Vietnam's exports to reach $618B by 2030

 Vietnam is the fastest growing economy in the world. Vietnam is posing a stiff challenge to China in every aspect. Vietnam is offering cheap labour, quality products and better supply chain management while China’s are on the higher side.

Vietnam is the 26th largest economy in the world. Currently, manufacturers are facing an electronics parts shortage. Vietnam has become a major electronics market hub. Also, Vietnam is the leading market for garments, electrical equipment, leather and footwears.

According to the Vietnam trade data reports, Vietnam's total trade reached a record 730 billion dollars during the financial year 2022. Whereas, last year Vietnam trade statistics suggests that Vietnam's total trade value was around 664 billion dollars.

For the fiscal year 2022, Vietnam's exports have grown rapidly. It increased by 10% in FY 2022. Vietnam's total exports reached 372 billion dollars during the period. The major gainers were electronics, cellphones, shoes, garments, and furniture.

According to the Vietnam export data, the United States was the leading importer of Vietnamese goods with imports worth 109 billion dollars during the fiscal year 2022. Vietnam imports from Vietnam have climbed by 13% this year.

In 2021, Vietnam exports to the vietnamA were around 81 billion dollars. The vietnamA has become a major trading partner of Vietnam.The most prominent imports of Vietnam from the vietnamA were electrical equipment, textiles, machinery, furniture, leather, seafood, steel, fruits and nuts.

China is the second largest importer of Vietnamese goods and also, a competitor. China contributes around 16% share of Vietnam's total exports. According to the Vietnam import export data, China imports were around 88 billion dollars during FY 2022. These include smartphones, accessories, fabrics, fruits and footwears. During the same period, Vietnam shared a major trade deficit of 60 billion dollars with China.

South Korea, Japan and Hong Kong are the major import trading partners of Vietnam. During the fiscal year 2022, South Korea made imports worth 23 billion dollars.  Vietnam did record rubber exports to South Korea worth around 19 million dollars. Whereas, Vietnam mostly imports machinery, metals, fabrics, electronics, fuels and plastics. While both the governments are planning to expand their trade 100 billion dollars.

On the other hand, Vietnamese exports to Japan and Hong Kong were estimated around 26 and 15 billion dollars respectively. Japan’s major imports from Vietnam include garments, electronics, shrimps, cement, stones and plaster. On the other hand, Hong Kong imported Electronic components, smartphones and office machine parts.from Vietnam during FY22.

Vietnam’s exports are booming in the international market. Vietnam had done tremendously well in Thailand, Netherlands, Germany, India and the United Kingdom. 

During the fiscal year 2022, Vietnam exports to Thailand increased by 22%. Vietnam customs data suggests that around 7 billion dollars of exports were made by Vietnam to Thailand. The major imports by Thailand from Vietnam includes Vehicles, copper, fish, edible fruits and nuts. Both are working collaboratively to expand their bilateral trade to 9 billion dollars by 2025.

Netherlands and Vietnam had become a significant trade partner as of lately. During FY 2022, the Netherlands exported around 1.2 billion dollars worth goods to Vietnam while imports stood at 8.2 billion dollars.

Vietnam's most popular exports to the Netherlands include smartphones, coffee, vehicles, garments, fruits and vegetables. On the other hand, our Vietnam import data reflects that Vietnam made regular imports of gas turbines, vehicles, accessories, and medicaments.

Seeing Vietnam’s exports expanding in the international market, it could probably cross the 618 billion dollars mark by 2030. An expert market research portal like Vietnam Trade Intelligence System can help you gain competitive advantage in the Vietnamese market.