Vietnam’s Top Trading Partners in 2024: Flows, Goods, and the Foundations Beneath
Vietnam closed 2024 with record exports of US$405.5 billion and total trade topping US$786 billion. The surge reinforced Vietnam’s role as a linchpin in “China+1” supply chains, and underscored just how concentrated its trade remains with eight critical partners. Together, these partners supply the inputs for Vietnam’s manufacturing and absorb the lion’s share of its exports — especially in electronics, textiles, and agri-food.
Below, we examine Vietnam’s top eight trading partners by size of flows, key goods exchanged, and the history of each relationship.
1. China – US$205B+ (2024)
China remains Vietnam’s largest partner, with two-way trade exceeding US$205 billion in 2024. Imports (~US$144B) dominate, particularly electronics components, machinery, plastics, and chemicals. Vietnam’s exports (~US$61B) include agriculture, ores, seafood, and electronics.
The two share centuries of border commerce, but modern growth dates to normalization in the 1990s. Integration through ASEAN–China frameworks and RCEP has accelerated flows, while recent high-level visits brought agreements on cross-border rail, customs facilitation, and digital payments to ease bottlenecks.
2. United States – US$149.5B
The U.S. is Vietnam’s largest single export market, with goods trade measured at US$149.5B (USTR data) in 2024. Vietnam’s exports include phones, electronics, furniture, apparel, and machinery, while imports cover cotton, soybeans, machinery, aircraft parts, and services.
Diplomatic ties were normalized in 1995, followed by the Bilateral Trade Agreement (2001), Trade and Investment Framework Agreement (2007), and WTO accession in 2007. U.S. buyers now account for nearly a third of Vietnam’s GDP, but Washington’s tariff policies remain a looming risk.
3. South Korea – US$81.8B
Trade with South Korea totaled about US$81.8B in 2024. Korea’s investment presence — led by Samsung and LG — makes Vietnam both a market and a key production base. Vietnam imports chips, displays, machinery, and petrochemicals, while exporting phones, electronics, apparel, and seafood.
Relations normalized in 1992, with the Vietnam–Korea FTA (2015) adding to AKFTA and RCEP. Both governments are targeting US$150B by 2030.
4. Japan – US$46.2B
Two-way trade reached US$46.2B in 2024. Vietnam exports electronics, garments, footwear, and seafood, and imports machinery, vehicles, steel, and precision components.
Japan has been a cornerstone partner for decades, providing ODA and investment in manufacturing. The Vietnam–Japan Economic Partnership Agreement (VJEPA), signed in 2008 and in force since 2009, remains the legal backbone. Current cooperation is expanding into semiconductors and clean energy.
5. Hong Kong – US$20–25B
Vietnam’s trade with Hong Kong sits around US$20–25B, with Hong Kong serving as a re-export and financial hub. Vietnam exports phones, electronics, machinery, and precious metals, while importing electronics parts, machinery, and merchanting services.
These flows reflect Hong Kong’s long-standing role as a gateway into Mainland China supply chains — especially for electronics and jewelry.
6. Taiwan – US$20–40B+
Taiwan is a top supplier of inputs, particularly semiconductors, electronics components, machinery, and petrochemicals. In H1-2025 alone, two-way trade hit US$13.9B (+31% y/y), pointing toward a full-year figure comfortably above US$20B.
Exports back to Taiwan include electronics, garments, and agriculture. While there are no formal diplomatic ties, Taiwan has invested heavily in Vietnam’s light and high-tech industries, particularly under the New Southbound Policy.
7. Thailand – US$20.2B
Thailand is Vietnam’s largest ASEAN trading partner, with two-way trade around US$20.2B in 2024. Vietnam imports fuels, petrochemicals, autos/parts, and processed food, while exporting electronics, steel, and agri-food.
The relationship is anchored by ASEAN’s AEC integration and RCEP. In 2025, the two governments upgraded ties and set a US$25B target, with emphasis on industrial and green-energy collaboration.
8. Singapore – US$23.5B
Two-way trade hit a record S$31.67B (~US$23.5B) in 2024. Singapore functions as a services, re-export, and capital hub for Vietnam’s goods, channeling fuels, machinery, and chemicals into the Vietnamese economy. Vietnam ships electronics, textiles, and higher-value manufactures back into Singapore’s logistics ecosystem.
The Singapore–Vietnam Connectivity Framework Agreement (2006, later upgraded) and the VSIP industrial parks anchor the partnership. Green energy and electrification projects are the latest area of growth.
Why These Eight Matter
- Export anchors: The U.S. and Japan absorb high volumes of finished goods.
- Input suppliers: China, Korea, Taiwan, and Japan feed Vietnam’s assembly-for-export economy.
- Regional hubs: Hong Kong, Singapore, and Thailand act as entrepôts and ASEAN nodes.
Trade relationships are layered on decades of diplomacy and formalized through FTAs: VJEPA (2009), VKFTA (2015), EVFTA (2020), RCEP (2022). Each provides the legal scaffolding that has allowed flows to scale so dramatically.
Outlook: Stability and Risk
Vietnam’s export surge is powered by global electronics demand and relocation of supply chains. But risks loom:
- Tariff exposure to U.S. policy shifts
- Geopolitical friction in the South China Sea
- Dependence on intermediate imports from China/Korea/Taiwan
As Hanoi pushes to diversify into Mercosur and GCC markets, the existing eight will remain Vietnam’s strategic trade foundation.
