Vietnam is a reliable trading partner of the world.

Vietnam is emerging strongly as a global trade and manufacturing hub in 2024-2025, with impressive export growth and an increasingly important role in international supply chains.

This achievement demonstrates the competitiveness, integration capacity and correct foreign economic policy that Vietnam has persistently pursued.

Workers process frozen shrimp at a factory in Vietnam.

Trusted trading partner and critical link in the supply chain

Images of workers processing frozen shrimp in factories in Vietnam show strong production capacity for export. In 2023, total import-export turnover reached over 683 billion USD, bringing Vietnam into the group of 20 leading trading economies in the world . In particular, exports maintained impressive growth momentum when the turnover of goods in 2024 is expected to reach about 405.5 billion USD, an increase of 14.3% compared to 2023. With continuous export momentum, Vietnam has had a trade surplus for 9 consecutive years, affirming the competitiveness and mettle of an outward-looking economy.

“Made in Vietnam” smartphones have become a key export product, helping Vietnam affirm its position in the global technology supply chain. Minister of Industry and Trade Nguyen Hong Dien emphasized that Vietnam is “always ready to be a reliable partner in the global supply chain” and is making concerted efforts to build a fair, adaptive, and sustainable trade environment.

In fact, large multinational corporations such as Samsung, Apple, and Intel have set up large-scale production facilities in Vietnam, turning our country into an indispensable link in the world production network.

Vietnam has also actively participated in new-generation free trade agreements such as CPTPP, EVFTA, RCEP, helping to significantly expand export markets, lower tariffs and enhance national prestige in the international market. Thanks to its favorable geostrategic location - bordering China and located on an important shipping route - and its reform and opening-up policies, Vietnam has strongly attracted investment capital, becoming a "China + 1" base for industrial production. Big technology names have contributed to Vietnam's deep participation in the electronics and high-tech production chain.

The report shows that the group of computers, electronic products and components will reach a turnover of 72.56 billion USD in 2024, an increase of 26.6% compared to 2023. Vietnam is currently the second largest smartphone exporter in the world, after China, accounting for about 12% of the global market share. In addition to electronics, the steady rise in textiles, footwear, and agricultural products has strengthened Vietnam's role as an important hub in the world supply chain, providing a variety of products to many markets.

Balancing US-China-Vietnam Relations

Vietnam’s pangasius processing for export – a product that both benefits from the US market and depends on raw materials from China – demonstrates the intertwined interests in the supply chain. In the context of US-China strategic competition, Vietnam skillfully maintains a balanced cooperative relationship with both superpowers to maximize economic development opportunities.

Processing pangasius for export – a Vietnamese product that has just benefited in the US market.

For the United States, bilateral relations have been upgraded to Comprehensive Strategic Partnership since September 2023, the highest level in Vietnam's diplomatic relations. The US is currently Vietnam's largest export market, accounting for an increasingly high proportion of total turnover.

In 2024, exports to the US will reach about 119.6 billion USD, helping the trade surplus with the US reach a record 104.6 billion USD. Washington considers Vietnam an important partner in its strategy of "strengthening reliable supply chains". The US President's visit to Vietnam in 2023 emphasized high-tech cooperation, especially building a secure semiconductor supply chain between the two countries.

At the same time, Vietnam still maintains a close cooperative relationship with China - its largest trading partner in terms of total turnover. China supplies about 1/3 of Vietnam's import value, mainly electronic and textile materials. Vietnam also advocates diversifying import sources to reduce dependence, while taking advantage of the RCEP agreement to optimize rules of origin and strengthen regional supply chain linkages. RCEP's open rules of origin are facilitating the formation of an Asia-Pacific supply chain, bringing clear benefits to Vietnam.

On the political front, senior leaders of the two countries maintain regular dialogue, contributing to strengthening the spirit of “friendly neighbors, cooperation and mutual development” and ensuring a smooth bilateral supply chain.

According to expert Andrea Coppola (World Bank), the US-China tensions have had a positive impact on Vietnam’s trade, helping our country expand its market share in electronics and machinery exports to the US. However, Vietnam is also aware of the challenges as the US increasingly tightens rules of origin to prevent “disguised” goods from avoiding taxes. Therefore, Vietnam is making efforts to meet high standards of transparency in origin, labor, and environment to maintain the trust of both major markets in the long term.

According to VOV

Source: https://baolaocai.vn/viet-nam-la-doi-tac-thuong-mai-tin-cay-cua-the-gioi-post403994.html