Vietnam Market Analysis Reports and Shipment Record Data

The shift of the country from a centrally planned to a market economy has transformed the country from one of the poorest in the world into a lower middle income country. Vietnam is one of the most dynamic emerging countries in East Asia region.

The solid foundations laid down by the government to boost the economy has proven resilient through different crisis, the latest being Covid-19 pandemic. In the pandemic era, Vietnam was only a few countries to post GDP growth.

Vietnam has grown bolder in its development aspirations aiming to become high income country by 2045. The market-oriented economic reforms of the government has supported Vietnam’s shift from a largely agricultural economy to a modern economy based on FDI led manufacturing, transforming it in the process from one of the poorest countries in the world to a lower middle income country.

Between 2015 to 2019; the economy of Vietnam grew at an average rate of around 7% per annum, buoyed by export-oriented manufacturing activity and solid domestic demand. As per Vietnam Export Data, the exports of the country totalled USD 264.6 billion in 2019, a gain of about 25% as compared to the previous year. The trade data shows, Vietnam exported goods worth USD 243.6 billion in 2018.

The country is the 22nd exporter country in the world during 2019. The major exports of Vietnam are mobile phones, telephones, and their parts, textiles. Others include computers, electrical products, shoes, footwear, machinery, instruments and accessories.

The top export partners of Vietnam are United States, China, Japan, South Korea, and Hong Kong. As per Vietnam custom data, the exports of the country climbed 19% as it saw the record trade surplus with United States, its largest export market.

The total exports of Vietnam came in at $336.31 billion while it rose 26.5% to $332.23 billion resulting in trade surplus of $4.08 billion. Exports of the country increased 8.5% from November to $34.59 billion.

The United States is the largest export market for products as garments, electronics and smart phones. Exports to US last year rose by quarter to $96.3 billion. China is the largest trading partner on which Southeast Asian country relies heavily for materials and equipment for its labour intensive manufacturing.

Vietnam was the 20th importer country in the world during 2019. As per the Vietnam Import Data the imports of Vietnam totalled USD 253.4 billion in 2019 up by 11.2% as compared to the previous year. The major imports of the country are machinery and industrial equipment, electronics, petroleum products, raw materials, clothing and shoe industries, plastics, automobiles, metal and chemical products. The main import partners of the country are China, Japan, Taipei, Chinese, United States, Thailand, Malaysia, India and Indonesia. Imports at the end of 2021 were up 3.1% to $31.62 billion.

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