I'm raising money for a cause I care about, but I need your help to reach my goal! Please become a supporter to follow my progress and share with your friends.
Subscribe to follow campaign updates!
Vietnam, formally known as the Socialist Republic of Vietnam, is a nation with a rich history, magnificent scenery, and a quickly expanding economy. It is located in Southeast Asia. In this post, we will examine the core elements of the Vietnamese economy, including its significant imports and exports as well as how trade data is essential for spotting business prospects in this growing country.
The resilient economy of Vietnam in 2023 is still impressive due to its consistent expansion. It is one of the Southeast Asian countries with the quickest growth rates, with a GDP of more than $360 billion. A youthful population of about 99 million people and the government's successful management of price stability, along with the low inflation rate of under 3%, provide a positive economic outlook.
Due to Vietnam's decreased cost of living, the GDP per capita has increased to about $3,750, offering a respectable level of living. Strong foreign reserves further boost the nation's economic stability, making it a desirable location for firms and investors looking for possibilities in a vibrant and quickly changing market.
Imports are essential to meeting Vietnam's industrial and consumer demands. Among the main imports of Vietnam according to Vietnam import data are:
Machinery and equipment: To support its expanding industrial sector, Vietnam imports a sizable quantity of machinery and equipment, valued at billions of dollars.
Electronics and Electrical Equipment: Both domestic and international markets are driving the increase in demand for electronics and electrical equipment, including mobile phones and their component parts.
Mineral Fuels and Oils: Vietnam imports a sizable amount of mineral fuels and oils to suit its energy needs.
Plastics and Plastics Products: Plastics and related items are imported in large amounts by Vietnam, which has a strong manufacturing industry.
Vehicles and automotive parts: The population's increasing level of wealth has fueled an interest in cars, which has resulted in significant imports in this sector.
The top imports of Vietnam are Integrated Circuits ($39.8B), Telephones ($20.7B), Light Rubberized Knitted Fabric ($6.29B), Broadcasting Accessories ($5.38B), and Refined Petroleum ($4.76B), importing mostly from China ($129B), South Korea ($56.5B), Japan ($18.2B), Chinese Taipei ($14.8B), and Thailand ($12.5B).
In 2021, Vietnam was the world's biggest importer of Light Rubberized Knitted Fabric ($6.29B), Synthetic Filament Yarn Woven Fabric ($2.51B), Coconuts, Brazil Nuts, and Cashews ($1.8B), Plastic Coated Textile Fabric ($1.33B), and Footwear Parts ($1.22B).
The prosperity of Vietnam's economy has largely been attributed to its exports. Major exports according to Vietnam export data are as follows.
Textiles and apparel: Vietnam is well-known for its exports of clothing, footwear, and textiles, which account for a sizable amount of its total export earnings.
Electronics and computers: The manufacturing of electronics and computers has been expanding, which has resulted in the export of goods like smartphones, laptops, and other electronic gadgets.
Footwear and Leather Products: Vietnam is a major supplier of footwear, and leather goods make up an important part of its overall exports.
Agriculture: The nation also exports a variety of agricultural goods, such as shellfish, coffee, and rice.
Furniture: Exports of furniture, particularly hardwood furniture, have become well-known on a global scale for their high quality.
In 2021, Vietnam exported a total of $356B, making it the number 18 exporter in the world. During the last five reported years, the exports of Vietnam have changed by $169B from $187B in 2016 to $356B in 2021.
The most recent exports are led by Broadcasting Equipment ($51.1B), Telephones ($25.3B), Integrated Circuits ($18.2B), Office Machine Parts ($11.7B), and Textile Footwear ($9.79B). The most common destinations for the exports of Vietnam are the United States ($99.3B), China ($57.8B), South Korea ($22.6B), Japan ($21.3B), and Hong Kong ($12.5B).
Data about commerce in Vietnam provides useful insights for companies wishing to enter this industry. Potential investors can spot a wide range of opportunities by looking at trade volumes, patterns, and demand for particular products. Additionally, knowing the tariffs and regulatory landscape might aid companies in navigating the complexities of the Vietnamese market.
Sign in with your Facebook account or email.