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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. Vietnamese trade represented 208% of GDP in 2020, down 3% from the previous year (World Bank, 2022). Vietnam exports transmission and electronic apparatus (22% of all exports in 2020), electronic integrated circuits and microassemblies, footwear, technology products and automatic data processing machines. Imports include electronic integrated circuits and microassemblies (15% of all imports in 2020), electronic apparatus and semiconductors (Comtrade, 2021).

The main trading partners are the U.S. (27.4% of all exports in 2020), China, Japan and South Korea. Its main providers are China (32.2% of all imports), South Korea, Japan and the United States. 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 strong commitment to trade liberalisation. 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, Thailand.

The value of exports of goods was estimated at 282.7 billion USD in 2020, up from 264.2 billion USD in 2019. The imports of goods amounted to 262.7 billion USD in 2020, up from 253.3 billion USD in 2019. The trade surplus reached 21.5 billion USD in 2019, against 16.5 billion in the previous year. Vietnam reported a 19% growth in exports in 2021, as it saw its trade surplus with the United States, its largest export market, widening to an all time high (81 billion USD from 63 billion USD in the previous year). Vietnam's total exports in 2021 came in at 336.31 billion USD, while its imports rose 26.5% to 332.23 billion USD, resulting in a trade surplus of 4.08 billion USD Vietnam Customs Department, 2022). Furthermore, since 2018, Vietnam is a net exporter of services. Vietnamese trade is characterised by some geographic inequality: the country shows a trade surplus with Western countries, but a series of deficits with some of its Asian neighbours. To achieve further progress, the country must continue to increase the value of exports and achieve product diversification. 

 
Foreign Trade Values 20162017201820192020
Imports of Goods (million USD) 174,231211,518236,862253,393262,753
Exports of Goods (million USD) 176,785214,323243,699264,268282,725
Imports of Services (million USD) 10,82216,82417,80218,55216,914
Exports of Services (million USD) 12,38512,94824,47727,42118,677

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

Foreign Trade Indicators 20162017201820192020
Foreign Trade (in % of GDP) 184.7200.4208.3210.4209.3
Trade Balance (million USD) 11,04210,84616,54021,494n/a
Trade Balance (Including Service) (million USD) 6,7846,81612,86019,143n/a
Imports of Goods and Services (Annual % Change) 15.317.512.88.33.3
Exports of Goods and Services (Annual % Change) 13.916.714.36.75.0
Imports of Goods and Services (in % of GDP) 91.198.8102.5103.6103.2
Exports of Goods and Services (in % of GDP) 93.6101.6105.8106.8106.1

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20212022 (e)2023 (e)2024 (e)2025 (e)
Volume of exports of goods and services (Annual % change) 0.711.17.87.67.9
Volume of imports of goods and services (Annual % change) -4.810.19.49.49.6

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)
2020
United States 27.4%
China 17.4%
Japan 6.8%
South Korea 6.8%
Hong Kong SAR, China 3.7%
See More Countries 37.9%
Main Suppliers
(% of Imports)
2020
China 32.2%
South Korea 17.9%
Japan 7.8%
United States 5.3%
Thailand 4.2%
See More Countries 32.6%

Source: Comtrade, 2021. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

281.4 bn USD of products exported in 2020
Electrical apparatus for line telephony or line...Electrical apparatus for line telephony or line telegraphy, incl. line telephone sets with cordless handsets and telecommunication apparatus for carrier-current line systems or for digital line systems; videophones; parts thereof 22.0%
Electronic integrated circuits and microassembliesElectronic integrated circuits and microassemblies 5.0%
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) 3.0%
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) 2.5%
Automatic data processing machines and units...Automatic data processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, n.e.s. 2.0%
See More Products 65.6%
261.3 bn USD of products imported in 2020
Electronic integrated circuits and microassembliesElectronic integrated circuits and microassemblies 15.0%
Electrical apparatus for line telephony or line...Electrical apparatus for line telephony or line telegraphy, incl. line telephone sets with cordless handsets and telecommunication apparatus for carrier-current line systems or for digital line systems; videophones; parts thereof 7.1%
Diodes, transistors and similar semiconductor...Diodes, transistors and similar semiconductor devices; photosensitive semiconductor devices, incl. photovoltaic cells whether or not assembled in modules or made-up into panels (excl. photovotaic generators); light emitting diodes; mounted piezo-electric crystals; parts thereof 2.4%
Parts suitable for use solely or principally with...Parts suitable for use solely or principally with transmission and reception apparatus for radio-telephony, radio-telegraphy, radio-broadcasting, television, television cameras, still image video cameras and other video camera recorders, radar apparatus, radio navigational aid apparatus or radio remote control apparatus, n.e.s. 1.8%
Printed circuitsPrinted circuits 1.6%
See More Products 72.2%

Source: Comtrade, 2021. 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

15.0 bn USD of services exported in 2018
67.21%
21.24%
3.93%
2.69%
1.39%
1.14%
1.11%
0.77%
0.42%
0.08%
0.03%
17.6 bn USD of services imported in 2018
44.32%
33.53%
6.44%
3.74%
3.44%
2.95%
2.21%
1.56%
1.21%
0.54%
0.06%

Source: United Nations Statistics Division, 2021. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Actualitzacions: April 2022

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