Total export and import revenue between Vietnam and European and American markets was estimated at $208 billion in 2023, down 9.5 per cent against 2022, according to the European-American Market Department at the Ministry of Industry and Trade (MoIT).

Export turnover stood at $166 billion, a year-on-year decline of 9.6 per cent.

Trade was in surplus to the tune of $125 billion, including $33 billion with Europe and $92 billion with the Americas.

Exports to some key markets fell, such as to the US, by 12.4 per cent year-on-year, and to the EU by 6.7 per cent.

However, exports to other markets rose, including to the UK and members of the Eurasian Economic Union (EAEU).

Key export items from Vietnam included machinery, equipment, computers and components, garments and textiles, wood and wooden products, and seafood.