Economic Overview

Vietnam’s import and export activities opened with a $58.49 billion turnover of goods in the first quarter of 2023​ . The central-to-market economy plan has transformed the country from one of the poorest into a lower-middle-income country. Since the Doi Moi reform period, the country’s five-year directive and indicative planning have resulted in rapid growth, earning Vietnam recognition as one of the most dynamic emerging countries in the East Asia region

The top contributors to Vietnam’s growth are the manufacturing, services, and agricultural sectors. The country’s ideal tropical climate and young workforce make it a lucrative destination for foreign investments, particularly in the tourism industry, including hotels and resorts​ 

Key Import and Export Figures

Top Export Products:

  1. Electrical machinery: $96 billion
  2. Footwear and gaiters: $18.9 billion
  3. Clothing accessories (not knitted or crocheted): $15.1 billion
  4. Nuclear reactors, boilers, machinery, and mechanical appliances: $13.2 billion
  5. Furniture; bedding, mattresses, cushions, and similar stuffed furnishings: $9.48 billion
  6. Fish, crustaceans, and mollusks: $5.9 billion
  7. Edible fruit and nuts: $5.71 billion
  8. Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus: $5.3 billion​

Top Import Products:

  1. Electronic integrated circuits and micro assemblies: $30 billion
  2. Electrical apparatus, telephone sets, and videophones: $13.3 billion
  3. Petroleum oils, bituminous minerals, and waste oils: $6.34 billion
  4. Diodes, transistors, photosensitive semiconductor devices, photovoltaic cells, light-emitting diodes, and mounted piezo-electric crystals: $4.55 billion
  5. Petroleum oils: $3.8 billion
  6. TV, sound recording, television cameras, video cameras, and digital cameras: $3.6 billion
  7. Flat-rolled products of iron, non-alloy steel, hot-rolled, and clad plated or coated: $3.56 billion
  8. Printed circuits: $3.55 billion
  9. Coal, briquettes, Ovid, and solid fuels: $3.51 billion

Top Trade Partners

Import Partners:

  • China: $75 billion
  • Korea: $46 billion
  • Japan: $19.5 billion
  • Other Asian countries: $15.1 billion
  • USA: $14.3 billion
  • Thailand: $11.6 billion
  • Malaysia: $7.28 billion
  • Indonesia: $5.7 billion
  • India: $4.51 billion
  • Australia: $4.47 billion​

Export Partners:

  • USA: $61 billion
  • China: $41 billion
  • Japan: $20 billion
  • Korea: $19.7 billion
  • Hong Kong: $7.16 billion
  • Netherlands: $6.88 billion
  • India: $6.67 billion
  • Germany: $6.56 billion
  • United Kingdom: $5.76 billion
  • Thailand: $5.05 billion

Emerging Export Industries

  • Textile and Garments Industry
  • Electronics
  • Pharmaceuticals
  • Automotive​​.

Sustainable Growth and Future Goals

  • Green Growth Action Plan: Aims to reduce GHG emissions by 20% and switch to clean and renewable energy sources by 2030​
  • Balanced Market Expansion: Increasing export shares in Europe (16%-17%) and Asia (49%-50%) by 2025​ .
  • Diversification: Reducing dependency on single partnerships and exploring new markets like the US, Russia, India, and Latin American countries​.
  • Environmental Protection: Ceasing the manufacturing and importing of goods containing microplastics by 2030​

Sector Contributions

  • Services Sector: Contributes 55% to GDP, including tourism, financial services, retail, telecommunications, and healthcare. The sector has shown resilience post-pandemic with significant growth in the Labour workforce​.
  • Manufacturing Sector: Accounts for 25% of GDP, essential for Vietnam’s economic activities including electronics, automotive, food and beverage, chemicals, and machinery.​
  • Agricultural Sector: Employs 36% of the Labour force and contributes 14% to GDP, with leading products like rice, coffee, cashews, and black pepper.

Vietnam’s strong start in 2023, with a $58.49 billion turnover in the first quarter, underscores its position as a key player in the global market. The country’s growth, driven by strategic economic reforms, robust manufacturing, and a resilient services sector, points to a promising future with continued expansion and diversification of its import and export activities​


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