Over the past few decades, Vietnam has emerged as a low-cost manufacturing and sourcing hub. As per Vietnam Trade Data of 2021, the manufacturing sector alone contributed a 25% share of the Country’s total GDP.
Vietnam has become an ideal place for foreign investors offering promising investment opportunities. It is a gateway to reach out to other ASEAN (Association of Southeast Asian Nations) Markets. Vietnam holds a strong strategic position for global trade operations throughout Southeast Asia.
Now Investors are slowly shifting from China to Vietnam. Vietnam offers young and more highly skilled workers at comparatively less cost than China. Also, the government has taken several steps to support foreign investments. Such as improved financial sector, highly skilled workforce, and streamlining business regulations. Vietnam is a great place to test and develop the new goods & products.
In-depth Vietnam Trade Analysis
The Russia-Ukraine war crisis has led to price hikes in fuel, transport, raw materials, and labor shortage. That has changed global economic outlook completely.
Where the World’s leading economies are struggling, Vietnam’s industries have been rising and seeking speedy recovery. Even during the Co-vid outbreak, Vietnam has shown great resilience by keeping a positive GDP growth rate.
In terms of GDP, Vietnam is the 37th largest economy as per WTO. Future trade Forecasts for 2022 suggest that Vietnam economy will grow at a rate of 5.6% as compared to 2.5% in 2021.
Our Vietnam import-export data suggests that Vietnam’s imports were 408 billion USD in 2021 with a total of 44,039,541 shipments as compared to 262 billion USD in 2020.
In terms of exports, Vietnam exported goods worth around 413.28 billion USD in 2021 with a total of 49,848,326 shipments as compared to 300 billion USD in 2020. Vietnam Import Exports to rise by 2.5% in future.
Top Trade Partners for Imports by Vietnam during 2021
Vietnam Imports most of its products from China, South Korea, and Japan. These three were alone responsible for a 54.74% share of total imports with a total import value of 223.5 Billion USD.
As per Vietnam Import Data of 2021, the top 10 trade partners for imports by Vietnam were China(110.27 Billion US Dollars), South Korea (61.85 Billion US Dollars), Japan (25.62 Billion US Dollars), United States of America (21.21 Billion US Dollars), Taiwan (20.74 Billion US Dollars), Thailand (12.52 Billion US Dollars), Malaysia (8.99 Billion US Dollars), Singapore (7.92 Billion US Dollars), Indonesia (7.65 Billion US Dollars) and Australia (7.35 Billion US Dollars).
Top Products Imports by Vietnam during Jan-Dec 2021
During Jan-Dec 2021, Vietnam’s major products imports were Tree nuts, Dairy Products, Meat products, Poultry products, peanuts and processed fruits. The top 10 product commodities imports by Vietnam in 2021 by HS Code were –
| HS Code | Products Description | Total Import Value(Billion USD) | Share of Total Imports | |
| 1 | 85177021 | Transmission parts, Portable Receivers | 26.86 | 6.58% |
| 2 | 85423900 | Electronic Integrated Circuits | 23.63 | 5.79% |
| 3 | 85423100 | Processors & Controllers | 18.64 | 4.57% |
| 4 | 49070010 | Unused Postage, Stamps | 7.75 | 1.9% |
| 5 | 85423200 | Memories | 5.08 | 1.25% |
| 6 | 8013100 | Raw Cashew Nut | 4.35 | 1.07% |
| 7 | 85076090 | Lithium-ion accumulators including Laptops & Notebooks | 4.27 | 1.05% |
| 8 | 27090010 | Natural Gas & Condensers | 4.05 | 0.99% |
| 9 | 85299091 | LED, Backlight, Modules | 4.00 | 0.98% |
| 10 | 39269099 | Plastics and Plastic Articles | 3.82 | 0.94% |
Top Trade Partners for Vietnam Exports during 2021
The United States of America and China are among the top two largest importers of Vietnamese goods. These were mostly Machinery & Electrical, Metals, Textiles and animal products. The US and China alone share 39.11 % of total exports By Vietnam with a total export value of 161.6 Billion US Dollars.
