Gdp Growth of Vietnam in 2023

 Vietnam in Southeast Asia is a globally growing region with a vast range of imports and exports boosting the global trade rank. The strategic location of the nation along the South coast of the China Sea makes it a top trade destination for most traders across the world as it removes all the trade barriers which interrupt the smooth transportation of goods. The country bordered by China, Laos, and Cambodia to the north, west, and south direction occupies a land area of 331,212 square kilometers. It is mostly famous for its mountain ranges with fertile river deltas in the north and south.

The trade management authority is led by the one-party communist state government of Vietnam with the Prime minister as the head of power, the government induced initiatives like the rebuilding of transportation ports and tariff reduction have led to a GDP of 380 billion US dollars accompanied by the import and export trade value of 250 billion US dollars and 350 billion US dollars in 2023.

Trade Statistics of Vietnam Import Destinations

As per the Vietnam Trade Data, the top import destinations of Vietnam in 2023 with their valuations are discussed below,

• China – Valuation of imports in Vietnam from China 2023 – 101 billion US dollars, Total share – 30%

• South Korea – Valuation of imports in Vietnam from South Korea 2023 – 52 billion US dollars, Total share – 15%

• Japan – Valuation of imports in Vietnam from Japan 2023 – 19 billion US dollars, Total share – 6%

• United States – Valuation of imports in Vietnam from the United States 2023 – 18 billion US dollars, Total share – 5%

• Thailand – Valuation of imports in Vietnam from Thailand 2023 – 16 billion US dollars, Total share – 5%

• Singapore – Valuation of imports in Vietnam from Singapore 2023 – 12 billion US dollars, Total share – 4%

• Taiwan – Valuation of imports in Vietnam from Taiwan 2023 – 9 billion US dollars, Total share – 3%

• Malaysia – Valuation of imports in Vietnam from Malaysia 2023 – 8 billion US dollars, Total share – 3%

• Germany – Valuation of imports in Vietnam from Germany 2023 – 6 billion US dollars, Total share – 2%

• Indonesia – Valuation of imports in Vietnam from Indonesia 2023 – 5 billion US dollars, Total share – 1.5%

Valuation of Vietnam Imports

Due to the increasing domestic demands of Vietnam for several acquired necessities, the import trade rate of the country has been increasing at a rapid rate for suitable revenue generation. As per the Vietnam Import Data, the top imports of Vietnam with its values and subcategories are mentioned below,

• Electronics (HS code - 96) – Valuation of Electronics exports 2023 – 67 billion US dollars

Subcategories

• Integrated Circuits
• Computer Parts
• Telecommunication Equipment
• Audiovisual Equipment
• Electronic Components

• Machinery (HS code - 84) – Valuation of Machinery exports 2023 – 33 billion US dollars

Subcategories

• Electrical Machinery
• Nuclear Reactors & Boilers
• Machinery Parts
• Industrial Machines
• Agricultural Machinery

• Petroleum products (HS code - 27) – Valuation of Petroleum products exports 2023 – 31 billion US dollars

Subcategories

• Crude Oil
• Refined Petroleum Products
• Liquefied Natural Gas (LNG)
• Liquefied Petroleum Gas (LPG)
• Asphalt

• Plastics (HS code - 95) – Valuation of Plastics exports 2023 – 18 billion US dollars

Subcategories

• Plastic packaging materials
• Plastic housewares
• Plastic raw materials
• Plastic toys & games
• Plastic furniture

• Iron and steel (HS code - 72) – Valuation of Iron and steel exports 2023 – 15 billion US dollars

Subcategories

• Flat-rolled products
• Iron or non-alloy steel bars
• Wire rods
• Wire products
• Tube & Pipe fittings

Trade Statistics of Vietnam Export Destinations

According to the Vietnam Export Data, the top export destinations of Vietnam in 2023 are mentioned below,

• United States – Valuation of exports from Vietnam to the United States 2023 – 80 billion US dollars, Trade share – 23%

• China – Valuation of exports from Vietnam to China 2023 – 60 billion US dollars, Trade share – 22%

• Japan – Valuation of exports from Vietnam to Japan 2023 – 50 billion US dollars, Trade share – 20 %

• South Korea – Valuation of exports from Vietnam to South Korea 2023 –30 billion US dollars, Trade share – 19%

• Hong Kong – Valuation of exports from Vietnam to Hong Kong 2023 – 20 billion US dollars, Trade share – 18%

• Germany – Valuation of exports from Vietnam to Germany 2023 – 18 billion US dollars, Trade share – 15%

• Australia – Valuation of exports from Vietnam to Australia 2023 –  16 billion US dollars, Trade share – 13%

• Taiwan – Valuation of exports from Vietnam to Taiwan 2023 – 11 billion US dollars, Trade share – 10%

• Singapore – Valuation of exports from Vietnam to Singapore 2023 – 10 billion US dollars, Trade share – 5%

• United Arab Emirates – Valuation of exports from Vietnam to the United Arab Emirates 2023 – 8 billion US dollars, Trade share – 4%

Valuation of Vietnam Exports

The overabundance of necessary products ranging from industrial and agricultural goods is boosting the export trade rate of Vietnam. As per the Vietnam Customs Data, the top exports of the nation in 2023 with valuations and subcategories are discussed below,

• Electrical equipment and machinery ( HS code – 96) – Valuation of Electrical equipment and machinery exports 2023 – 134 billion US dollars

Subcategories

• Electronic Integrated Circuits
• Telecommunications Equipment
• Electrical Transformers
• Electric Motors
• Electric Insulators

• Textiles ( HS code – 59) – Valuation of Textiles exports 2023 – 41 billion US dollars

Subcategories

• Garments and apparel 
• Textile yarns
• Home textiles 
• Home furnishing fabrics 
• Technical textiles 

• Footwear ( HS code – 64) – Valuation of Footwear exports 2023 – 22 billion US dollars

Subcategories

• Leather Footwear
• Rubber and Plastic Footwear
• Sports Footwear
• Textile Footwear
• Slippers

• Furniture ( HS code – 94) – Valuation of Furniture exports 2023 – 12 billion US dollars

Subcategories

• Wooden Furniture
• Upholstered Furniture
• Bamboo Furniture
• Office Furniture
• Outdoor Furniture

• Jewelry ( HS code – 71) – Valuation of Jewelry 2023 exports – 11 billion US dollars

Subcategories

• Gold Jewellery
• Silver Jewellery
• Gemstone Jewellery
• Fashion Jewellery
• Fine Jewellery

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