Best import Export Data Provider in Vietnam

Vietnam has emerged as a key electronics exporter with electrical and electronics products. The integration of the country with the world economy has pulled its growth. As per Import Export Data, compared to the other developing countries, Vietnam is emerging as the clear leader in low cost manufacturing and sourcing, with the manufacturing sector accounting for 25% of the total GDP in 2021.

Another driving force behind Vietnam’s growing popularity is the country’s collection of free trade agreements. Vietnam has arises as a serious competitor to China and recent trends show that the number of orders shifting from China to Vietnam has seen a significant rise.

As per Vietnam Export Data, the main exports of the country are coffee, electrical and electronics products, textiles, and rice. The main export partners are United States, China, Japan, Korea Rep and Hong Kong.

Vietnam is the second largest exporter of rice. The country’s exports is likely to surpass the target set as it has earned nearly 2.4 billion USD from exporting 4.97 million tonnes of rice in the first eight months of 2022.

Asia is the biggest buyer of Vietnamese rice accounting for more than 50% followed by America and Africa. The Philippines has bought over one billion USD worth of Vietnamese rice, nearly half of the total exports. Ghana and Ivory Coast remained the stable markets for Vietnam with more than 18% of the total rice export.

As per Vietnam Import Data, the main imports of the country are computers, electronic products and parts, machine, instruments and accessories. The main trading partners for imports are Thailand, Malaysia, Germany, India and Hong Kong.

Vietnam spent $50 billion importing computers, electronic products, and components. The country’s electronics imports have doubled from 2015 to 2019. It imports electronic components mostly from Korea.

Vietnam’s foreign investment and company play a key role in Vietnam’s electronic industry. The electronic industry of the country is growing even after the negative impact of Covid-19 pandemic. The country has implemented some trade agreements with other countries and flexible policies to allure foreign investors and this would open opportunities for entrepreneurs as the industry plays a crucial role in the Vietnam’s economy.

The country heavily relies on the imported machinery and equipment from China, followed by South Korea and Japan. The main reason for success of international trade of the country is that it has followed export-led growth model blending trade liberalization and policies to allure foreign direct investment.

Australia All Relevant Import and Export Statistics that you Must Know

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