Vietnam is emerging as a manufacturing leader in past few years as compared to other developing country. The abundance of cheap, young and skilled labour and feasible business environment are the main driving factors.
The country is touted as the low-cost manufacturer with competitive labour costs. Vietnam’s labour costs are half as much as China’s labour costs. The supportive government policies make it a good choice for many businesses all across the globe shifting their base to Vietnam.
As per Vietnam Import Export Trade Data, goods worth USD 331.58 billion were imported to Vietnam in 2021. In the same year the total exports of the country were nearly $3.5 billion, making the country the ninth largest export destination for the United States.
As per the Import Export Statistics of Vietnam, the country is emerging as the most preferred destination for doing business. The numerous positive business conditions include :- 1. Stable political system 2. Consistent track record of high performing economic and market growth. 3. Abundance young and skilled workforce. 4. Country’s central proximity to East Asia’s top emerging economies. 5. Open FDI environment.
As per Vietnam Customs Data the major countries dealing with Vietnam are China, United States, South Korea, Malaysia, Taipei, India and Hong Kong. Even when hit by the unprecedented Covid-19 pandemic, Vietnam had a positive 2.58% GDP growth rate in 2021.
As per Vietnam Customs Trade Data, the country’s economy is outperforming most developing countries and is offering robust business climate and vision for future. The country also boasts a continuously improving business system and strong free trade network with major agreements in place with participating countries of EU, RCEP and CTPP as well as many other countries.
As per Vietnam Import & Export Shipment Data, the total import export turnover of the country is projected to exceed USD$730 billion in 2021. The country will have a trade surplus of over USD$10 billion, marking a track record of the country for maintaining trade surplus for seven consecutive years.
As per Vietnam Customs Data, the country is placed 23rd and 20th as the biggest exporter and importer in the world and in ASEAN region it is second only to Singapore. The country has extensive trade relations with various countries around the world, with a special partnership with China, Korea, United States, Japan, EU, ASEAN, and Korea.
The United States has always been Vietnam’s biggest importer and China its most major exporter for years. In 2021, the export volume of Vietnam to the US market achieved USD$ 101.5 billion, with an increase of 18% from last year and Vietnam’s import of Chinese products and services during the same year was USD$109.46 billion with an increase of 10.12%.
As per Vietnam Trade Data, the country’s both FDI inflow and export turnover has always outdone those of other Southeast Asia counterparts and this it has enhanced its position on the global value chain.
