In the past few years, Vietnam has emerged as a go-to destination for many businesses. A swelling number of companies have relocated their business activities to Vietnam in a bid to avoid escalating prices and a more complicated governing environment of many countries. As per the Economic Complexity Index (ECI), Vietnam export is the 21st largest export economy in the world and the 83rd most compact economy. Beneath the active import export business, Vietnam was able to reflect a positive trade balance in the records.
With a community above 90 million, Vietnam is a tempting market for international businesses. Located in a strategic location for global companies and operating throughout Southeast Asia, Vietnam is an ideal export hub for reaching other ASEAN markets.
Vietnam has also emerged as the clear winner in low-cost manufacturing and supplying compared to other emerging markets in the region, with the country’s manufacturing sector accounting for 25 per cent of Vietnam’s total GDP in 2015.
Vietnam’s top exports are broadcasting equipment, telephones, built-in circuits, coffee, textile, footwear, and leather footwear. Integrated circuits, phones, refined oil, electrical parts and light rubberized knitted fabric are its top imports.
TOP VIETNAM EXPORT PRODUCTS
Vietnam is close to becoming the biggest coffee producer and exporter in the world. The nation is currently the second-largest coffee exporter in the world, next to Brazil. However, many specialists think that because of its favourable weather circumstances and lower-cost manufacturing, Vietnam can overtake Brazil.
Previously, there were only a few dominant brands like Trung Nguyen on the Vietnamese coffee market, but now there is severe competition from national and foreign businesses. When Starbucks began to boost its presence, the coffee industry began to warm up, followed by South Korea’s Cafe.
Vietnam has always been a distributor of rice from ancient times. Rice has been and continues to be an excellent chance for local entrepreneurs and overseas importers to import. Rice is the standard food of more than half of the individuals of the world, providing an abundance of energy. It provides 60 to 70 per cent of calories for over 2 billion individuals in Asia. Rice and other foodstuffs are also used to prepare foods such as bread, rice paper, rice noodles, flour, junk food, oil, or beverages.
With suitable growth strategies, Vietnam has become one of the world’s major rice exporters in just two decades after facing recession. Vietnam exported more than 7 million tonnes of rice in 2012 to the world’s second-largest nation in Vietnam export business.
In the following years, a significant move has been taken to implement the new rural building program incorporating the scheduling requirements, building significant areas, applying science and technology to rice manufacturing and making a contribution to improved productivity and export value of rice.
- Textile and Apparel
Textiles repeatedly rank among the significant Vietnam export sector, with more than 6,000 textile and garment manufacturers employing more than 2.5 million employees. The textile industry’s development was remarkable. In early 2018, Vietnam export of garments rose by 15.4 per cent, with a projected growth rate for the first six months to go up 14 per cent.
Many of the world’s leading apparel manufacturers such as Express, Hucke, Itochu, Kmart, Li & Fung, Sara Lee, Sumimoto, Lee Cooper, Mast Industries, Nichimen, Nissho Iwai, Otto, Seidensticker, JC Penney, Tommy Hilfiger, Victoria’s Secret, Nike, Adidas and Walmart came from Vietnam. Further, Vietnam is highly regarded for its economic growth and social security, which is alluring to international traders and investors.
There tend to be a lot of intermediaries in the trade of clothing and apparel, which is why we suggest ensuring the complete supply chain for these products.
- Telephone and Electronics parts
Vietnam has appeared as a major exporter of electronics, with electrical and electronic devices taking over coffee, rice, and fabrics to become the top export item in the country. Samsung is the biggest exporter of Vietnam, and in a long time, the brand aided the nation to attain a trade surplus.
In export income, exports of smartphones and computer components now account for more than oil and clothing. Samsung has made Vietnam a worldwide production base for its products, generating nearly a third of the company’s production. Samsung has invested in the nation over $17 billion. Samsung also agreed to collaborate with the government of Vietnam to create the domestic support sectors of the country. This provides the main company chance for foreign technology firms to set up Vietnam activities and sell their parts to firms like Samsung.
- Footwear and Leather Footwear
So far this year, Vietnam has gained over US$ 2.8 billion from exports of footwear. For many years, the product has been cited among goods with an export value of billions of US dollars. Vietnam’s footwear exports finished second in the globe after China in 2015 and 2016, according to calculations by the Vietnam Customs General Department.
The export value of Vietnam’s footwear has continuously risen from $8.4 billion in 2013 to $10.3 billion in 2014, $12 billion in 2015, $13 billion in 2016 and $14.6 billion in 2017.
For many years, the US has been the biggest importer of Vietnamese footwear in terms of revenues. The United States was accounting for more than one-third of the full export value of Vietnam’s footwear and 11 per cent of the total exports to the industry of the country.
Over US$ 5,113 million of Vietnamese footwear products were imported by the market last year. Vietnamese footwear products are now being marketed worldwide in over 100 markets.
Now since you know what products can be exported and imported from Vietnam, all you need to do is to frame a plan of action. You can take the help of experts who are into the import export business for a long time.
To contact our import export managers for starting your business in Vietnam, you can call at +91 9211066888.