Xifres de comerç exterior de Vietnam

Foreign Trade in Figures

Vietnam is one of the most open economies to international trade in Asia, with trade representing 166% of its GDP (World Bank, latest data available). In 2023, computers, electronic products, and components were the main export (17% of the total), followed by telephones and components (14.8%), textiles (9.3%), footwear (5.4%), and machinery, equipment, tools, and spare parts (5.1%); whereas imports were led by computers, electronic products, and components (26.7%), machinery, equipment, tools, and spare parts (13.3%), fabrics (4.0%), iron and steel (3.3%), and telephones and components (2.5% - data Ministry of Commerce).

The main export partners in 2023 were the United States (27.3% of all exports), China (17.1%), South Korea (6.6%), and Japan (6.6%), with ASEAN countries cumulatively accounting for 49.7%. On the other hand, Vietnam's main suppliers were China (33.9%), Japan (16.1%), South Korea (6.6%), and Taiwan (5.6% - data Vietnamese Customs). The Vietnamese economic model remains heavily dependent on foreign investment and exports, especially to the United States and China. In recent years, Vietnam has demonstrated a strong commitment to trade liberalization. It joined the WTO in 2007 and signed Free Trade Agreements (FTAs) with the ASEAN countries and the United States. Vietnam also enjoys a cooperation agreement with the EU. A free trade agreement between both parties was ratified by the European Parliament in February 2020 and is expected to enter into force soon. A Regional Comprehensive Economic Partnership (RCEP) - the world’s largest trade agreement - was signed by Vietnam in 2020, which includes 16 countries in total: Australia, Brunei, Cambodia, China, India, Indonesia, Japan, Laos, Malaysia, Myanmar, New Zealand, Philippines, Singapore, South Korea, and Thailand.

Vietnamese trade is characterized by some geographic inequality: the country shows a trade surplus with Western countries, but a series of deficits with some of its Asian neighbours. In 2023, the value of exports of goods stood at USD 353.78 billion (-9.5% y-o-y), with imports – at USD 325.7 billion - decreasing at a similar pace (-9.3%). As per services, exports reached USD 19.6 billion against USD 29 billion in imports. The World Bank estimated the trade balance to be positive by 8% of GDP (from 3.8% one year earlier). According to the Ministry of Industry and Trade, exports in 2024 increased by 14.3% year-on-year to reach USD 405.53 billion, driven by shipments of electronics, smartphones, clothing, and agricultural products. Imports rose by 16.7% to USD 380.76 billion, resulting in a trade surplus of USD 24.77 billion.