Vietnam Trade Statistics: Import and Export Trends of 2023

 


Vietnam on the eastern portion of South Asia is an influential economy of the Asian continent with driving variation of export sectors. The growing import and export trade statistics of the nation showcase the positive outgrowth of the global economic trend. The country with a population of 96 million occupies a land area of 331,230 square kilometers which has an abundance of natural reserves like Bauxite, Coal, Tin, Zinc, Lead, and iron ore contributing to the rapidly growing economy of the nation. The export-dominating trade rates of the nation hold a substantial share of 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 Vietnam Trade landscape of 2023 including both its growing import and export market is shaped by the efficient productivity rate of the manufacturing sectors and the better infrastructures of the transportation ports. The GDP of the nation has achieved a staggering rate of 375 billion US dollars in 2023 with a substantial import and export trade value of 250 billion US dollars and 350 billion US dollars. Import Globals Vietnam Trade Statistics gives a detailed overview of the country’s global trade for a clear visualization of the growing trade rates.

TOP 10 GOVERNMENT INITIATIVES BEHIND THE GROWING ECONOMY OF VIETNAM

The increasing focus of the government authorities on the trade rate of the nation holds a significant role in economic revenue as it facilitates the transport of goods and valuable trades of commodities. As per the Vietnam Trade Data, the top 10 Government Initiatives behind the growing economy of the nation in 2023 are,

1.      Doi Moi Economic Reforms

2.      Promotion of Foreign Direct Investment

3.      Trade Liberalization and Free Trade Agreements

4.      Development of Industrial Zones and Special Economic Zones

5.      Infrastructure Development

6.      Labor Market Reforms

7.      Agriculture Modernization

8.      Tourism Development Strategy

9.      IT Sector Growth

10.  Renewable Energy Initiatives

TRADE RATE OF TOP VIETNAM IMPORTS

As per the Vietnam Import Data, the top 10 import commodities of the nation in 2023 with their valuations and variations are discussed below,

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

Import Variations

·         Integrated Circuits

·         Computer Parts

·         Telecommunication Equipment

·         Audiovisual Equipment

·         Electronic Components

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

Import Variations

·         Electrical Machinery

·         Nuclear Reactors & Boilers

·         Machinery Parts

·         Industrial Machines

·         Agricultural Machinery

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

Import Variations

·         Crude Oil

·         Refined Petroleum Products

·         Liquefied Natural Gas (LNG)

·         Liquefied Petroleum Gas (LPG)

·         Asphalt

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

Import Variations

·         Plastic packaging materials

·         Plastic housewares

·         Plastic raw materials

·         Plastic toys & games

·         Plastic furniture

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

Import Variations

·         Flat-rolled products

·         Iron or non-alloy steel bars

·         Wire rods

·         Wire products

·         Tube & Pipe fittings

TRADE RATE OF TOP VIETNAM EXPORTS 2023

According to the Vietnam Export Data, the top export commodities of the nation in 2023 are discussed below,

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

Export Variations

·         Electronic Integrated Circuits

·         Telecommunications Equipment

·         Electrical Transformers

·         Electric Motors

·         Electric Insulators

  • Textiles ( HS code – 59) – Export trade cost of Textiles exports 2023 – 41 billion US dollars

Export Variations

·         Garments and apparel 

·         Textile yarns

·         Home textiles 

·         Home furnishing fabrics 

·         Technical textiles 

  • Footwear ( HS code – 64) – Export trade cost of Footwear exports 2023 – 22 billion US dollars

Export Variations

·         Leather Footwear

·         Rubber and Plastic Footwear

·         Sports Footwear

·         Textile Footwear

·         Slippers

  • Furniture ( HS code – 94) – Export trade cost of Furniture exports 2023 – 12 billion US dollars

Export Variations

·         Wooden Furniture

·         Upholstered Furniture

·         Bamboo Furniture

·         Office Furniture

·         Outdoor Furniture

  • Jewelry ( HS code – 71) – Export trade cost of Jewelry 2023 exports – 11 billion US dollars

