Vietnam is rapidly establishing itself as one of the world’s most reliable and dynamic centers for global trade and manufacturing. Bolstered by strong export performance, rising foreign direct investment (FDI), and an expanding portfolio of international trade partnerships, the country is emerging as a key player in global supply chains—particularly in sectors such as electronics, textiles, agriculture, and high-tech manufacturing.
Strong Trade Performance and Growing Role in Global Supply Chains
In 2023, Vietnam's total trade turnover surpassed US$683 billion, positioning the country among the top 20 trading economies globally. In 2024, exports climbed to US$405.5 billion, representing a robust 14.3% year-on-year growth, despite ongoing global economic headwinds.
The country has recorded a trade surplus for nine consecutive years, underscoring the resilience and sustainability of its export-led growth model. Key export categories continue to include smartphones, electronics, computers, garments, and agricultural products.
Vietnam’s prominence as a global manufacturing hub is further evidenced by its growing stature in the electronics and high-tech sectors. In 2024, exports of computers, electronics, and components totaled US$72.56 billion, a 26.6% increase compared to 2023. Notably, Vietnam has become the second-largest exporter of smartphones worldwide, trailing only China.
These figures demonstrate not only Vietnam’s growing manufacturing sophistication but also its capability to deliver high-quality, competitive products that meet global standards.
Minister of Industry and Trade Nguyen Hong Dien affirmed Vietnam’s commitment to global partnerships, stating the country is “always ready to be a reliable partner in the global supply chain” and is working to foster a fair, resilient, and sustainable trade environment.
Major global technology companies—including Samsung, Apple, Intel, LG, and Foxconn—have established or expanded their operations in Vietnam. Samsung, for example, assembles a large portion of its global smartphone output in the country, while Apple’s suppliers continue scaling up their presence to diversify beyond China.
This trend reflects a strategic shift among multinational corporations seeking stable, cost-effective, and well-connected manufacturing alternatives, reinforcing Vietnam’s position as a preferred investment destination.
Strategic Trade Engagement through High-Standard Agreements
Vietnam’s active participation in a comprehensive network of next-generation free trade agreements (FTAs) has significantly expanded its global market access and reduced trade barriers. Notable agreements include:
Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
EU–Vietnam Free Trade Agreement (EVFTA)
Regional Comprehensive Economic Partnership (RCEP)
These FTAs open pathways to markets across Europe, Asia, and the Pacific, while also committing Vietnam to high standards in labour rights, sustainability, and rules of origin, thereby enhancing the credibility and quality of Vietnamese exports.
In particular, RCEP is facilitating deeper integration across the Asia-Pacific region, strengthening Vietnam’s supply chain connectivity with both upstream suppliers and downstream markets.
Balanced Approach amid US–China Strategic Competition
Vietnam has maintained a deft and pragmatic balance in its relationships with both the United States and China, two of its most significant economic partners.
The elevation of U.S.–Vietnam relations to a Comprehensive Strategic Partnership in September 2023 signaled a deepening of political and economic cooperation. In 2024, Vietnamese exports to the U.S. reached US$119.6 billion, contributing to a record trade surplus of US$104.6 billion.
Vietnam is increasingly viewed as a strategic partner in Washington’s efforts to build resilient and secure supply chains, especially in critical sectors such as semiconductors. The 2023 state visit by then-U.S. President Joe Biden underscored bilateral collaboration in high-tech areas, including the joint development of a secure semiconductor ecosystem.
At the same time, Vietnam continues to maintain strong trade and economic ties with China, its largest trading partner by total trade volume. China supplies roughly one-third of Vietnam’s imports, particularly raw materials and components used in electronics and textiles.
Vietnam is leveraging the RCEP framework to enhance supply chain resilience while pursuing supply diversification strategies that reduce overdependence on any single market.
Ongoing high-level dialogues between Vietnamese and Chinese leaders aim to preserve a spirit of friendly, comprehensive cooperation, essential for maintaining stable trade flows and minimizing disruptions.
Upholding Global Standards for Long-Term Market Access
In response to the evolving demands of key markets such as the United States and European Union, Vietnam is proactively aligning its production systems with higher requirements for traceability, labour conditions, and environmental sustainability.
Andrea Coppola, Lead Economist at the World Bank in Vietnam, noted that U.S.–China trade tensions have generated positive spillover effects for Vietnamese exports—particularly in electronics and machinery. However, sustaining this momentum will depend on Vietnam’s ability to comply with stricter international standards, particularly regarding rules of origin and ethical production practices.
Vietnam is therefore taking steps to fortify long-term trust, avoid trade risks such as anti-dumping investigations or origin circumvention allegations, and secure its position in global value chains as a reliable and transparent partner.
Source: Voice of Vietnam (VOV)
𝐀𝐋𝐒 – 𝐓𝐡𝐞 𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐨𝐟 𝐀𝐯𝐢𝐚𝐭𝐢𝐨𝐧 𝐋𝐨𝐠𝐢𝐬𝐭𝐢𝐜𝐬
President Donald Trump announced on Wednesday via Truth Social that the United States and Vietnam have reached a framework agreement for a new bilateral trade deal, outlining...
In a world increasingly shaped by volatility, uncertainty, and complex global dynamics, the question arises: Are we simply adapting to disruption—or reengineering resilience...
Amid rapid intraregional trade growth, accelerated infrastructure investment, and sweeping digital transformation, the second edition of transport logistic Southeast Asia...
The escalating trade tensions between the United States and the European Union—exemplified by the imminent implementation of a 20% baseline tariff on EU imports beginning...
Global air cargo demand continued its upward trajectory in May 2025, demonstrating resilience amid escalating trade tensions, including the imposition of steep U.S. tariffs...
Air cargo demand on the critical Asia-to-North America trade lane declined sharply by 10.7% year-on-year in May 2025, following the U.S. government's suspension of the de...
The International Air Transport Association (IATA) has reported a 2.2% year-on-year increase in global air cargo demand for May 2025, reflecting the sector’s resilience in...
Air cargo rates have shown notable stability following recent market volatility, with the latest data from the TAC Index reporting only a “relatively modest” weekly decline.
BySTAT Times|28 June 2025 2:45 PM Air cargo tonnages from Middle East & South Asia (MESA) origins have rebounded partially in the third week of June after falling sharply...
ALS