Export to Vietnam
Vietnamese imports amounted to US$191.1 billion in 2015, up 79% since 2011. Vietnam’s top 10 imports accounted for almost three-fifths (58.9%) of the overall value of its product purchases from other countries. Vietnam's major imports are refined petroleum products, telecommunications equipment, electronic circuits, iron and steel, gold, medicaments, chemicals, plastics and textile and garment inputs.
China was the biggest exporter of products to Vietnam, accounting for 29.5 % of all imports into the country, followed by the Republic of Korea (14.7 %) and Japan (8.7 %). Australia ranked as the 12th largest import source in 2014, at 1.4 %.
Source of Vietnam’s Export-Import Statistics
Vietnam’s Customs Trade Statistics Trade statistics of Vietnam
General Statistics Office of Vietnam Import-Export Turnover
International Trade in Goods ITC Trade Map
United State Census Bureau U.S. trade in goods with Vietnam
How to Export to Vietnam
USDA Vietnam Export Guide
Amcham Vietnam How do I export to Vietnam
Import-Export Institute Export to Vietnam
The 2001 U.S.–Vietnam Bilateral Trade Agreement (BTA) transformed the bilateral commercial relationship between our two nations and accelerated Vietnam’s entry into the global economy, with Vietnam joining the WTO in January of 2007. Since the BTA, bilateral trade increased from $2.9 billion in 2002 to over $45 billion in 2015.
The U.S. is now Vietnam’s largest export market and a major source of foreign direct investment, helping fuel Vietnam’s remarkable economic growth. U.S. exports to Vietnam grew by 23.3 % to $7.1 billion in 2015, of which the U.S. food and agricultural products account for $US2.3 billion. This was by far the largest increase out of the U.S.’s top 50 export markets. During the same period, Vietnam’s exports to the U.S. increased 24.2 % to $38 billion, resulting in a $30.9 billion bilateral trade deficit with Vietnam.
Vietnam ranks as the United States’ 11th-largest agricultural export market, with top products including cotton, tree nuts, soybeans, and dairy. The Trans-Pacific Partnership (TPP) Agreement, which both countries signed in 02/2016, but have yet to ratify, will offer further opportunities to break down trade barriers and expand market access for U.S. technologies & goods.
Industrial inputs continued to see steady growth as Vietnam continues to import machinery, chemicals, instruments and software to support its growing industrial sector. Over $900 million (roughly 13%) of U.S. exports were represented by aircraft, as Boeing delivered several 787s to Vietnam Airlines in 2015.
Market Opportunities for U.S Companies
Vietnam can offer many opportunities to U.S. companies for both trade & investment:
· Long-term trade and investment opportunities should increase in line with Vietnam's integration progress into the Trans-Pacific Partnership (TPP), especially to the manufacturing sector and its supporting services. These manufacturing industries such as textiles & footwear will enjoy expanded access to international markets through reduced tariff duties as a result of TPP once it has been enacted.
· Vietnam’s minimum wages are low compared to other countries in the region, which makes the country attractive for labor-intensive industries including textiles & footwear manufacturing, driving them to transfer their production to Vietnam
· Foreign investors can focus on the retail, franchise, education, health care, consumer electronics, media, logistics, food and beverage industry, real estate and agriculture, with both direct private investments and over the counter.
· Vietnamese import demand is expected to grow by around 250% between 2010 and 2020 - faster than any other emerging countries given the rapid economic growth. Demand for imported goods is significant increased that can offer opportunities for exporters of fast moving consumer goods (FMCG), fresh foods, fruits, dairy, meat, wheat and grains, energy, technologies, machinery, franchise and services.
· Strong economic growth has increased demand for education and training services in areas of English language, business and management and information technology, vocational training remains high, especially in the major cities like Hanoi, Ho Chi Minh City & Da Nang.
· Vietnam is also considered as an emerging destination of sourcing for materials &manufacturing products as well as outsourcing for offshore services by taking advantages of its competitive resources to integrate Vietnam into the global supply chains through a growing network of free trade agreement.
If you would like more information on specific business opportunities in Vietnam, go to the following website.
U.S. Embassy Vietnam Land of Opportunities for US Exporters
Euromonitor International Vietnam’s Market Opportunity Report
Austrade Export to Vietnam
Vietnam Briefing Developing Your Sourcing Strategy for Vietnam
Asia Briefing Foreign Investment Opportunities & Trends