More Tips. Vietnam Exports In the last years, Vietnam's exports have doubled as competitive minimum wage and low costs of utilities boosted foreign direct investment in the manufacturing sector. There were around 44 million shipments as per our Vietnam exports shipment reports. Compared to the same period in 2021, the export of plastic products to this market increased by 28.9%. Per Knight Franks the Wealth Report, the dramatic growth of ultra-high net worth individuals in Asia is set to be reinforced by stellar growth rates in several countries, including Vietnam, which is expected to see its ultra-wealthy population rise by 170 percent to 540 over the next decade the highest rate of growth in the world. During the 11-month period, Vietnam had 31 export items earning more than US$1 billion each, accounting for 92% of total exports, and six with over US$10 billion, or 64.3%. Vietnam Major Exports. Vietnam, a major assembler of smartphones for global brands, has reached an export value of phones and components of $51.18 billion last year, according to the General Statistics Office of Vietnam. Textiles and garments are the Southeast Asian country's second-largest export earner, after . The data collected from declaration forms are subject to verification checks, first at the Regional Customs offices and then at the Central Office in Hanoi. U.S. total exports of agricultural products to Vietnam totaled $3.4 billion in 2020, our 7th largest agricultural export market. The 2020 total was US$928.7 million, a decline of 11% from that of 2019. As a result of significant engagement, many agricultural trade irritants for the United States have been eliminated. This country of over 98 million consumers, with a positive view towards the United States, exhibits the demographics needed for continuous growth over the next 20 years, and it is a rising star among Asias bustling economies. The exports to Japan were at $3.450 billion. Vietnam exports for was $0.00B, a NAN% decline from . The impact of the Covid pandemic and China's move have created two clear trends in Vietnam's seafood exports to this market: the turnover of fresh/frozen products dropped sharply, the export of dried and processed goods. In 2018, Vietnam's exports per capita were $2.86k and its imports per capita were $2.65k. For the financial year 2021, Vietnam's largest export trading partners shared a total export value of 251.91 Billion US Dollars with 60.97% share of total exports. Vietnam's plastic exports to Cambodia's market increased in the first 3 months of 2022, with the export turnover of plastic reaching 50.7 million USD, accounting for 3.6% of the total export turnover of plastic products. vietnamhad a total exportof 281,441,457.24 in thousands of us$ and total importsof 261,309,451.92 in thousands of us$ leading to a positive trade balanceof 20,132,005.32 in thousands of us$ the effectively applied tariffweighted average (customs duty) for vietnam is 1.34% and the most favored nation (mfn)weighted average tariff is 5.30%.the trade The travel and tourism sector, one of Vietnams most critical industries, hopes to benefit from the return of international visitors in mid-2022 after widespread COVID-19 disruptions since 2020. Goods exports grew up by $ 16.8 billion in 2020 (the value of merchandise exports from Vietnam amounted to $264 billion in 2019) Exports | Vietnam Export destinations of commodities from Vietnam Open Month Exports Imports Balance; January 2021 : 900.0 . Shrimp accounted for 46 percent of Vietnam's total seafood exports in 2017, raking in US$3.8 billion out of US$8.3 billion worth of aquaculture exports in total. by Arno Maierbrugger - Feb 24, 2021. Among Vietnam's key export staples, phones and parts are predicted to gross the largest export turnover during the January-November period with US$46.9 billion, down 3.4% . Secure .gov websites use HTTPS Vietnam improved its meat and poultry facility registration process and restarted its approval process for biotechnology products. The most rapid decrease was seen in exports to Latin America (-25.4%), followed by the EU (-15.4%), North America (-8.4%) and Asia (-5.8%), reflecting the negative impacts of the Covid-19 epidemic on different continents. License : CC BY-4.0. A .gov website belongs to an official government organization in the United States. Test Your Knowledge . Furthermore, industrial inputs continued to see steady growth as Vietnam continues to import machinery, chemicals . Among Vietnam's key export staples, phones and parts are predicted to gross the largest export turnover during the January-November period with US$46.9 billion, down 3.4% . This page provides forecast and historical data, charts, statistics, news and updates for Vietnam Net Exports. During the last 24 years the exports of Russia to Vietnam have increased at an annualized rate of 11.8%, from $122M in 1996 to $1.78B in 2020. Exports of goods and services (annual % growth), Exports of goods and services (constant LCU), Exports of goods and services (constant 2015 US$), Exports of goods and services (current LCU), Exports as a capacity to import (constant LCU), International Comparison Program & Purchasing Power Parity, International Household Survey Network (IHSN), Trust Fund for Statistical Capacity Building. U.S. exports to Vietnam grew by 23.3% in 2015 and by 43.2% in 2016, resulting in a two-year increase of 77.1%. Meanwhile, EVFTA (EU-Vietnam free trade agreement) took effect, which has helped Vietnam's products become more competitive. . The top categories of U.S. goods benefiting from the increase of exports were electrical machinery, cotton, aircraft, plastic and machinery products. Description. Vietnam is the leading exporter of cashews worldwide, accounting for 32.7% of global cashew exports in 2017 with a value of $2.8 billion. The top of the head is considered sacred in Vietnam, avoid passing objects over anyone's head. Discover Top Vietnamese Exporter Companies from our Vietnamese Exporters Directory, All Right Reserved by Exim Trade Data | Copyright @2021-2022, Vulcanized rubber sheet Anana Comfort High Z (latex foam) used in the production of shoe soles. Vietnam has emerged as the largest export market for electrical and electronics goods. A .gov website belongs to an official government organization in the United States. Vietnam exported more than 50 per cent of its garments to the US out of the total exports of $17.875 bn in the first half (H1) of this year. For the fiscal year 2021, Vietnam was the 18th largest importer and 29th largest exporter in the world.Vietnam total import value was around 408.33 Billion U. . Vietnam has numerous FTAs with third countries, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, the European Union-Vietnam FTA, and the Regional Comprehensive Economic Partnership. The 2001 U.S.Vietnam Bilateral Trade Agreement (BTA) transformed the bilateral commercial relationship between thetwo nations and accelerated Vietnams entry into the global economy, with Vietnam joining the World Trade Organizationl (WTO) in January of 2007. This site contains PDF documents. . In recent years, the rice industry has made great progress and achieved many results. Imported vehicles represent the fastest grower among the top 10 import categories, up by 75.9% from 2020 to 2021. U.S. export of agricultural products account for 30-40 percent of total exports to Vietnam, and the country remains a top ten market for U.S. food and agricultural products and it is the fastest growing market in the top ten. The fastest growing middle and affluent class in the region, providing the right demographics for growth and receptivity to U.S. products and services. During the 11-month period, Vietnam had 31 export items earning more than US$1 billion each, accounting for 92% of total exports, and six with over US$10 billion, or 64.3%. Vietnam has an advanced ports structure for large scale export operations. Relatively high tariffs and strong competition from countries benefitting from preferential trade agreements with Vietnam will constitute the most significant challenges to a diverse range of U.S. food and agricultural exports. Vietnam was a major beneficiary of enhanced trade ties; in 2020, Vietnam held a USD 63.4 billion trade surplus with the United States. A Tale of Two Exporters. Vietnam's garment industry is expected to face a decline in orders from its key markets over the next two quarters, the country's textile and apparel association said on Monday, amid high inflation that is dampening global demand. Over the past five years, Vietnams export revenue to the U.S. surged 230 percent, while its import value was up by more than 175 percent. Table reflects only those months