Ho Chi Minh City Leads Vietnam’s Export Growth in Q1 2024

Ho Chi Minh City (HCMC) maintains its dominance as Vietnam’s top exporter, achieving a record-breaking USD 11.1 billion in export turnover for Q1 2024. This impressive 18% year-on-year increase (USD 1.7 billion) solidifies HCMC’s position as a major player in global trade.

Nationally, Vietnam’s export sector is experiencing a boom. A significant highlight is that 20 provinces and cities surpassed the USD 1 billion export mark in Q1 2024, reflecting a 3-locality increase compared to the same period last year. This growth signifies a maturing and geographically diverse export sector for Vietnam.

New Stars Emerge in Vietnam’s Export Landscape:

  • Quang Ninh Province: A remarkable 67.48% growth to USD 1.37 billion showcases the potential of emerging export powerhouses.
  • Thanh Hoa Province: Export turnover climbed by a solid 27.9% to USD 1.24 billion, demonstrating its growing contribution to the national export picture.
  • Binh Phuoc Province: Export value grew by a noteworthy 19.82% to USD 1.09 billion, highlighting its potential as a new billion-dollar exporter.

While the overall trend is positive, there are some regional variations:

  • Bac Ninh Province Sees a Decline: Despite still ranking second nationally, Bac Ninh province faced a decrease in export turnover compared to Q1 2023, reaching USD 8.48 billion (nearly USD 800 million decline). Further analysis is needed to understand the reasons behind this anomaly.

Vietnam’s Overall Trade Performance is Strong:

  • Total Trade Flourishes: Vietnam’s total export-import turnover reached a staggering USD 177.96 billion in Q1 2024, reflecting a robust 15.4% year-on-year increase. This growth indicates a strong and vibrant Vietnamese economy actively engaged in international trade.
  • Balanced Trade: Exports specifically grew by 16.8% (USD 92.88 billion), while imports rose 14% (USD 85.08 billion). This balanced growth resulted in a positive trade balance of USD 7.8 billion for Q1 2024.

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