As per Vietnam Export Data of 2021, the top 10 trade partners for Vietnam exports were The United States (97.40 Billion US Dollars), China (64.20 Billion US Dollars), South Korea (22.59 Billion US Dollars), Japan (21.29 Billion US Dollars), Hong Kong (12.65 Billion US Dollars), Netherlands (7.78 Billion US Dollars), Germany (7.43 Billion US Dollars), India (6.30 Billion US Dollars), Thailand (6.15 Billion US Dollars) and Cambodia (6.12 Billion US Dollars).
Top Product Exports of Vietnam during Jan-Dec 2021
During Jan-Dec 2021, Vietnam’s major products exports were Electronics, Textiles, Machinery and Footwear. The top 10 product commodities exports by Vietnam in 2021 by HS Code, Export Value, and Share of total exports were –
| HS Code | Products Description | Total Export Value(Billion USD) | Share of Total Exports | |
| 1 | 85171200 | Telephones For Cellular Networks | 34.70 | 8.4% |
| 2 | 85177021 | Transmission parts, portable receivers | 32.63 | 7.9% |
| 3 | 85423100 | Electronic integrated circuits: Processors and controllers, whether or not combined with memories, converters, logic circuits, amplifiers, clock and timing circuits, or other circuits | 13.53 | 3.28% |
| 4 | 72072029 | Semi-finished iron non-alloy steel | 8.74 | 2.12% |
| 5 | 85176259 | Other transmission apparatus incorporating reception | 7.65 | 1.85% |
| 6 | 84733010 | Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof | 6.17 | 1.5% |
| 7 | 64041900 | Footwear with outer soles of rubber, plastics, leather or composition leather and uppers of textile materials (other than sports footwear). | 4.61 | 1.12% |
| 8 | 64041190 | Sports footwear; tennis shoes, basketball shoes, gym shoes, training shoes and the like: Other | 4.59 | 1.11% |
| 9 | 85299091 | LED, backlight, modules | 4.18 | 1.01% |
| 10 | 85414022 | Photovoltaic Cells Assembled In Modules Or Made Up Into Panels. | 3.99 | 0.97% |
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Bilateral Trade Relations between India and Vietnam
Vietnam and India are connected through deep cultural roots. Same comes for trade also. The bilateral trade between India and Vietnam rose from a mere 72 million USD in 1995 to 14.14 billion USD in 2021.
According to the latest India-Vietnam Trade Statistics, India exports mainly Cotton, Iron & Steel, Frozen Meat, Vehicle Parts, Sea Food, Electrical, Machinery, Equipment, Cereals, and pharmaceutical products to Vietnam.
While, Vietnam’s exports include Chemicals, copper & its articles, electrical, machinery, broadcasting equipment, Iron & Steel articles, and agro-based products.
“India is the 10th biggest importer of Vietnamese goods.”
Many businesses in India are looking forward to expanding their business in Vietnam due to their developed infrastructure, government support, skilled workforce, and low-cost manufacturing.
The top sectors for investment in Vietnam are Energy, IT, chemicals, Mineral refining, Beverages, Manufacturing, and Automobiles. Whereas Vietnam areas of interest are pharmaceutical, Chemical, and IT sectors. The bilateral trade between the two has promising future. The import export estimates will only rise in future.
“Vietnam Trade Data Can Save Your Time of Market Research”
Exim Trade Data offers year-wise, monthly or quarterly business intelligence reports that will lend you genuine leads from Vietnam. Discover your market, product demand, pricing, competition, risks, and growth prospects with Import Export Data. Get valuable insights into Vietnam Customs Data by Country Name, HS Code, Product, Port & Shipping details. Utilize this data to plan and implement a successful marketing strategy.
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