Vietnam All Relevant Import and Export Statistics that you Must Know

Vietnam is an agriculture-oriented country and a majority of its workforce is engaged in agriculture. As per Vietnam Export Data, the story of exports started soon after the French colonization. The top exports of Vietnam are Broad casting equipment, telephones and integrated circuits, and textile foot ware. The great performance of the country over the past three decades has been heavily dependent on exports and foreign direct investment, with foreign invested companies accounting for 67.8% of the Vietnam’s total export turnover in 2019.

As per Vietnam Import Export Data the main imports of the country are computer parts, instruments and accessories, iron and steel fabrics etc are top imports in the year 2020. The country heavily relies on imported machinery and equipment from China, followed by South Korea and Japan.

Export of Vietnam in the 2022

The exports of Vietnam climbed 13.4% as it saw trade surplus with the United States, its largest export market, widening to an all time high. As per Import export data 2022, the export value reached 89.1 billion USD, while its imports rose 15.2% to $87.64 billion, resulting in a trade surplus of $4.08 billion.

Exports in December increased 8.5% from November to $34.59 billion, while imports were up 3.1% to 31.62 billion. The United States of America is Vietnam’s largest export market for such product as garments, electronics and smart phones. Exports to America rose by a quarter to $96.3 billion. China is the Vietnam’s largest trading partner, on which the Southeast Asian country relies heavily for materials and equipment for its labour-intensive manufacturing.

Top 10 exports in 2022

1. Telephones, mobile phones and parts (21% of total shipments)

2. Textiles (12%)

3. Computers and electrical products (12%)

4. Shoes and footwear (7%)

5. Machinery instruments and accessories (6%)

6. Clothing accessories (5.62%)

7. Nuclear reactors, boilers, machinery and mechanical appliances (5.01)

8. Furniture, bedding , mattresses, supports, cushions (3.58%)

9. Fish, crustaceans, and molluscs (2.22%)

10. Edible fruits and nuts (2.15%)

Top 10 trading partners for exports in 2022

1. USA

2. China

3. Japan

4. Korea

5. Hong Kong

6. Netherlands

7. India

8. Germany

9. United Kingdom

10. Thailand

Vietnam Imports

Vietnam Import Data increased to 30.96 USD Billion in the year 2022. The country imports goods from various countries to meet the demand of the economy and keep a balance of trade. It includes many Asian and western countries. The total imports grew 12.8% year on year in 2022 as compared with an increase of 4.2% year on year in the previous month.

China is the largest source of Vietnam’s imports with 61.3 billion USD. The country saw 39% rise in the trade surplus with EU to about 15.5 billion USD.

Top 10 imports in 2022

1. Electric integrated circuits and micro assemblies – 12.1%

2. Electrical apparatus, telephone sets, video phones – 5.25%

3. Petroleum oils, bituminous minerals and waste oils- 2.5%

4. Diodes, transistors, photosensitive semiconductor devices, photovoltaic cells light emitting diodes and mounted piezo-electric crystals – 1.79%

5. Petroleum oils – 1.5%

6. TV sound recording television cameras, video cameras and digital cameras – 1.42%

7. Flat rolled products of iron, non-alloy steel, hot-rolled and clad plated or coated – 1.4%

8. Printed circuits – 1.4%

9. Coal, briquettes, ovoid’s and solid fuels – 1.38%

10. Other knitted or crocheted fabrics- 1.24%

Top 10 trading partners for imports in 2022

1. China

2. Korea

3. Japan

4. USA

5. Thailand

6. Malaysia

7. Indonesia

8. Australia

9. India

10. Australia

Trade between Vietnam and India

Vietnam, is the third biggest rice exporter, recently imported rice from India due to hike in the prices and the availability of limited supplies for their country. So there is lot of opportunities for Indian imports. Moreover if we consider trade relations, it is a bilateral relationship. As per the statistical data, the relationship has grown in the past few years and reached $11.12B in the financial year 2020-2021. Indian exports amounted to $ 4.99B, and Indian imports amounted to $6.12B.

Top 3 Indian exports to Vietnam in 2022

1. Iron and steel

2. Cotton

3. Frozen meat

How to expand your trade business in Vietnam?

If you are planning to expand your trade business to Vietnam, then you can take the help of Import Globals, the leading data service providers. They will help you access shipment records year-wise and country-wise, which will help you find opportunities to roll your business in Vietnam. You can also get information about various key inputs like custom data, shipment data, competitors move and others to make informed expansion moves in Vietnam.

Here are some of the points to consider when planning expanding your business in Vietnam-

1. Finding the right partner: The most important thing for international success is finding the right partner who partner who understand the local market dynamics and establish a structure that rewards success. An experienced and expert sales representative can help in seamless expansion of your international business in Vietnam. Also, hiring a professional data service provider will provide you a real-time access to the key data inputs that will help you plan your business moves accordingly.

2. Customize your offer to the market: Understand the market dynamics and specifics. Understand the local languages and cultural aspects and customize your market offer accordingly.

3. Cultural differences: These are the prime considerations. The first question is to analyze is how well the product will be successful in Vietnam. Hire a good translator for language barrier. You will probably need to make strategies on how you enter the Vietnam market such that your brand feels like an insider instead of an intruder.

4. Hiring an international team: When building an internationally recognized brand, find local resources to understand the trade scenario of Vietnam. The team will help you enter and grow in the foreign market with the help of their capabilities.

More and more business entities are planning to do trade with Vietnam because of its cheap labour, good young skills available, and easy government policies and regulations.

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Philippines All relevant Import and Export Statistics that you Must Know

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