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Vietnam Global Trade Analysis and Market Report

11 Jul, 2022

Its economics and society torn apart by war, Vietnam used to be a poor, struggling nation in the 1970s. There was widespread chaos, destruction, and civil strife. However, since the Đổi Mới reforms of 1986, Vietnam has become one of the finest development stories in the history of nations.

Vietnam’s import-export data suggests that the country is a leading supplier of phones, computers, machinery, textiles, and footwear. The export-led economic policy has helped keep growth rates stable even during the pandemic. Estimates suggest that Vietnam is slated to become a high-income nation by 2045. This will be accompanied by carbon neutrality, to be attained by 2050.

Vietnam has come to be a premier choice for essential industries like electronics and textiles. Businesses from around the world are proactively working towards a beyond Chinese strategy. In Vietnam, not only are the labor costs lower but the geopolitical neutrality and proximity to major markets in South East Asia, all make the country stand a peg above China.

Samsung, one of the world’s leading smartphone manufacturers, gets almost a third of its products made in Vietnam. The company has invested enormously in the nation’s markets and is also developing domestic peripheral industries.

Vietnam Export Analysis

Vietnam’s leaders have built the nation on robust economic foundations. Transparency, ease of doing business, free trade agreements, and an export-oriented growth model have helped Vietnam become an economic giant.  

The Trade Vision has astutely compiled the latest of Vietnam’s import-export data. Our excellent market intelligence reports draw on ages of learning and on-ground research to outline the opportunities for traders around the world. Access this free version of Vietnam Export Data.    

Besides electronics and textiles, Vietnam is also a leading producer of Coffee. Behind only Brazil in its export output, Vietnam’s coffee export was valued at $3.1 billion, in 2021. About 90% of Vietnam’s coffee production is sent to global markets. Rice is another top agricultural export.

Top Export Commodities
1. Transmission apparatus for radio-broadcasting or television ($42 billion)
2. Telephone sets ($21.4 billion)
3. Electronic integrated circuits ($19.4 billion)
4. Footwear ($8.9 billion)
5. Machinery; parts and accessories ($7.68 billion)

Top Export Destinations
1. United States ($77 billion)
2. China ($49.4 billion)
3. Japan ($20.4 billion)
4. South Korea ($19.6 billion)
5. Hong Kong ($13.8 billion)

Vietnam Import Analysis

With a growing economy comes a growing middle-class population. And with a growing middle-class population comes a growing consumer economy. In Vietnam, that is just the case. Rising incomes have propelled domestic industries such as pharmaceuticals, e-commerce, and automotive into becoming supremely pertinent.

The nation is subject to various FTAs that allow for easy set up of industries for foreign companies. Vietnam also displays a growing appetite for imports of raw materials as more industries are springing up every day. Harness the best of the nation’s opportunities with Vietnam’s global trade data presented by The Trade Vision. Our experts have produced several reports and datasets that will help you understand domestic trade flows, competitors’ shipment dynamics, and more. Access this free version of Vietnam Import Data.

Top Import Commodities
1. Electronic integrated circuits ($34.2 billion)
2. Telephone sets ($16.5 billion)
3. Diodes, transistors, and similar semiconductor devices ($6.04 billion)
4. Fabrics; knitted or crocheted ($4.84 billion)
5. Transmission apparatus ($4.1 billion)

Top Importing Countries
1. China ($104 billion)
2. South Korea ($48 billion)
3. Japan ($16.1 billion)
4. Chinese Taipei ($11.5 billion)
5. Thailand ($11.2 billion)

Vietnam: The growth continues

As China becomes more and more expensive for foreign companies, Vietnam is expected to receive business that falls out of favor with the dragon. 25% of Vietnam’s GDP in 2021 was attributed to the manufacturing sector. Low-cost production has allowed the nation to emerge as a regional leader in the manufacturing sector. The incentives and low tax rates are helpful to foreign businesses. What’s more encouraging is that the growing domestic consumer market is better than just a cherry on top, for it is the cake itself.
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