Overview of Vietnam Import and Export Data 2023

Vietnam in the southeastern portion of Asia holds a vast population of 96 million and is home to a diversity of flora and fauna ranging from eye-captivating beaches to rolling hills in its plateaus. The nation is geographically based on the Indochina border, the eastern edge of the Asian Peninsula. The vast population residing there majorly in the urban areas practices the ethnicity of its ancient tribes like the Iconic Communist era leaders which is still now represented by some of the ancient carvings such as the Citadel and Temple of Literature in Hanoi.



Beyond the physiographic and historical importance, the country also has a remarkable effect on its global trade by some of the top traded commodities like electronics, textiles, and footwear with a trade value of 134 billion US dollars, 41 billion US dollars, and 21 billion US dollars. The trade rate of this country is evolving at an exponential rate by the evolution of its production sectors. The attributing factors altogether have recorded a GDP of 375 billion US dollars in 2023 with an annual growth rate of 6% from the previous few years.

Imports and Exports of Vietnam 2023

Imports and Exports of Vietnam are the factors that control the entire trade management of Vietnamese products. Both the consumer rate and the production rate are shifted or increased as per the total value of imports and exports per year to counter the economic growth. The top 10 imports and exports of the nation as per the Vietnam Trade Data are discussed below,

Imports

- Electronics (HS code - 96) – The annual import trade  rate of Electronics 2023 – 67 billion US dollars.

- Machinery (HS code - 84) – The annual import trade  rate of Machinery 2023 – 33 billion US dollars.

- Petroleum products (HS code - 27) – The annual import trade  rate of Petroleum products 2023 – 31 billion US dollars.

- Plastics (HS code - 95) – The annual import trade  rate of Plastics 2023 – 18 billion US dollars.

- Iron and steel (HS code - 72) – The annual import trade  rate of Iron and steel 2023 – 15 billion US dollars.

- Organic chemicals (HS code - 29) – The annual import trade  rate of Organic chemicals 2023 – 14 billion US dollars.

- Fabricated metal products (HS code - 94) – The annual import trade  rate of Fabricated metal products 2023 – 13 billion US dollars.

- Automobiles (HS code - 87) – The annual import trade  rate of Automobiles 2023 – 12 billion US dollars.

- Optical and medical equipment (HS code - 90) – The annual import trade  rate of Optical and medical equipment 2023 – 10 billion US dollars.

- Electrical machinery (HS code - 85) – The annual import trade  rate of Electrical machinery 2023 – 9 billion US dollars.

Exports

- Electrical equipment and machinery ( HS code – 96) – The annual export trade  rate of Electrical equipment and machinery 2023 – 134 billion US dollars.

- Textiles ( HS code – 59) – The annual export trade  rate of Textiles 2023 – 41 billion US dollars.

- Footwear ( HS code – 64) – The annual export trade  rate of Footwear 2023 – 22 billion US dollars.

- Furniture ( HS code – 94) – The annual export trade  rate of Furniture 2023 – 12 billion US dollars.

- Jewelry ( HS code – 71) – The annual export trade  rate of Jewelry 2023 – 11 billion US dollars.

- Rubber products ( HS code – 39) – The annual export trade  rate of Rubber products 2023 – 9 billion US dollars.

- Iron and steel ( HS code – 72) – The annual export trade  rate of Iron and steel 2023 – 8 billion US dollars.

- Vegetables ( HS code – 07) – The annual export trade  rate of Vegetables 2023 – 6 billion US dollars.

- Seafood ( HS code – 03) – The annual export trade  rate of Seafood 2023 – 5 billion US dollars.

- Plastic ( HS code – 84) – The annual export trade  rate of Plastic 2023 – 4 billion US dollars.

Top 10 Fascinating Facts of Vietnam Import and Export Trade

The rapidly evolving trade sectors of the nation have recorded Vietnam as one of the top globally leading trading communities across the globe. Its business-friendly policies along with the strategic location make it a significant destination for both import and export of trade. As per the Vietnam Customs Data, the top 10 fascinating facts of the nation's rapidly evolving economy are discussed below,

• Rapid growing Economy – The increasing productivity rate of the industrial sectors and the proper trade management by the authorities is recording a growth rate response of 7.02% annually leading to a rapidly growing economy of the nation.

• Top ranked exporter – The total value of exported goods per year from the country is increasing at a rapid rate with an export trade value of 320 billion US dollars in 2023 recording itself as a leading exporter across the globe.

• Agricultural exports – Almost half of the exports of the nation are led by agricultural exports like seafood, coffee, rice, and oil recording a majority share in the total export trade rate according to the Vietnam Export Data.

• Major trade partners – Countries like China, South Korea, the United States, and Japan are leading the list of top trade partners of the nation by their annual import and export trade revenues of 101 billion, 52 billion, 80 billion, and 60 billion US dollars in 2023.

• Growing imports – The country is also facing rapid growth in its import trade rates accounting for total trade revenue of 262 billion US dollars in 2023.

• Membership in ITO (International Trade Organizations) – The facilitation of the import and export trade rates of the nation is mainly by its membership in different ITOs which provides proper management to its traded products.

• Sustainable Development – Without any significant pause in its trade revenues the country is keeping on evolving its production sectors to record a minimum growth in its trade rate.

• Increase E-commerce Trade – To support the annual generated revenues the country has also reported its trade platform in e-commerce to increase its trade reach to every corner of the world says the Vietnam Import Data.

• Service sector growth – The relentless growth of the service sector accounts for a 50% share of its total GDP which makes it a significant contributor to the entire economic growth.

• FDI (Foreign Direct Investments) – The involvement of the Vietnam Trade authorities in the FDI has increased the growth rate of its business commodities over the past few decades.

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