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According to the General Department of Customs, in the first eight months of 2024, Vietnam's trade with ASEAN reached US$54.9 billion, a 12.5% increase compared to the same period last year. Vietnam had a trade surplus of US$5.6 billion in goods from this bloc.

Thailand is Vietnam's largest export market in ASEAN. Photo: Trang Nhi

Regarding exports, in the first eight months of 2024, Vietnam earned US$24.6 billion from exporting goods to ASEAN, a 12.6% increase year-on-year.

Thailand continued to be the largest export market with a value of US$5.23 billion, up 7.2% year-on-year. Following were Indonesia with US$4.15 billion, and the Philippines with US$4.07 billion, increasing by 23.6% and 17% year-on-year,respectively.

Exports to Cambodia reached US$3.52 billion, up 3.9% year-on-year, exports to Malaysia reached US$3.48 billion, up 4.2% year-on-year, and Singapore reached $3.46 billion, up 26.3% year-on-year.

Within the bloc, Myanmar was the only export market to experience a decline in value, decreasing by 36.7% year-on-year to US$197 million. Conversely, Brunei saw a significant increase of 569% year-on-year, reaching US$87.7 million. Vietnam also earned US$429 million from exporting goods to Laos, up 20.6% year-on-year.

Regarding imports, Vietnam spent US$30.2 billion on imports from ASEAN in the first eight months of 2024, a 12.4% increase year-on-year. Thailand was the largest import market with US$7.8 billion, up 1.3% year-on-year. Two other markets with import values exceeding US$6 billion were Indonesia with US$6.5 billion, up 14.5%, and Malaysia with US6.14 billion, up 22.4% year-on-year. Singapore and Cambodia followed with values of US$3.35 billion, up slightly by 1.3% year-on-year, and US$3.3 billion, up 28.4% year-on-year, respectively.

The Philippines was Vietnam's smallest import market with US$1.66 billion, up 4% year-on-year. The total import value of Vietnam from the six aforementioned markets reached US$28.8 billion, accounting for 95% of the total import value from the bloc in the first eight months of 2024. Additionally, Vietnam spent US$915 million on goods from Laos, up 25.7% year-on-year, imported US$336 million from Brunei, up a significant 252% year-on-year, and US$207 million from Myanmar, up 16.7% year-on-year.

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