to review the development of the European – American market in 2024 and deploy tasks for 2025” showed that in 2024, the import-export turnover between Vietnam and the European – American market witnessed a strong recovery and growth compared to 2023.

Total import-export turnover in 2024 is estimated at about 250 billion USD, an increase of 18.5% compared to 2023, of which exports are estimated at 202.1 billion USD, an increase of 20.3%; imports are estimated at 47.9 billion USD, an increase of 12.6%. The trade surplus with the European – American market exceeded the 150 billion USD mark for the first time, estimated at 154.2 billion USD.

Notably, Vietnam’s key export markets in the Europe-America region all witnessed strong growth in 2024. Specifically, exports to the US market in 2024 are estimated to reach 119.3 billion USD, up 23% compared to 2023; the EU market is estimated to reach 51.9 billion USD, up 18.8%; the markets of CPTPP countries in the Americas (Canada, Mexico, Chile, Peru) are estimated to reach 13.7 billion USD, up 17%; the UK is estimated to reach 7.6 billion USD, up 19.6%; EAEU countries are estimated to reach 3.3 billion, up 31.5%. Only exports to Mercosur countries will witness a decrease of 6.5%, estimated to reach 3.4 billion USD in 2024.

Vietnam’s key export items to the European and American markets in 2024 all witnessed impressive recovery and growth compared to 2023. Of which, exports of computers, electronic products and components are estimated at 34.6 billion USD, up 39.7%; machinery, equipment, tools and spare parts are estimated at 33 billion USD, up 24.4%; textiles and garments are estimated at 23.4 billion USD, up 12%; phones of all kinds and components are estimated at 22.3 billion USD, up 12.5%; footwear of all kinds is estimated at 16.7 billion USD, up 16.5%; wood and wood products are estimated at nearly 10 billion USD, up 21.9%; means of transport and spare parts are estimated at nearly 6 billion USD, up 7%; seafood is estimated at more than 4 billion USD, up 18.8%.

To achieve the above results, Mr. Ta Hoang Linh, Director of the European – American Market Department shared that in 2024, although the world and regional market situation had many complex fluctuations that negatively affected production, business and import-export activities, under the direction of the leaders of the Ministry of Industry and Trade, the European – American Market Department coordinated with relevant agencies at home and abroad, actively proposed many solutions, implemented many practical activities to support businesses to restore production, promote import-export activities.

At the same time, implement free trade agreements, current cooperation mechanisms and frameworks, build new cooperation frameworks: Proactively and effectively implement FTAs ​​that have come into effect in the region including: EVFTA, VN-EAEU, UKVFTA, CPTPP, VCFTA. Focus on the work: research to take advantage of incentives in the Agreements, disseminate information, remove difficulties and obstacles in the implementation process.

At the conference, Mr. Nguyen Hoang Long, Deputy Minister of Industry and Trade, said that in 2025, in addition to favorable factors, the international, regional and domestic situation is forecast to continue to develop in a complex and unpredictable manner; production and business activities of the business community will continue to face many difficulties and challenges.

Therefore, the Deputy Minister suggested that the Department of European – American Markets focus on making the most of political – diplomatic relations to develop economic, trade – investment cooperation with countries in the region. Focus on grasping the situation and policy fluctuations of the host country to advise the Party, State, Government, Ministry of Industry and Trade… on appropriate and feasible policy responses.

At the same time, promote policy research, market research, explore opportunities to promote economic, trade, industrial, energy and investment cooperation commensurate with the political, diplomatic relations and position of the country.

In addition, continue to promote the effective implementation of free trade agreements and existing cooperation mechanisms (Intergovernmental Committee, Joint Committee, Trade Council) with countries in the region; study the upgrading and signing of new FTAs ​​with potential markets… In particular, it is necessary to improve the function of bridging domestic production and import-export enterprises with foreign enterprises and vice versa.