VIETNAM’S 2025 TRADE FORECAST AT US$900 BILLION

Employees work at a textile factory in Vietnam - PHOTO: ARCHIVES

HCMC – Vietnam’s 2025 trade could amount to an all-time high of US$900 billion if current trade growth is maintained, according to the Ministry of Industry and Trade (MOIT).

At a quarterly press briefing on October 8, Bui Huy Son, director general of the ministry’s Planning and Finance Department, said the total value of imports and exports in the first nine months rose 17.3% year-on-year to US$680.6 billion.

Exports expanded 16% to US$348.7 billion, exceeding the full-year target. Seven export items recorded over US$10 billion in revenue each. The U.S. remained Vietnam’s largest export market with US$112.8 billion, followed by China, the European Union, ASEAN, and Japan.

Processed and manufactured goods accounted for 85.2% of the nation’s total export revenue, reaching US$297.2 billion. Key export products included mobile phones, computers, textiles, and footwear.

Imports climbed 18.8% to US$332 billion, driven mainly by the foreign direct investment sector. China was Vietnam’s largest importer, followed by South Korea, ASEAN, Japan, and the U.S.

Goods for production made up 89% of total imports, increasing 19.5% from last year. The strong import growth reflected higher demand for raw materials and machinery as industrial production recovered.

Despite imports rising faster than exports, Vietnam posted a trade surplus of US$16.8 billion in the nine-month period.

Son said if no major disruptions occur, total trade could reach around US$900 billion this year, helping Vietnam meet its economic targets.

However, he warned that higher U.S. tariffs on Vietnamese wooden products starting mid-October and the temporary suspension of rice imports by some markets could weigh on export growth.

The MOIT said it would continue to improve regulations, address policy bottlenecks, promote industrial production, and expand export markets. The ministry will also monitor U.S. trade policies, strengthen trade negotiations, and support domestic firms in improving competitiveness.

It added that stronger measures would be taken to control product origin, prevent trade fraud, and curb circumvention of trade remedies to protect the reputation of Vietnamese exports.

Source: The Saigon Times