Rapid Surge in the Trade Rate of Vietnam

Vietnam a rapidly growing economy of the Asian continent is right now emerging as a top global trader with the rapid urbanization and evolution of its industrial sectors. The country spanning over a land area of 331,230 square kilometers is rich in abundant natural resources, metallic ores, iron zinc, and bauxite. The divergent rate of industrial exports covering a wide range of domestic and international acquirements like industrial and agricultural goods facilitates the export trade rate of the nation contributing a significant share in its growing economy.

The growing global trade landscape of the nation is framed by different government reforms like tax management during transportation of goods, membership with different trade unions, and development of the transportation ports infrastructure which all have led to a total GDP rate of 400 billion US dollars in 2023. Import Globals detailed key insights on Vietnam’s Customs Data showcases the significant factors of the country's growing trade to help the top business holders get an extreme hike in their global trade rates.

Trending Points of Vietnam's Trade Growth in 2023

The trade rate of Vietnam has been facing different upward and downward trends in the past few years because of its rapidly advancing trade rates and industrial efforts for maximum productivity. The key factors behind the rapid hike of the Vietnamese trade as per the Vietnam Trade Data are discussed below,

1. Strategic Location - The strategic location of the nation near major economies like China, Japan, and South Korea made this country a vital trade hub for the Asian region. The transportation ports serving over the seas facilitate the import and export trade rates by efficient delivery of demanded goods.

2. E-commerce Trades - The trade management authorities of Vietnam have started establishing different e-commerce platforms for expanding their global reach across different top traders worldwide. Different products have been made available to customers at any location by well-equipped technological services.

3. Diversification of Exports - The rapid urbanization in different central areas of the country has increased the domestic acquirement and industrial evolution which has led to the production of different export categories that facilitate the export growth rate sharing a significant percentage in the annual revenue. The diversification of exports means the production of different domestic and international acquired commodities ranging from industrial machinery to agricultural goods and textile products.

4. FDI Hikes - The country’s increasing membership with Foreign Direct Investment mainly for the technology and manufacturing sector has recorded significant growth in its GDP rate.

5. Evolution of Supply Chain - The country's trade management authorities are practicing to induce supply chain methods in its global trade rates for the elimination of export dependency over single sources.

Top Imported Products of Vietnam in 2023

The growing global acquirement of domestic needs of consumer rates and industrial necessities has led to a total import value of 250 billion US dollars. As per the Vietnam Import Data, some of the top imports of the nation are discussed below.

1. Electronic - Electronic products like circuits, plugs, and other equipment with an HS Code of 96 are right now the top import of Vietnam because of huge electricity-based production recording a total import value of 67 billion US dollars.

2. Machinery - Machinery like electrical machinery, nuclear reactors, and boilers are becoming the top imported commodities due to the increasing productivity rates holding an import value of 33 billion US dollars.

3. Petroleum Products - The increasing necessity for energy generation in different industrial sectors of Vietnam has boosted the import trade rate of petroleum products in 2023 by a value of 31 billion US dollars. 

4. Plastics - The different plastic commodities like plastic hardware, plastic packaging materials, and plastic toys have recorded an import trade value of 18 billion US dollars in 2023 due to the rising industrial demands.

5. Iron and Steel - The construction sites and metallic products manufacturers right now are demanding top commodities like wire rods, wire products, and flat rolled products recording an import trade value of 15 billion US dollars in 2023.

Top Exported Products of Vietnam in 2023

The products manufactured in Vietnam are getting higher global demand because of well equipped quality and better trade rates. As per the Vietnam Export Data, the top exported products of the nation in 2023 are discussed below,

1. Electrical Equipment and Machinery - The well-equipped methods and cutting-edge technologies used for manufacturing machinery have boosted the market value of electrical equipment by a rate of 134 billion US dollars in 2023.

2. Textiles - The slowly upgrading demands of textiles in different industries like the clothing industry, home furnishings, and industrial productions have recorded an export trade value of 41 billion US dollars.

3. Footwear - Footwear with an HS Code of 64 has attained an export trade value of 22 billion US dollars in 2023 with products like leather footwear, rubber and plastic footwear, and sportswear as the top demanded global commodities.

4. Furniture – The development of housing techniques, remodeling projects, and shifting to remote opportunities have recorded a significant rise in the export of furniture global demands resulting in a total export trade value of 12 billion US dollars in 2023.

5. Jewelry – The cutting-edge and refining technologies used for the manufacturing of costly jewelry make the Vietnam jewelry products a globally sought commodity recording an export trade value of 11 billion US dollars.