for which there was trade. Vietnam's major product exports were Electronics, Iron, Steel, Textiles and Footwear. Identify the potential business opportunities in the global market with our expert intelligence reports. A lock ( If you continue to navigate this website beyond this page, cookies will be placed on your browser. The total volume and export value of rice in the first 6 months of 2020 to nearly 3.5 million tons and 1.71. billion USD, up 4.4% in volume and up nearly 18% in value over the same period in 2019. Vietnams demand for feed ingredients will continue to grow as the livestock sector benefits from an expected return of the food and hospitality sectors. APDF readeris available from Adobe Systems Incorporated. That dollar metric eclipses the average $3,600 per capita for 2020. The rapid growth of trade between the United States and Vietnam has led to several trade problems. Exports of U.S. dairy products were particularly strong in 2021 and have been growingly consistently in recent years. Data are in current U.S. dollars. Much of the growth in 2021 can be attributed to increases in nonfat dry milk powder exports, followed by increases for whey and lactose. In October, the country's total export and import value was estimated at $58.27 billion, up 0.1 per cent month on month and 5.7 per cent year on year, the GSO said on October 29. This Country Commercial Guide is intended to introduce U.S. exporters to doing business in Vietnam and provide the foundation necessary for a firm to take the initial steps needed to pursue business here. Tourism is an important element of economic activity in the nation, contributing 7.5% of the total GDP. Furthermore, since 2018, Vietnam is a net exporter of services. In the agriculture industry, Vietnam exports primarily nuts, coffee, rice, fish and crustaceans. Vietnam's total exports came in at $336.31 billion, while its imports rose 26.5% to $332.23 billion, resulting in a trade surplus of $4.08 billion, the Customs Department said in a statement.. Research from Fitch Ratings said that Vietnams economy remains robust due to a rise in exports and domestic activity. Vietnam shipments record suggests that it made a total 49,848,326 shipments in 2021. The value of total exports from Vietnam was $ 281 billion in 2020. Bilateral trade between Vietnam and the US hit a new record high in 2021, with a total of US$111.56 billion, up nearly US$21 billion year-on-year as per the General Department of Customs. . The General Statistics Office of Vietnam also provides live animal numbers as of October 1. Vietnam had exported apparel worth $14.284 billion in 2021 which was 45.78 per cent of its total exports of $31.201 billion, as per TexPro. Vietnam's export of computers and electronic components of to Malaysia in March 2020 reached 35.9 million US $ , accounting for 1.0% of the country's share and accounting for 10.7% of the CPTPP sector, an increase of 1.0 % compared to the previous month but decreased by 4.1% compared to March 2019. Vietnamese rice grains have been present in over 150 countries and territories. Additionally, manufacturing operations shifting from PRC to neighboring nations, in part because of PRCs relationship with The United States, is also contributing to the growth. Here, we have mentioned the top Vietnam suppliers list based on our Vietnam exporters data. In 2021, goods with a value of around 335.93 billion U.S. dollars were exported from Vietnam. Vietnam's Top 10 Exports Vietnamese consumers continue to view U.S. food and agricultural products as safe and high quality. Also shown is the percentage share each export category represents in terms of overall exports from Vietnam. In 2020, the largest share of Vietnam's exports belonged to phones and parts, accounting for 18.1 percent of the country's total exports. U.S. goods exports to Vietnam in 2020 were nearly USD 10 billion, slightly decreased from USD 10.9 in 2019 and an increase of 270 percent compared to 2010. USA was the largest market for exports from Vietnam in 2020 ($ 77 billion or 27% of total exports). Samsung Electronics, Samsung Display and Intel Products were top 3 Vietnam export companies in 2021 with a total export value of 74.11 Billion US Dollars. Export duties must be paid within 30 days of registration of customs declarations. Over the past few years, Vietnam has been active in signing bilateral trade agreements with countries throughout the world. Given Vietnam's population of 98.3 million people, its total $406.8 billion in 2021 exports translates to roughly $4,150 for every resident in the Southeast Asian nation. Rice exports play an important role in Vietnam's socio-economic development. Based on Vietnam export statistics, the top 10 product exports by Vietnam shared a total export value of 129.52 Billion US Dollars with 29.26% share of total exports. Millionaire numbers are expected to jump from 14,300 to 38,600 over the same period. This growth rate exceeds neighboring PRC and India. 