How Vietnam Global Trade Data can help in Export Import Business?

Vietnam is burgeoning as a manufacturing leader over the past few years. The abundance of cheap, young and skilled workforce and feasible business environment are the main driving factors that make Vietnam as the most sought-after country for foreign trade.

Vietnam is known as the low-cost manufacturer with the competitive labour costs. The labour costs are half as compared to China. The low cost of labour and the supportive government policies makes Vietnam a good choice for many businesses from all across the globe who are shifting their base to Vietnam.

As per Vietnam Global Import Export Data, goods worth USD 331.58 billion were imported to Vietnam in 2021. In the same year the total exports of the country was nearly $3.5 billion, making the country the ninth largest export destination for the United States.

The United States has always been Vietnam’s biggest importer and China it’s major exporter for years. In 2021, the export volume of Vietnam to the US market achieved USD$ 101.5 billion, with an increase of 18% from last year and Vietnam’s import of Chinese products and services during the same year was USD$109.46 billion with an increase of 10.12%.

The country’s both FDI inflow and export turnover has always outdone those of other Southeast Asia counterparts and this it has enhanced its position on the global value chain. Vietnam’s economy is outperforming most developing countries and is offering robust business climate and vision for future. The country also boasts a continuously improving business system and strong free trade network with major agreements in place with participating countries of EU, RCEP and CTPP as well as many other countries.

As per the Vietnam Import Data, the main imports of the country are electronic products, machinery, equipment, tools, computers, spare parts and components and instruments. The main import partners of the country are China, Japan, South Korea, United States, Taipei, Indonesia and India.

Similarly as per Vietnam Export Data, the main exports of Vietnam are telephones, mobile phones, rice, crude oil, electronic products, textiles and coffee. The main exporters of the country are the United States, China, South Korea, Hong Kong and Japan.

The country also exports edible fruits, vegetables and nuts to Middle East countries and North Africa to meet their high demand. This offers Vietnamese firms a great opportunity to boost their exports.

For importers and exporters of Vietnam, it is important to first analyze the trade dynamics of the country so that the businesses can make informed business decisions. Here comes the role of Vietnam Global Trade Data to play.

The authentic, reliable and real-time Vietnam trade data is a collection of statistics and facts based on the shipping bills, export bills and other export-export documents required for trading goods across international borders.

Vietnam data is authentic custom data information formulated by the expert data specialists and statisticians who provide information about HS code, shipping names, product description, value and quantity, country origin and destination, port, competitors’ details and more.

How Vietnam Global Data can help export import business?

Vietnam Global Data is a valid key to study trade market of Vietnam. The success of the business undertaking depends on the quality and reliability of trade data so it is considered the pillar for the success of foreign trade with Vietnam.

1. Know market fluctuations: The Vietnam Data plays a crucial role in running a business at the international level. It helps the importers and exporters of Vietnam know the present demand in the trade market and help to know the fluctuation in the market trends of the product. The data is the main source of Vietnam market analysis and help the businesses analyze the market trends and demands of various goods in Vietnam market.

2. Minimize the business risks: The data will minimize the business risks and helps the businesses analyze the Vietnam market dynamics to generate new business leads. The data will also help to identify the potential buyers of the product in the Vietnamese market.

3. Analyze patterns, trends and changes: Vietnam import export data help analyze the trends, changes and patterns in the trade flows over time. By examining import and export data, policy makers, businesses, and economists can know the competitiveness of the industries, identify the emerging markets and evaluate the impact of trade policies.

4. Consumption pattern: The Import Export Data of Vietnam is used to estimate the consumption patterns of the country. Traders can predict the local demand of commodities and plan their business moves accordingly.

5. Insight on raw materials flow: Vietnam Trade Data can give insight about the flow of material across countries. It helps to identify the highest exporter nation for a particular commodity. This can help businesses plan the strategies for getting materials.

6. Analyze trading trends: Importers and Exporters of Vietnam can analyze how trade policies impact the goods flow. Changes in the policies can have an impact on the raw materials flow. These changes can be found by examining the trade data. This information will help businesses catapult to new levels of success and growth.

7. Competitor’s moves: Vietnam Import Export Data help the businesses know the moves about their competitors. This includes the quantity imported/exported by them, value of their imports/exports, address, shipment details and more. This will help businesses plan their moves accordingly.

Wrap up

Vietnam Global Trade Data is a key to the successful import export business in Vietnam. It helps businesses plan their policies in an informed manner.