MAJOR IMPORT AND EXPORT INDUSTRIES OF VIETNAM ECONOMY OF VIETNAM AS A WHOLE

- November 21, 2022

Vietnam is transforming at a very fast pace in all domains and is on the track to becoming one of the greatest manufacturing centers of multiple commodities and products. Moreover, due to its cheap, young, and efficient labor, many big companies are getting attracted to it for primary manufacturing and assembly of goods like automobiles, mobile devices, and other electronic gadgets.

Due to the rising costs in China, it is not an idle country for many businesses and hence they are diverting to other alternate nations, specifically Vietnam for initial production and manufacturing needs. Besides cost as a major factor, the working environment of Vietnam is also attracting big investors and companies towards it as China has a very complex and restricted working environment as compared to Vietnam.

Vietnam is also working on signing many Free Trade Agreements with multiple countries such as EU nations and The United Kingdom to boost its economy and develop good international relationships with other countries. This will not only help to boost Vietnam Trade Data and Vietnam Export Data but it will also help to import those goods whose demands are high as compared to the supply in the nation which will, in turn, give rise to Vietnam Import Data by a considerable amount.

The manufacturing sector of Vietnam has grown drastically which now accounts for 25% of the total nation’s GDP. This has only become possible because of the nation’s cheap manufacturing costs and sourcing. The Vietnam Trade Data is growing rapidly year by year.

CURRENT MARKET SCENARIO OF THE ECONOMY IN VIETNAM

Vietnam is pacing in almost all areas. The domestic market of the nation is also growing every year which is also dragging investors towards itself as there will be more labor force in the future and new avenues for profit generation will arise. The association of big investors with the market of Vietnam will continue for some more years because, with each passing year, the population is rising and hence the domestic consumption. In the year 2021, the US surpassed China as the biggest export partner of Vietnam as it is listed in Vietnam Export Data for the year 2021.

Major export partners for the year 2021 were:

· The United States (USD 96 billion)

· China (USD 56 billion)

· South Korea (USD 23 billion)

· Japan (USD 20.2 billion)

· Hong Kong (USD 12.5 billion)

Major import partners of Vietnam derived from Vietnam Import Data which are listed in Vietnam Trade Data for the year 2021 were:

· China (USD 110 billion)

· South Korea (USD 56.5 billion)

· Japan (USD 22.5 billion)

· Taiwan (USD 21 billion)

· The United States (USD 15.2 billion)

PRIMARY INDUSTRIES OF VIETNAM

Gone are the days when it was believed that Vietnam was the major textile-producing and manufacturing nation in the world. In the current scenario, the country has gone long way and now it is producing almost the products efficiently. The country is now on a verge of becoming a techno-savvy nation due to the huge investments done by big companies like LG, Samsung, Nokia, etc. Other major industries of Vietnam are the Automotive and medical equipment industries. All these goods are being exported to various nations which are boosting Vietnam Export Data and Vietnam Trade Data by a very significant amount.

The top 5 Exports of the nation, as listed in Vietnam Export Data are:

· Mobile Phones (USD 57.7 billion)

· Electronic gadgets and PCs (USD 51 billion)

· Machines (USD 38.1 billion)

· Textiles (USD 32 billion)

· Footwear (USD 17.5 billion)

The top 5 Imports of the nation, as listed in Vietnam Import Data are:

· Electronic Goods and PCs (USD 75.7 billion)

· Machines (USD 46.5 billion)

· Mobile Phones (USD 21.8 billion)

· Fabrics (USD 14 billion)

· Plastics (USD 11.9 billion)

The E-commerce market is also flourishing in the nation. The culture of Vietnam is changing and focusing more on increasing the level of disposable income. Ridesharing, online payments, and other modes of paperless transactions are promoted in the country. The e-commerce business took a leap of 18.3% in the year 2020 which was very commendable.

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