07 November 2022. Discusses key economic indicators and trade statistics, which countries are dominant in the market, and other issues that affect trade. By utlilizing our Vietnam Exporters Database, you can reach out to the top suppliers and exporters in Vietnam. The US also had the second-highest import-export turnover with Vietnam at US$100 billion, followed by China. Gain industry specific insights through our trade intelligence platform. Exports of corn, dairy products, and distillers grains also performed well, increasing by $97 million, $95 million, and $77 million, respectively. Vietnam main exports are: telephones, mobile phones and parts thereof (21 percent of total shipments) and textiles (12 percent). This was by far the largest increase out of our major trade partners, and not just in percentage terms. Vietnam was 16th largest exporter on the world's top exporters list. As well, the planted area of Arabica coffee accounts for only 6% of the entire region. Currently, the United States is subject to the higher most-favored-nation tariffs, while competitors from other markets, including the Peoples Republic of China, Russia, Australia, Canada, New Zealand, and the EU, gain greater market share as tariffs decline under their FTAs. The economy of Vietnam is a mixed socialist-oriented market economy, which is the 37th-largest in the world as measured by nominal gross domestic . Vietnam's textile, garment and footwear exports witness a sharply 30% YoY growth in the first half (H1) this year. The United States continues to work on market access for U.S. grapefruit, lemons, mandarins, and stone fruit. In 2021, Vietnam was the ninth-largest export destination for U.S. products, with exports totaling nearly $3.5 billion, a 3-percent increase over 2020. What is Vietnam's major export? In 1Q18, shrimp exports brought in US$719 million in revenue. Secure .gov websites use HTTPS Official websites use .gov World Bank national accounts data, and OECD National Accounts data files. Market Value . However, decreases in world clothing demand has negatively affected Vietnams purchases of U.S. cotton. Vietnam Total exports to India Total exports data of Vietnam to India, India Total import from Vietnam with product , price and quantity, date of shipment as declared in customs on bill of entry and shipping bill - Voleba.com HANOI Vit Nam posted a trade surplus of US$9.4 billion in the first ten months of 2022, compared to $630 million in the same period last year, according the General Statistics Office (GSO).. Due to the heavy demand from the manufacturing companies, Vietnam exports its wide range of products to foreign countries. As per Vietnam export statistics of 2021, the top 10 Vietnam export trading partners were the United States (23.57%), China (15.54%), South Korea (5.47%), Japan (5.15%), Hong Kong (3.06%), Netherlands (1.88%), Germany (1.8%), India (1.53%), Thailand (1.49%) and Cambodia(1.48%). Merchandise trade statistics do not cover goods in transit . With these ongoing trends, Vietnam will be one of the most important U.S strategic partners in Asia Pacific. Ibrahim Khalil June 26, 2022. by Ibrahim Khalil June 26, 2022 0. Vietnam has been one of the world's fastest growing emerging markets in the past decade, boosted by strong foreign direct investment inflows into its manufacturing sector. Export value fell by just 0.4 per cent in 2020 despite the Covid-19 crisis, the statistics office noted. Vietnam exported 3.5 billion USD worth of coffee in 2018 and this number is expected to be even higher by the end of 2019 going into 2020.. Vietnam exported 3.5 billion USD worth of coffee in 2018.. Vietnamese coffee has, in recent years, become popular abroad because of its strength and