Vietnam Import Export Report and Analysis

China is no longer the go to destination for any businesses all across the globe because of the rising costs. Vietnam has arisen as a serious competitor. As per the recent trends the number of orders shifting from China to Vietnam has seen a significant rise.

After the signing of Vietnam’s CPTPP ratification and the signing of the EU- Vietnam FTA, the country is steadily becoming more open to international trade and investment. Located in the strategic position for foreign companies with operations throughout South East Asia, Vietnam is an ideal export hub to reach other ASEAN markets.

Compared with the other developing markets in the region, Vietnam is emerging as the leaders in low cost manufacturing and sourcing with the manufacturing sector of the country accounting for 25% of Vietnam’s total GDP in 2015.

The labour costs in Vietnam are 50% of those in China and around 40% of those reported in Thailand and the Philippines. The annual workforce of Vietnam is growing and the Vietnamese workers are inexpensive, young, and highly skilled.

As per the Vietnam Import Data, Imports of the country was reaching all time high of 31.62 USD billion in December 2021. The major imports of the country are computers, electronic products and parts and machine instruments and accessories. Others include telephones, mobile phones and parts, textile fabrics, and iron and steel.

The main import partners are China, South Korea, Japan, Taiwan, Thailand and United States. As of 2017 Vietnam is the largest ASEAN supplier to the US with a net export value of US $ 48.43 billion. As per Vietnam Export Data, the total exports of the country in the year 2021 were $336.31 billion. There was rise in the total exports by 19% as it saw trade surplus with the United States, its largest export market, widening to an all time high.

The main exports of the country are telephones, mobile phones and parts thereof and textiles. Others include computers, electrical products, shoes and footwear and machinery, instruments and accessories. The country has emerged as an important electronics exporter, with electrical and electronics products overtaking coffee, textiles and rice to become the country’s top export item.

The major export partners are United States, China, Japan Korea, Hong Kong and China. The country is one of the top exporting countries in the world. It is one of the top rice exporting countries in the world. Currently Vietnam is the 10th largest goods trading partner with $ 89.5 billion in total goods trade during 2020.

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