Business

Vietnam earns 51.7 bln USD from exports to EU in 2024

Vietnam shipped nearly 51.7 billion USD to the European Union in 2024, marking an 18.5% increase, equivalent to an additional 8.08 billion USD compared to the previous year.

Electronic components are manufactured at the Central Power Electronic Measurement Equipment Manufacturing Center in Da Nang city. (Photo: VNA)
Electronic components are manufactured at the Central Power Electronic Measurement Equipment Manufacturing Center in Da Nang city. (Photo: VNA)

Hanoi (VNA) – Vietnam shipped nearly 51.7 billion USD to the European Union in 2024, marking an 18.5% increase, equivalent to an additional 8.08 billion USD compared to the previous year.

Among the key export categories, computers, electronic products and components reached nearly 10.8 billion USD, up 66.9%, equivalent to an increase of 4.3 billion USD.

Machinery, equipment, tools and spare parts recorded 8.7 billion USD, up 1.7 billion USD or 24.9% year-on-year.

Meanwhile, exports of phones and components fell by 13.4% or 1.1 billion USD to nearly 7.4 billion USD.

Vietnam’s imports from the EU in 2024 totalled 16.7 billion USD, up 12% or 1.8 billion USD from the previous year.

Imports increased in several key product groups, including computers, electronic products and components, which amounted to 3.7 billion USD, up 16.4% or 523 million USD.

Machinery, equipment, tools and spare parts reached 3.4 billion USD, an increase of 6.2%, equivalent to an increase of 200 million USD.

With total two-way trade reaching nearly 68.4 billion USD in 2024, Vietnam recorded a trade surplus of 35 billion USD with the 27 EU member states - higher than the 28.7 billion USD recorded in 2023.

Vietnam’s strong trade growth with the EU has been significantly driven by the EU-Vietnam Free Trade Agreement (EVFTA), which entered its fifth year. Since the FTA took effect in August 2020, Vietnam’s exports to the EU have seen remarkable growth.

A survey by the European Chamber of Commerce in Vietnam (EuroCham) indicates that the EVFTA has significantly boosted Vietnam’s exports to Europe. This growth has been particularly evident in sectors, including electronics, textiles, footwear, agriculture, and seafood, which is in line with the tariff reduction roadmap under the FTA.

According to Vietnam Customs, after four years of EVFTA implementation, Vietnam’s total exports in this period were estimated to have reached around 200 billion USD. This has positioned Vietnam as the EU’s top trading partner among ASEAN nations./.

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