flavor. Official websites use .gov Vietnam was ranked 18th on the list of the world's top importers. Textiles and garments are still an important part in Vietnam's export, valued about US$17.9 . This strong economic growth has resulted in a booming and optimistic middle class. A 2020 survey by AmCham and Economic Research Institute for ASEAN and East Asia (ERIA) in the ASEAN region revealed that 61.54 percent of U.S. firms are considering shifting operations to Vietnam from PRC, making Vietnam the most frequently cited alternative out of all ASEAN countries. Vietnams GDP did not decline in 2020 due to COVID like many other countries, with growth of 2.9 percent in 2020 and projected growth of 2.3 percent in 2021. A locked padlock ) or https:// means youve safely connected to the .gov website. Japan, and China. Large population of over 98 million consumers. Other important directions of merchandise exports from Vietnam in 2020: 17.3% (48 billion) - China 6.84% (19.2 billion) - Japan 6.79% (19.1 billion) - Korea Arabica coffee export in Vietnam accounts for merely 4% to 5% of Vietnam's total coffee production. Vietnam also granted market access for U.S. sorghum, oranges, and blueberries. Vietnam exports 2022 data reports suggest that there was around 9.46% increase in exports as compared to previous year. New COVID wave poses downside risks to Vietnam's economy. Vietnam was a major beneficiary of enhanced trade ties; in 2017, Vietnam held a $38 billion trade surplus with the United States. U.S. Department of Commerce
textile world . The U.S.-Vietnamese commercial relationship has grown since the United States lifted its trade embargo against Vietnam in 1994 and the two countries renewed diplomatic relations in 1995. Annually, Vietnam's rice exports account for about 15% of the world's total rice exports. The U.S. was the largest importer of cashews from Vietnam with a total value of $1.1 billion. TOTAL 2022: 2021 : U.S. trade in goods with Vietnam . Exim Trade Data provides the best research platform for Vietnamese market research. Since 1990, Vietnams average economic growth rate of 5.5 percent has been second only to the Peoples Republic of China (PRC) in Asia. Source: VIRAC. Robusta is the key cash crop in Vietnam, and farmers are beginning to see a rising trend in the export rate, especially in the year 2019 and 2020. The first table below shows top trading partners of Vietnam in terms of export sales (selling), including United States, Japan, and China. Line Bar Map. The main products that Russia exported to Vietnam are Coal Briquettes ($474M), Hot-Rolled Iron ($295M), and Pig Meat ($119M). Oct 20, 2022. For many years, cotton has been the top U.S. product exported to Vietnam by a wide margin, remaining so in 2021 despite a decline from 2020. Vietnam Export Data statistics of 2021 suggest that Vietnam exports were around 413.28 Billion USD. NOTE: All figures are in millions of U.S. dollars on a nominal basis, not seasonally adjusted unless otherwise specified. During its plenary session in October 2020, Vietnam Communist Partys Central Committee expected that Vietnamese people should earn around USD 5,000 per year on average by 2025, up from USD 2,750 in 2020. . Political stability in a region known for its uncertainty. Foreign Direct Investment Attraction Events, Services for U.S. Companies New to Exporting, Services for U.S. Companies Currently Exporting, Leading Sectors for US Exports & Investments, Information and Communication Technologies, Power Generation, Transmission, and Distribution, Licensing Requirements for Professional Services, Office of the United States Trade Representative. Vietnam exports for was $0.00B, a NAN% decline from . Furthermore, industrial inputs continued to see steady growth as Vietnam continues to import machinery, chemicals, instruments, and software to support its growing industrial sector. Particularly in June 2020, Vietnam's rice export volume was estimated at more than 400,000 tons with a value of US $ 207 million. Organic chemicals: $5.4 billion (1.6%) Cotton: $5 billion (1.5%) Vietnam's top 10 imports equal about two-thirds (67.1%) of the overall value of the country's total product purchases from foreign suppliers. Japan was the 2nd largest market for the country. The United States is Vietnam's second largest supplier of agricultural goods, generally representing