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

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