By takumihamano 
Vietnam has been actively expanding its trade relationships with various countries, aiming to boost its economic growth and diversify its trade portfolio. Here are some of the key developments and trade partners that are shaping Vietnam’s trade landscape:
- Brazil: Brazil has emerged as Vietnam’s largest Latin American trading partner, with bilateral trade nearing USD 8 billion in 2024. The two countries aim to increase trade to USD 15 billion by 2030. Brazilian President Lula da Silva’s state visit to Vietnam in March 2025 focused on strengthening bilateral relations and diversifying economic cooperation, particularly in agriculture, science, technology, and innovation.
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China: Vietnam and China are accelerating three major railway projects to enhance bilateral cooperation. These projects include the Lao Cai–Hanoi–Hai Phong–Quang Ninh railway, the Hanoi–Lang Son railway, and the Hai Phong–Ha Long–Mong Cai route. These initiatives aim to improve connectivity and support international rail transit, with construction expected to begin by the end of 2025.
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Russia: Vietnam-Russia trade relations are flourishing, with Russian businesses expanding their presence in Vietnam and Southeast Asia. In 2024, trade between Vietnam and Moscow accounted for approximately 40% of total bilateral trade. Key sectors experiencing growth include food and cosmetics. A Moscow-based company is finalizing the construction of a plant in Vietnam for organic cosmetics and fertilizers.
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United States: The US remains a significant trade partner for Vietnam, with bilateral trade reaching nearly USD 150 billion in 2024. US businesses have shown interest in Vietnam’s green transition, technology, digital economy, AI, and sustainable development sectors. Vietnam’s Prime Minister has urged increased US investment in energy, high technology, semiconductors, AI, aerospace, and climate change mitigation.
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European Union: Vietnam’s exports to the EU reached USD 52.1 billion in 2024, marking a 19.3% increase. The EU-Vietnam Free Trade Agreement (EVFTA) has played a crucial role in boosting trade between the two regions. Vietnam aims to improve FTA utilization, expand markets, and reduce reliance on traditional partners.
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Japan: Japan continues to be a vital trade partner for Vietnam. The two countries have been collaborating on various projects, including joint naval exercises and infrastructure development. Japan’s Maritime Self-Defense Force recently conducted a training exercise in Da Nang, Vietnam, highlighting the strong defense ties between the two nations.
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ASEAN: Vietnam is actively engaging with its ASEAN neighbors to address the impact of new US tariffs. ASEAN Economic Ministers held a special meeting in April 2025 to discuss strategies for mitigating the impact of these tariffs on regional trade, investment, and supply chains.
In summary, Vietnam’s trade partnerships are diverse and dynamic, with significant contributions from countries across different continents. These relationships are crucial for Vietnam’s economic growth and its efforts to integrate into the global economy. By strengthening ties with key trade partners and leveraging free trade agreements, Vietnam is well-positioned to achieve its ambitious growth targets and enhance its competitiveness on the global stage.