Vietnam Trade Analysis
Vietnam
in Southeast Asia is a divergent country rich in different cultures and
traditions and holds a population of 97 million people. The strategic
geographical location of the nation within the Indochina border and the eastern
edge of the Asian Peninsula make it an ideal location for traders across the
globe. The globally growing economy of the nation has recorded a GDP of 375
billion US dollars in 2023; the import trade of the nation has reached a
staggering value of 259 billion US dollars representing an impactful growth
from 2022 and 2021 worth 236 billion US dollars and 220 billion US dollars.
Similar
to the import growth rate, the export trade rates of the nation are also
growing in an exponential manner which has stabilized the economy in the past
decades. The export trade value of Vietnam in 2023 is recorded as 350 billion
US dollars which shows a significant increase from the past year’s value of 337
billion US dollars and 300 billion US dollars in 2022 and 2021. The top
exporters facilitating the export trade rates of the nation in 2023 are the
United States, China, Japan, South Korea, and Hong Kong according to the Vietnam Export Data.
TOP
TRADED COMMODITIES OF VIETNAM IN 2023
The
main reasons behind the globally thriving economy of Vietnam are the traded
commodities of the nation. Both Imports and Exports are significant
contributors to the economy, Import products are imported as per the domestic
acquired necessity whereas the exports are based on the utmost production
capability of the industries. According to the Vietnam Trade Data, the
top imports and exports of the nation in 2023 with its trade values are
discussed below,
IMPORTED
PRODUCTS
- Crude
Petroleum – Valuation of Crude Petroleum imports – 32 billion US dollars
- Integrated
Circuits – Valuation of Integrated Circuit imports – 22 billion US dollars
- Gold –
Valuation of Gold imports – 18 billion US dollars
- Cars –
Valuation of Car imports – 15 billion US dollars
- Refined
Petroleum – Valuation of Refined Petroleum imports – 12 billion US dollars
- Computers –
Valuation of Computer imports – 11 billion US dollars
- Rice –
Valuation of Rice imports – 9 billion US dollars
- Petroleum
Gas – Valuation of Petroleum Gas imports – 7 billion US dollars
- Vehicle
Parts – Valuation of Vehicle Part imports – 6 billion US dollars
- Iron Ores –
Valuation of Iron Ore imports – 5 billion US dollars
EXPORTED
PRODUCTS
- Electronic
Equipments – Valuation of electronic equipment exports – 63 billion US
dollars
- Motor
Vehicles - Valuation of motor vehicle exports – 40 billion US dollars
- Rubber -
Valuation of rubber exports – 17 billion US dollars
- Machinery -
Valuation of machinery exports – 14 billion US dollars
- Plastics -
Valuation of plastic exports – 12 billion US dollars
- Precious
Stones and Metals - Valuation of precious stones and metal exports – 11
billion US dollars
- Food
Products - Valuation of food product exports – 9 billion US dollars
- Chemicals -
Valuation of chemical exports – 8 billion US dollars
- Textiles and
Apparel - Valuation of textiles and apparel exports – 7 billion US dollars
- Furniture -
Valuation of furniture exports – 6 billion US dollars
TOP
TRADE PARTNERS OF VIETNAM
The
trade management authority of the nation has established its trade relations
with the top global traders across the world to generate a favorable amount of
revenue in the year 2023 to boost its economic rank. As per the Vietnam
Customs Data, the top trade partners of Vietnam in 2023 with its traded
goods worth are discussed below,
- China –
Total value of traded goods in 2023 – 150 billion US dollars
- United
States – Total value of traded goods in 2023 – 80 billion US dollars
- Japan –
Total value of traded goods in 2023 – 50 billion US dollars
- South Korea
– Total value of traded goods in 2023 – 40 billion US dollars
- Hong Kong –
Total value of traded goods in 2023 – 35 billion US dollars
- Malaysia –
Total value of traded goods in 2023 – 30 billion US dollars
- Thailand –
Total value of traded goods in 2023 – 25 billion US dollars
- Singapore –
Total value of traded goods in 2023 – 20 billion US dollars
- Taiwan –
Total value of traded goods in 2023 – 15 billion US dollars
- Germany –
Total value of traded goods in 2023 – 12 billion US dollars
TOP
IMPORTING COMPANIES OF VIETNAM
The
import trade products of a nation not only fulfill the domestic and industrial
necessities but also boost the export trade rates by stabilizing the consumer
consumption rates. The importing companies of a nation import their essential
requirements to boost their production rate in order to increase the number of
exports. As per the Vietnam Import Data, the top importing companies of
the nation with import values of 2023 are discussed below,
- Samsung
Electronics Vietnam Co., Ltd. – Import Revenue generated by Samsung
Electronics Vietnam Co., Ltd. in 2023 – 69 billion US dollars
- PetroVietnam
Gas Joint Stock Corporation - Import Revenue generated by
PetroVietnam Gas Joint Stock Corporation in 2023 – 35 billion US dollars
- Formosa Ha
Tinh Steel Corporation - Import Revenue generated by Formosa Ha Tinh Steel
Corporation in 2023 – 21 billion US dollars
- Formosa
Chemicals & Fibre Corp - Import Revenue generated by Formosa Chemicals
& Fibre Corp in 2023 – 16 billion US dollars
- Viettel
Group - Import Revenue generated by Viettel Group in 2023 –14 billion US
dollars
- Eclat
Textile Co Ltd - Import Revenue generated by Eclat Textile Co Ltd in 2023
– 13 billion US dollars
- Canon Inc -
Import Revenue generated by Canon Inc in 2023 – 12 billion US dollars
- LG
Electronics Vietnam Co Ltd - Import Revenue generated by LG Electronics
Vietnam Co Ltd in 2023 – 11 billion US dollars
- Nestle Vietnam Ltd - Import Revenue generated by Nestle Vietnam Ltd in 2023 – 10 billion US dollars
Unilever Vietnam International Co., Ltd. - Import Revenue generated by Unilever Vietnam International Co., Ltd. in 2023 – 9 billion US dollars
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