Latest Data on Vietnam Trade Balance: Exploring the Vietnam Balance of Trade in 2024-25

In today's global economy, understanding a country's trade balance is crucial for policymakers, businesses, and investors. The latest data on Vietnam's trade balance offers valuable insights into the country's economic performance and its competitiveness in the international market. Vietnam's trade performance is one of the most-watched metrics in Southeast Asia. As a highly export-driven economy, Vietnam’s balance of trade reflects not only domestic industrial health but also global demand patterns, geopolitical risks, and macroeconomic shifts. As per the Vietnam import data and Vietnam export data, the total trade balance of Vietnam in 2024 was around $24 billion, which was a positive trade balance, i.e., a trade surplus. Vietnam’s balance of trade in the first quarter of 2025 reached $3.1 billion as per the global trade data. 

In 2024–25, Vietnam trade balance is being shaped by several forces: a recovering Chinese economy, sustained demand from the U.S. and Europe, regional trade pacts, supply chain reorientations, and pressures from inflation and monetary tightening. This article dives deep into the numbers, emerging sectors, trade partners, and risks, defining Vietnam’s external trade position. In this article, we will explore Vietnam balance of trade in 2024-25 and analyze the key trends and factors shaping the country's trade dynamics.

What is the Trade Balance?

Before diving into the data, it’s worth revisiting what the trade balance means. Simply put:

Trade Balance = Total Exports – Total Imports

• A trade surplus means exports exceed imports.

• A trade deficit means the opposite.

Vietnam has historically posted a trade surplus, especially since 2012, driven largely by strong exports in electronics, garments, footwear, and agricultural products.

Overview of Vietnam's Trade Balance

Vietnam has emerged as a key player in the global trade landscape, leveraging its strategic location, competitive labor costs, and favorable trade policies to attract foreign investment and expand its export base. The country's trade balance reflects the difference between its exports and imports of goods and services. A positive trade balance, or a trade surplus, occurs when exports exceed imports, indicating a net inflow of foreign currency. Conversely, a negative trade balance, or a trade deficit, occurs when imports surpass exports, leading to a net outflow of foreign currency.

Snapshot: Vietnam’s Trade Balance in 2024

In 2024, Vietnam posted a trade surplus of around $24.77 billion, one of its highest on record. Total exports reached around $405 billion, while imports stood at $380 billion.

Key sectors in 2024:

• Electronics (particularly smartphones and semiconductors) led exports, as per Vietnam customs export data of electronics.

• Textiles, garments, and footwear remained strong despite global demand volatility.

• Agricultural and seafood exports grew, benefiting from global supply gaps.

Vietnam’s Trade Balance in 2024-25

Based on data from the General Statistics Office of Vietnam (GSO) and international financial institutions:

• First half of 2025: Vietnam recorded a trade surplus of $3.1 billion, slightly below the same period in 2024.

• Exports in 2024: $405 billion

• Imports in 2024: $380 billion

Key Observations:

• Exports were up 4.5% year-over-year, driven by electronics and machinery.

• Imports grew only 1.8%, reflecting modest domestic demand recovery.

• Vietnam's top export markets: the United States, China, the EU, South Korea, and Japan.

• Key imports: Electronics components, machinery, petroleum, and plastics

• Projected full-year 2025 surplus: between $20–25 billion, assuming no major global disruption.

Vietnam Trade Balance in the Last 10 Years: Yearly Vietnam Balance of Trade

Vietnam’s Merchandise Trade Balance: Trends & Analysis for 2024–25

Vietnam's external trade in goods has shown remarkable growth in 2024 and early 2025, reflecting strong demand for its exports and continued industrial development. In 2024, Vietnam recorded merchandise exports of approximately $405.5 billion, up 14.3% from 2023, while imports grew 16.7% to $380.8 billion. 

This resulted in a trade surplus of $24.8 billion for the year. From January to July 2025, exports reached $262.4 billion and imports $252.3 billion, yielding a trade surplus of over $10 billion. The foreign-invested sector continues to dominate, accounting for nearly 72% of exports and 63% of imports in 2024. Vietnam's consistent surplus in goods trade has persisted for nine consecutive years.  

Key Export Sectors

Vietnam's export growth is largely driven by electronics, machinery, textiles, and agricultural products. Electronics, including computers, smartphones, and components, topped the list, generating over $70 billion in 2024. Other key sectors include:

• Machinery and parts

• Textiles and garments 

• Footwear

• Agro-forestry-fisheries

Agri-exports have seen a resurgence with strong performance in rice, fruits, coffee, seafood, and cashews.

Key Import Sectors

Vietnam imports large volumes of inputs for production, including:

• Electronics components

• Machinery and equipment 

• Fabrics and textiles

• Iron, steel, and base metals

• Petroleum and fuels

Roughly 94% of imports are production-related. Consumer goods form a smaller share but are growing steadily.

Major Trade Partners

• China: Vietnam’s largest trading partner, with total trade of $205 billion in 2024. Vietnam runs a significant trade deficit with China (over $82 billion) due to heavy imports of inputs, as per the data on Vietnam imports from China. 

• United States: Largest export market. Vietnam's exports to the U.S. reached $85 billion in Jan-Jul 2025. The trade surplus with the U.S. is around $75 billion.

• South Korea: Bilateral trade at $86 billion. Vietnam imports large volumes of electronics and industrial parts from Korea.

• European Union: Total trade of $69 billion in 2024 with a surplus of $35 billion.

• Japan and ASEAN: Strong partners with balanced trade. ASEAN trade stood at $84 billion in 2024.

