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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.

 
Foreign Trade Values 20192020202120222023
Imports of Goods (million USD) 253,393262,701332,455359,148325,776
Exports of Goods (million USD) 264,268282,629335,978371,288353,782
Imports of Services (million USD) 19,02818,32519,40727,44129,060
Exports of Services (million USD) 16,6526,3463,64313,52019,590

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20192020202120222023
Foreign Trade (in % of GDP) 164.7163.2186.7183.8166.3
Trade Balance (million USD) 21,49430,70817,46629,39844,444
Trade Balance (Including Service) (million USD) 19,14320,4211,79915,49535,241
Imports of Goods and Services (Annual % Change) 4.93.316.71.2-3.1
Exports of Goods and Services (Annual % Change) 6.24.114.84.0-1.3
Imports of Goods and Services (in % of GDP) 79.578.992.890.079.1
Exports of Goods and Services (in % of GDP) 85.284.493.993.887.2

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20242025 (e)2026 (e)2027 (e)2028 (e)
Volume of exports of goods and services (Annual % change) 5.45.06.66.56.5
Volume of imports of goods and services (Annual % change) 8.66.37.77.47.1

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Asia - Pacific Economic Cooperation - APEC

Association of Southeast Asian Nations - ASEAN

 

Main Partner Countries

Main Customers
(% of Exports)
2022
United States 29.5%
China 15.6%
South Korea 6.5%
Japan 6.5%
Hong Kong SAR, China 2.9%
See More Countries 38.9%
Main Suppliers
(% of Imports)
2022
China 32.8%
South Korea 17.3%
Japan 6.5%
United States 4.0%
Thailand 3.9%
See More Countries 35.5%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

370.9 bn USD of products exported in 2022
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 21.2%
Electronic integrated circuits; parts thereofElectronic integrated circuits; parts thereof 3.6%
Footwear with outer soles of rubber, plastics,...Footwear with outer soles of rubber, plastics, leather or composition leather and uppers of textile materials (excl. toy footwear) 3.2%
Parts and accessories (other than covers, carrying...Parts and accessories (other than covers, carrying cases and the like) suitable for use solely or principally with machines of heading 8469 to 8472, n.e.s. 2.7%
Furniture and parts thereof, n.e.s. (excl. seats...Furniture and parts thereof, n.e.s. (excl. seats and medical, surgical, dental or veterinary furniture) 2.2%
See More Products 67.1%
358.8 bn USD of products imported in 2022
Electronic integrated circuits; parts thereofElectronic integrated circuits; parts thereof 15.3%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 7.0%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 2.7%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 2.0%
Coal; briquettes, ovoids and similar solid fuels...Coal; briquettes, ovoids and similar solid fuels manufactured from coal 1.8%
See More Products 71.1%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import-Export Flows.

 

Main Services

20.2 bn USD of services exported in 2023
45.28%
30.65%
11.78%
7.32%
2.19%
1.02%
0.69%
0.54%
0.26%
0.18%
0.09%
28.9 bn USD of services imported in 2023
43.62%
27.11%
17.14%
4.63%
3.08%
1.28%
0.97%
0.80%
0.78%
0.50%
0.09%

Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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