Vietnam, known for its diversified and growing economy has become the most popular alternative amongst all the traders and marketers in the past few years. Every investor ends up investing in Vietnam because of two major reasons, i.e., cheap, and efficient labor force and geographical location of the country. The export from the nation is also growing tremendously which is leading to the more rapid growth of the Vietnamese economy. The past export trends of Vietnam as per Vietnam Trade Data records from the year 2017 are as follows:
EXPORTS OF VIETNAM – TRENDS (2017-2021)
YEAR
EXPORTS
2017
USD 215.11 billion
2018
USD 243.69 billion
2019
USD 264.61 billion
2020
USD 281.44 billion
2021
USD 335.79 billion
Based on the analysis of this statistical table, it is quite clear that the exports from the nation are growing rapidly every year. This shows that the profits and revenue of the nation are also growing every year.
TOP 5 MAJOR EXPORTS OF VIETNAM
According to global insights and studies, the major exports of Vietnam made by nations across the globe are as follows:
1. ELECTRONIC PRODUCTS
Vietnam's electronics industry has been thriving, with electronic products leading the country's exports. The sector includes the manufacturing of electronic components, computers, smartphones, consumer electronics, and communication devices. Vietnamese companies, both domestic and multinational, have established a strong presence in this field. Notable global electronics brands have set up production facilities in Vietnam, taking advantage of the skilled workforce and lower production costs. The country's electronics exports have witnessed significant growth, solidifying Vietnam's position as a key player in the global electronics supply chain. In the year 2022, the nation exported electronic products worth USD 469.54 billion making it the most favorite export product of Vietnam.
2. TEXTILES AND GARMENTS
The textile and garment industry has long been a cornerstone of Vietnam's export sector. The country's competitive advantage lies in its abundant supply of skilled labor, which allows it to produce high-quality and cost-effective textile products. Vietnam is known for its clothing, footwear, and textile exports, serving both global brands and retail chains. The industry has benefitted from international trade agreements, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA), which have facilitated market access and boosted Vietnam's textile exports.
3. AGRICULTURAL PRODUCTS
Vietnam is renowned for its rich agricultural resources and diverse climate, which enable the production of a wide range of agricultural products. Key agricultural exports include rice, coffee, cashew nuts, seafood, and fruits. Vietnam is consistently among the top exporters of rice globally, catering to the demands of various countries. In all, the nation exported agricultural products worth USD 50 billion in past few years. Additionally, the country is one of the largest coffee producers, exporting high-quality coffee beans to global markets. Vietnam's agricultural products are in high demand due to their quality, competitive pricing, and adherence to international food safety standards.
4. FOOTWEAR AND LEATHER GOODS
As per Vietnam Export Data statistics, Vietnam has become a prominent player in the footwear and leather goods industry, with its products enjoying global recognition. The country's skilled workforce, combined with a favorable business environment and access to raw materials, has contributed to its success. Vietnamese manufacturers produce a wide range of footwear, including athletic shoes, sandals, and leather goods such as bags and wallets. International brands have established partnerships with Vietnamese manufacturers, capitalizing on their expertise in this field. The footwear and leather goods industry has become a significant contributor to Vietnam's export revenue registering total exports of 34.25 billion in the year 2022.
5. FURNITURE AND WOOD PRODUCTS
Vietnam's furniture and wood products industry has witnessed tremendous growth in recent years, becoming a major export sector. The country has an abundance of timber resources and skilled craftsmen, allowing to produce high-quality furniture and wood products. Vietnam's exports in this sector include wooden furniture, doors, and flooring, catering to global demand. The industry has also adopted sustainable practices, promoted responsible forestry, and ensured compliance with international standards. Vietnam's furniture and wood products have gained popularity worldwide, contributing significantly to its export earnings.
WHAT TRADEIMEX HAS TO SAY…
Vietnam's economic success can be attributed to its thriving export sector, which encompasses a diverse range of industries. From electronic products and textiles to agricultural goods, footwear, and furniture, Vietnam has established itself as a formidable player in the global market. The country's competitive advantages, such as a skilled labor force, favorable business environment, and access to resources, have propelled its exports to new heights. As Vietnam continues to embrace international trade agreements and invest in innovation, its top five major exports are likely to play a pivotal role in sustaining its economic growth and further establishing its position in the global trade landscape.
Vietnam is a player in the long race and the trade volumes of the nation are going to increase in coming years. To stay connected with the trade insights of Vietnam, you must contact TradeImeX today and subscribe to us. We provide one-to-one assistance to our customers and help them build their unique marketing strategies.
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