Historical Context

Vietnam's exports have nearly doubled from 2018 to 2024. The trade surplus hit a record $26 billion in 2023 before slightly declining in 2024 due to rising imports. The COVID-19 pandemic disrupted trade in 2020, but recovery has been strong since 2022.

Economic and Geopolitical Factors

Vietnam benefits from its status as a manufacturing hub in Asia. Global companies continue to invest, boosting trade. Tariff changes, particularly with the U.S., are influencing trade flows. The country is actively working to reduce trade imbalances through policy changes and new FTAs.

Key risks include:

• Potential U.S. tariff hikes on Vietnamese goods

• Slowing global demand

• Increased reliance on imported intermediate goods

Outlook for 2025

Vietnam’s trade is expected to remain strong in 2025. Electronics and agri-exports will continue to lead growth. However, tighter global financial conditions, tariff uncertainty, and volatile demand could slow momentum. Nonetheless, Vietnam’s diverse trade base, strong FDI inflows, and growing export markets offer long-term stability.

In conclusion, Vietnam's merchandise trade performance in 2024 and 2025 reflects a resilient export-driven economy. With a favorable trade surplus, expanding sectors, and active international partnerships, Vietnam remains a key player in global trade.

Factors Driving Vietnam’s Trade Balance in 2024

1. Electronics and High-Tech Exports

Vietnam continues to serve as a critical node in the global tech supply chain. Multinational corporations like Samsung, Intel, and Foxconn have expanded operations, cementing Vietnam’s role in smartphone, chip, and electronics manufacturing.

• Electronics exports in 2024 accounted for 38% of total exports.

• Strong demand from the U.S. and EU tech sectors helped offset a slow Chinese recovery.

2. China’s Recovery and Regional Supply Chains

China’s economic rebound in 2024, though uneven, helped revive regional trade. However, Vietnam benefited from supply chain diversification trends, with firms reducing reliance on China by shifting production to Vietnam.

• Foreign direct investment (FDI) into Vietnam increased by 8.2% YoY in H1 2024, primarily in manufacturing and electronics.

3. Free Trade Agreements (FTAs)

Vietnam has one of the most expansive FTA networks in Asia. The EU-Vietnam Free Trade Agreement (EVFTA) and CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership) continued to deliver tariff reductions and expanded market access in 2024.

• EU exports grew by 9.1% YoY, showing a strong FTA impact.

• CPTPP exports rose particularly to Canada, Australia, and Mexico.

4. Export Diversification

Vietnam is gradually moving beyond its traditional strengths (garments and agriculture) into higher-value manufacturing and services.

• Furniture and wood products saw a 6.5% growth in H1 2024.

• Pharmaceutical and healthcare exports, though small, grew over 10%.

Challenges & Pressures in 2024

1. Weak Global Demand

Despite a rebound in some sectors, global consumer demand remains below pre-pandemic levels, especially in Europe, which has affected Vietnam’s textile and footwear exports.

2. Trade Hubs and Port Congestion

Supply chain backlogs and Red Sea disruptions in early 2024 led to higher shipping costs and delayed exports to Europe.

3. Currency Volatility

The Vietnamese dong came under pressure in Q2 2024 amid global dollar strength and regional capital outflows, making imports slightly more expensive.

4. Rising Input Costs

High input costs, especially for imported petroleum, plastics, and fertilizers, have narrowed export profit margins and increased import bills.

Trade Balance Forecast for 2025

While 2024 has shown resilience, 2025 will bring new challenges and opportunities:

Positive Drivers:

• Completion of new industrial zones and improved port infrastructure.

• Ongoing FDI inflows, particularly in semiconductors and EV components.

• Stable inflation (3.5%) and easing interest rates could stimulate domestic and external demand.

Risks:

• Possible slowdown in the U.S. or EU.

• Global interest rate uncertainty.

• Geopolitical instability is affecting global trade routes.

Forecast Scenarios:

Strategic Shifts to Watch

1. Vietnam as a Semiconductor Hub

• With Intel and other chipmakers increasing investment, Vietnam could export more high-value semiconductors in 2025.

2. Green Trade and ESG

• The EU’s Carbon Border Adjustment Mechanism (CBAM) will impact carbon-intensive exports.

• Vietnam’s green energy sector could open doors to renewable technology exports.

3. Digital Economy and Services Trade

• E-commerce platforms are expanding cross-border operations.

• Software services and digital outsourcing exports are starting to contribute to the trade account.

Conclusion: Vietnam Navigates Global Trade Crossroads

Vietnam’s trade balance in 2024–25 tells a story of adaptability, resilience, and strategic transformation. While traditional sectors remain strong, the country is pushing into new areas, high-tech, green products, and digital services.

Despite global headwinds, Vietnam is poised to maintain a positive trade balance, thanks to diversified markets, strong manufacturing fundamentals, and smart trade policy.

However, sustaining this momentum will require:

• Ongoing infrastructure improvements

• Workforce upskilling

• Climate adaptation

• Deeper participation in global supply chains beyond assembly

As Vietnam walks the line between being a factory of the world and a next-gen export leader, its trade numbers will remain a vital indicator of its economic future.

We hope that you liked our interactive data-driven blog report on Vietnam's trade balance in 2024-25. For the latest insights on Vietnam trade data or to search live Vietnam import-export data by country or company, visit VietnamExportdata. Contact us at info@tradeimex.in for an exclusive and customized database report along with the list of the top Vietnam importers or the leading exporters in Vietnam, as per your business needs.