Export Variations

·         Gold Jewellery

·         Silver Jewellery

·         Gemstone Jewellery

·         Fashion Jewellery

·         Fine Jewellery

LEADING INDUSTRIES OF VIETNAM

The Vietnam Customs Data enlists the below industries as the top producers of the nation in 2023,

  • Samsung Electronics Vietnam Co., Ltd – Market value of Samsung Electronics Vietnam Co., Ltd 2023 – 65 billion US dollars
  • Viettel Group – Market value of Viettel Group 2023 – 43 billion US dollars
  • VinFast LLC – Market value of VinFast LLC 2023 – 11 billion US dollars
  • Vietnam National Oil and Gas Group – Market value of Vietnam National Oil and Gas Group 2023 – 10 billion US dollars
  • FPT Corporation – Market value of FPT Corporation 2023 – 8 billion US dollars
  • Vietnam Dairy Products Joint Stock Company – Market value of Vietnam Dairy Products Joint Stock Company 2023 – 2 billion US dollars
  • Toyota Motor Vietnam Co., Ltd – Market value of Toyota Motor Vietnam Co., Ltd 2023 – 1.5 billion US dollars
  • Hoa Phat Group – Market value of Hoa Phat Group 2023 – 1.4 billion US dollars
  • Vingroup Joint Stock Company – Market value of Vingroup Joint Stock Company 2023 –1.2 billion US dollars
  • Truong Hai Auto Corporation – Market value of Truong Hai Auto Corporation 2023 – 1 billion US dollars

Comments

Post a Comment

Popular posts from this blog

Importance of Turkey Import Export in Trade Data Business

Are you planning to do trade business with Turkey? If so, it is very important to know the trade dynamics of the country so that you can make informed business decisions. Here comes the need of Turkey Global Import Export Data details on real-time basis for successful international trade expansion. Turkey Import Data is collected of statistical information about each company’s business activities. It is based on the shipping bills, import bills, invoices and other import export documents. The data provides a bird’s eye view of the commodities that are imported or exported in Turkey. The Turkey import and export data contains information about price, HS code, importers’ details, exporters’ details, custom data, shipment data, competitors’ data, product description and quantity. Know the importance of Turkey import export data 1. The authentic and real-time import export data is used to estimate the consumption pattern of Turkey. The businesses can predict the local demand of commoditi
Read more

Russia Import Export Statistics 2023

  Russia's trade activities were significant, with both exports and imports playing crucial roles in its economy. Here's a general overview: Exports: Energy Resources: Russia is renowned for its vast energy resources, particularly oil and natural gas. These resources constitute a substantial portion of Russia's export revenue. Russia Export Data Minerals and Metals: Russia also exports various minerals and metals, including iron ore, coal, aluminum, and copper. Arms and Military Equipment: The country is a significant exporter of arms and military equipment to various countries around the world. Agricultural Products: Russia exports agricultural commodities such as wheat, barley, and other grains. Imports: Machinery: Russia imports machinery and equipment for industrial purposes, including machinery for manufacturing and infrastructure development. Russia Import Data Consumer Goods: Like many countries, Russia imports various consumer goods such as electronics, clothi
Read more

Import and Export Procedures in Vietnam 2023

Import Procedures in Vietnam: Import License: Some goods require an import license issued by the relevant authorities in Vietnam. Importers should check whether their products fall under this category. Customs Declaration: Importers must complete customs declarations accurately and submit them along with supporting documents to customs authorities. Vietnam Import Data Customs Clearance: Imported goods must undergo customs clearance procedures, which include inspection, assessment of duties and taxes, and compliance verification. Payment of Duties and Taxes: Importers are responsible for paying import duties, taxes, and other applicable fees based on the classification and value of the imported goods. Documentation: Required documents for importation typically include commercial invoices, packing lists, bill of lading or airway bills, import permits or licenses (if applicable), and certificates of origin. Export Procedures in Vietnam: Export Registration: Some products may require ex
Read more