Vietnam: Era of Ascension- Top Economic & Trade Partners

Video discussing free trade agreements and their role in making Vietnam a global manufacturing hub.

Vietnam in Its Era of Ascension: Top Economic and Trade Partners

 

                  Vietnam is emerging as a dynamic economic bright spot on the global map. From an agricultural-based economy, Vietnam has transformed into a significant manufacturing and export hub, attracting substantial foreign direct investment and forging strategic partnerships with leading nations and economic blocs worldwide. This impressive ascent not only showcases its internal strength but also demonstrates the effectiveness of its deep international economic integration strategy.

 

 

 

 

SPECIAL OUTLINE

Get an immediate grasp of our article’s core and structure through these key highlights:

 

• Understand Vietnam’s remarkable economic transformation from an agricultural base to a significant global manufacturing and export hub.
• Explore the pivotal roles of Vietnam’s flexible socialist-oriented market economy and open-door policy in fostering rapid growth.
• Discover the immense impact of active participation in Free Trade Agreements (FTAs) like the EVFTA and CPTPP on Vietnam’s international trade.
• Identify the United States as Vietnam’s largest export market, driving substantial trade in key sectors like textiles, electronics, and agriculture.
• Learn about China’s critical position as Vietnam’s largest trading partner, facilitating both raw material imports and agricultural exports.
• Recognize South Korea and Japan as leading sources of foreign direct investment (FDI) and key partners in high-tech, green, and digital economy sectors.

 

 

 

EMBRACE VIETNAM’S REMARKABLE ECONOMIC ASCENSION, UNVEILING ITS KEY STRATEGIES AND TOP GLOBAL PARTNERS THAT ARE PROPELLING THE NATION TO BECOME A SIGNIFICANT FORCE IN THE WORLD ECONOMY!

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Now! Let’s delve into the dynamic landscape of Vietnam’s economic growth, exploring the crucial alliances and strategic initiatives that define its era of ascension!

 

 

 

 

 

I. Drivers of Growth: Aspiration for Integration and an Open Economy

 

Vietnam’s remarkable success is built on the foundation of a flexible socialist-oriented market economy and an open-door policy, actively participating in new-generation free trade agreements (FTAs). FTAs like the EVFTA and CPTPP have opened doors for Vietnamese goods to access major markets, while simultaneously creating an attractive environment for foreign direct investors (FDI), making Vietnam an indispensable link in global supply chains.

 

 

 

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II. Key Economic and Trade Partners: Impressive Figures

 

Vietnam has forged strong economic ties with numerous major powers and economic regions, yielding impressive figures and tremendous development opportunities.

 

1. United States: Top Export Market and Strategic Partner

The economic relationship between Vietnam and the U.S. has continually strengthened, especially after elevating their ties to a Comprehensive Strategic Partnership. The U.S. remains Vietnam’s largest export market.

• Two-way trade turnover: Reached $132 billion in 2024, indicating increasingly deep interdependence. Vietnam’s exports to the U.S. are projected to reach $125-130 billion in 2025.
• Key cooperation sectors: Textiles and garments, footwear, wood products, electronics, machinery, and agricultural products are Vietnam’s main exports to the U.S. Additionally, both countries cooperate closely on health and development projects, contributing to improving the quality of life for Vietnamese people.

 

 

 

 

 

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2. China: Largest Trading Partner and Crucial Neighbor

 

China, with its geographical proximity, is Vietnam’s largest trading partner in terms of total import-export turnover, playing a pivotal role in the regional supply chain.

• Two-way trade turnover: Exceeded $205 billion in 2024, breaking all previous records and highlighting the strong scale and intensity of trade.
• Key cooperation sectors: Vietnam imports a significant volume of raw materials, components, accessories, machinery, and equipment from China for manufacturing. Conversely, China is a major market for Vietnam’s agricultural, aquatic products, and other goods. Cooperation also extends to areas like energy, infrastructure, and technology.

 

 

 

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3. South Korea: Leading FDI Source and Technology Partner

 

South Korea consistently ranks among the largest and most important foreign direct investors (FDI) in Vietnam, contributing significantly to the country’s industrialization and modernization.

• Two-way trade turnover: Average bilateral trade reached over $76 billion annually from 2020-2023. In the first 6 months of 2024, total import-export turnover was $38.8 billion.
• Key cooperation sectors: South Korean investment focuses on key industries like electronics (mobile phones and components), automotive, mechanics, chemicals, and textiles. It’s also a crucial supplier of components, parts, machinery, and raw materials, as well as a major export market for Vietnam’s agricultural products, seafood, and consumer goods.

 

 

 

 

 

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4. Japan: Long-Term Development Partner and Enhanced Cooperation

 

Japan is not only one of the largest investors but also a leading provider of Official Development Assistance (ODA) to Vietnam, contributing to infrastructure development and human resource training.

• Two-way trade turnover: Total bilateral trade exceeded $46.2 billion in 2024, with Vietnam achieving a $3 billion trade surplus.
• Key cooperation sectors: Besides traditional sectors like textiles and garments, Japan is intensifying cooperation with Vietnam in new areas such as green economy, digital economy, circular economy, high technology (semiconductors, electric vehicles, electronic components), new energy, and green finance. Japanese corporations continue to invest heavily in manufacturing and supporting industries in Vietnam.

 

 

 

 

 

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5. European Union (EU): The EVFTA Gateway and Breakthrough Potential

 

The EU-Vietnam Free Trade Agreement (EVFTA) has opened unprecedented opportunities for bilateral trade, transforming the EU into a highly promising export market for Vietnam.

• Two-way trade turnover: Total trade reached €67 billion in 2024. Vietnam’s exports to the EU impressively recovered, reaching nearly $51.7 billion in 2024. Services trade added another €8.5 billion in 2023.
• Key cooperation sectors: Vietnamese agricultural products, seafood, textiles, footwear, mobile phones, and wood products benefit greatly from the EVFTA by accessing the EU market with preferential tariffs. The EU exports high-tech products, machinery, chemicals, and pharmaceuticals to Vietnam. Cooperation also extends to sustainable development, green economy, digital transformation, and capacity building in governance.

 

 

 

 

 

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6. ASEAN: A Cohesive Economic Community and Regional Strength

 

As an active member of the ASEAN Economic Community (AEC), Vietnam plays a crucial role in promoting regional economic integration, forming a large and dynamic market.

• Two-way trade turnover: Vietnam’s trade with ASEAN increased by 10.4% in the first five months of the year, demonstrating strong intra-bloc cohesion.
• Key cooperation sectors: The AEC facilitates the free flow of goods, services, investment, and skilled labor among member states. Vietnam serves as an important economic bridge, fostering cooperation in manufacturing, supply chains, and addressing common regional challenges.

 

 

 

 

 

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3. Future Outlook: Vietnam’s Steady Ascent

 

With political stability, an increasingly attractive investment environment, a young and abundant workforce, and flexible integration policies, Vietnam is well-positioned to continue attracting investment, diversifying its markets, and enhancing its value in global supply chains. Vietnam’s path to ascension is wide open, promising a prosperous and sustainable future.

 

 

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