Vietnam’s Rapid Growth in Trade
Updated: Oct 28, 2020
Taking into account the economies across South –East Asia, The Socialist Republic of Vietnam which is a one-party communist state is considered one of the rapidly progressing economies markets and rightly concentrates its effort on becoming a developed nation by 2020.
The economy of Vietnam depends on huge state-claimed enterprises, such as materials, food, furniture, plastics, and paper, as well as the travel and broadcasting industries. Agriculture makes up 14.7% of GDP and hires 39.4% of the total workforce.
Today, Viet Nam is one of the star celebrities of the rising markets universe. Its economic growth of 6-7% rivals China, and its exports are price the maximum amount because of the total value of its GDP. Anything from Nike sportswear to Samsung smartphones is manufactured in this ASEAN nation. Exports in Vietnam accumulated to 27.50 USD Billion in Sep from 26.50 USD Billion in August of 2020. Vietnam has emerged as a vital electronics exporter, with electrical and electronic merchandise overtaking coffee, textiles, and rice to become the country’s prime export item. Samsung is Vietnam’s largest exporter and has helped the country achieve a trade surplus for the primary time in several years. Facts behind Vietnam’s growth - According to analysts from the World Bank and also the Think Tank Brookings, Viet Nam’s economic rise may be explained by 3 main factors: “First, it has incorporated trade relaxation with gusto. Second, it has complemented external liberalization with domestic reforms through deregulation and sinking the value of doing business. Finally, Viet Nam has endowed heavily in human and physical capital, predominantly through public investments. Major trading partners: Vietnam exports mostly to China, United States, Japan, South Korea, and Germany, and imports mostly from China, South Korea, Japan, Thailand, and Singapore. During 2019, the following export commodity groups reflect the highest dollar value in global Vietnamese shipments. The percentage share of the export group represents in terms of total exports from Vietnam is also shown.
Vietnam's Exports 2019 by country
USA with a share of 23% (61 billion US$)
China with a share of 15.6% (41 billion US$)
Japan with a share of 7.71% (20 billion US$)
Korea with a share of 7.45% (19.7 billion US$)
Hong Kong with a share of 2.7% (7.16 billion US$)
Netherlands with a share of 2.6% (6.88 billion US$)
India with a share of 2.52% (6.67 billion US$)
Germany with a share of 2.47% (6.56 billion US$)
United Kingdom with a share of 2.17% (5.76 billion US$)
Thailand with a share of 1.9% (5.05 billion US$)
The following product groups represent the highest dollar value in Vietnam’s import purchases during 2019. Also shown is the percentage share each product category represents in terms of overall imports into Vietnam.
Vietnam’s imports 2019 by country
Top trading partners (import sources) of Vietnam in 2019:
China with a share of 29% (75 billion US$)
Korea with a share of 18.5% (46 billion US$)
Japan with a share of 7.7% (19.5 billion US$)
Other Asia, nes with a share of 5.98% (15.1 billion US$)
USA with a share of 5.67% (14.3 billion US$)
Thailand with a share of 4.6% (11.6 billion US$)
Malaysia with a share of 2.87% (7.28 billion US$)
Indonesia with a share of 2.25% (5.7 billion US$)
India with a share of 1.78% (4.51 billion US$)
Australia with a share of 1.76% (4.47 billion US$)
Vietnam’s total exports expanded 16.6% YoY in Sep 2020, Compared with an increase of 7.1% YoY in the previous month. In the latest report, Vietnam’s total exports recorded 26.7 USD Billion in Aug 2020. Total imports recorded 22.7 USD Billion in Aug 2020, which is registered an increase of 12.6% year on year. Vietnam’s trade balance recorded a surplus of 3.0 USD billion in Sep 2020. Increase in Vietnam export and import from Jan 2020 to August 2020 -
According to the country's General Statistics Office on Monday, Vietnam's export and import turnover rose by 1.6 percent and decreased by 2.2 percent year-on-year in the first eight months of 2020, respectively. Export sales amounted to more than US$ 174.1 billion, and during the eight-month period import turnovers hit more than US$ 162.2 billion. Between January and August, with a turnover of 46.7 billion US dollars, the United States remained Vietnam's largest importer, followed by China with 27 billion US dollars and the European Union with 22.9 billion US dollars, according to the bureau. China, meanwhile, was Vietnam's largest exporter with a turnover of US$ 49.3 billion, followed by South Korea with US$ 28.7 billion and the Association of Southeast Asian Nations (ASEAN) with US$ 19.4 billion. We Tradeimex, provide the most precise facts and figures along with shipment particulars of goods suppliers in the country are being enclosed in our Vietnam Export Data and Vietnam Import Data across all the products. The sources of this data are genuinely comprising from Vietnamese Customs, Shipping & Logistics Corporations, and Port Authorities till Government Organizations.
We aim to cover the finest analysis of Vietnam’s economic market and across all the products via our export-import statistical report that does even have company names for a broader view. We cordially request you to have a quick glance through the sample shared beneath to comprehend the design and layout of our enumerated data for Vietnam Export and Import.
VIETNAM IMPORT DATA SAMPLE
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