Market Highlight 02.01.2025

According to the General Department of Vietnam Customs, the country’s total import-export turnover in 2024 is estimated to reach $786 billion, the highest on record, up 15,4% (equivalent to an increase of $105 billion) compared to 2023. Of this total, exports brought in approximately  $403,7 billion, representing a 13,8% increase year-on-year, leading to a trade surplus for the ninth consecutive year at $23,75 billion. Notably, 36 export categories each surpassed  $1 billion in earnings (up from 33 categories during the same period last year), accounting for 94,1% of total export value. Among these, 7 categories exceeded $10 billion, comprising 66,5% of total exports. Key sectors - agriculture, forestry, and fisheries - contributed $62,5 billion to the country’s total exports, recording a trade surplus of around $18,6 billion. Significantly, exports to markets with Free Trade Agreements (FTA) accounted for around 60% of the total, with the U.S (Vietnam’s largest export market) representing about 20% of the country’s total merchandise export turnover.

The USD Index ended the final trading day of 2024 at 108,48, corresponding to an increase of over 7% for the year. The Federal Reserve’s cautious stance on further rate cuts, combined with policy signals from the new U.S administration, bolstered the USD against other major currencies. Additionally, softer growth prospects in major global economies and escalating geopolitical tensions in multiple regions reinforced the USD’s role as a safe-haven asset over the past year. Domestically, the USD/VND exchange rate closed Tuesday’s session at 25.485, reflecting a 5% increase for 2024. During the day, the rate reached an all-time high of 25.520 (+5,1%) before easing following the State Bank of Vietnam’s USD sales in the market. The exchange rate is forecast to remain between 25.450 and 25.500 today.

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Directly contact us to receive market news and consultancy on foreign exchange products and derivatives:

- Financial Markets Division – Email: ktttc@acb.com.vn ; or

- Mr. Khanh Hoang (Financial Markets Senior Analyst) – Email: hoangnk@acb.com.vn