around 12 percent of the total import market. From the date of the EVFTA taking effect on 1 August 2020, the EU will eliminate ca. This site uses cookies to optimize functionality and give you the best possible experience. That is, most products are imported from these countries to Vietnam. Enhance your production by doing quality imports from Vietnam. Vietnam was the 2nd-largest export destination for U.S. cotton and distillers grains, 10th largest for soybeans, and 8th largest for dairy products. With a young, highly educated population and significant foreign direct investment, Vietnam is expected to recover quickly from the current global economic downturn. The United States has also benefitted from stronger trade ties. Hanoi (VNA) - Vietnam earned nearly 336.25 billion USD from exports in 2021, up 19 percent from the previous year, the Ministry of Industry and Trade (MoIT) reported on January 9. The United States is Vietnams second largest supplier of agricultural goods, generally representing around 12 percent of the total import market. Others include: telephones, mobile phones and parts thereof (8 percent); textile fabrics (5 percent) and iron and steel (4 percent). Total Exports (2019) $264,610,322,649 : Total Imports (2019) $253,442,015,854 : Trade Balance (2019) $11,168,306,795 . Share sensitive information only on official, secure websites. We help you discover top Vietnam exports, export trade partners, and top Vietnam exporter companies. Leading domestic export categories include: cotton ($1.2 billion), soybeans ($425 million), distillers grains ($284 million), dairy products ($185 million), and other feeds, meals and fodders ($155 million). U.S. raw materials that are inputs to Vietnams textile, manufacturing, and livestock sectors face zero or low tariffs, but have seen recent growth stymied by COVID-related restrictions. Get Accurate Vietnam Customs Import Shipment Data. Electrical machinery, equipment: US$126.9 billion (41.7% of total exports) Footwear: $24.7 billion (8.1%) A tuna export company reported that its total export turnover in the first nine months of the year reached $181 million, of which the EU market brought $46.8 million. 2022 : U.S. trade in goods with Vietnam . Vietnam exceeded its 2017 GDP growth target of 6.7% with growth of 6.8%, primarily due to unexpected increases in domestic demand, and strong manufacturing exports. As per Vietnam exports shipment data, the top 10 Vietnam major exports products in 2021 were Telephones (8.4%), Transmission parts, portable receivers (7.9%), Electronic Integrated Circuits (3.28%), Semi-finished iron non-alloy steel (2.12%), Other transmission apparatus (1.85%), Nuclear Reactors, Boilers (1.5%), footwear with outer soles of rubber, plastics, leather (1.12%), Sports Footwear (1.11%), LED, Backlight, modules (1.01%), and Photovoltaic Cells (0.97%). 85,6% of import tariffs on Vietnamese goods, which is equivalent to 70,3% of the total volume of Vietnam exports to the EU. . Top five reasons why U.S. companies should consider exporting to Vietnam: Since the launch of Doi Moi (Renovation), in 1986, Vietnam has moved from a subsidiary economy towards a globally integrated, socialist oriented market economy. increase. On the other hand, within 7 years of the EVFTA coming into force, the EU will remove 99,2% of tariff . China, the largest supplier, held around 17-percent market share. International Trade Administration
Merchandise exports from Vietnam increased by 6.36% compared to 2019. External links to other Internet sites should not be construed as an endorsement of the views or privacy policies contained therein. USA holds the top position accounting for 23 % of the export with a value of 61 billion USD. 1401 Constitution Ave NW
Since the BTA, bilateral trade increased from USD 2.9 billion in 2002 to over USD 75.7 billion in 2019, transforming Vietnam into the seventhlargest source of U.S. imports and 27th largest destination for U.S. exports. Trade: The top exports of Vietnam are Broadcasting Equipment ($42.8B), Telephones ($23.1B), Integrated Circuits ($16B), Textile Footwear ($11.4B), and Broadcasting Accessories ($8.81B). Subsequently, Vietnam's economy achieved strong growth in agricultural and industrial production, construction, exports, and foreign investment, although .
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