Vietnams top 5 exports partners and share percentage

Vietnam, a Southeast Asian nation renowned for its breathtaking landscapes and rich cultural heritage, has rapidly transformed into an economic powerhouse in recent years. One of the driving forces behind Vietnam’s economic growth is its vibrant trade relationships with countries around the world. In 2022, Vietnam’s trade landscape witnessed significant developments with its largest partners. This blog delves into the highlights of Vietnam’s trade interactions with its major partners, shedding light on the key trends, challenges, and opportunities that emerged over the year.

Data from the General Department of Customs shows in 2022, China is Vietnam’s largest trading partner with a total two-way trade turnover of 175.57 billion USD, followed by the US (123.86 billion USD), the Republic of Korea (86.38 billion USD) and Japan (47.61 billion USD). Based on Vietnam Trade Data records of the past few years, let us look into each country’s statistics.

CHINA: A COMPLEX YET CRUCIAL TRADE RELATIONSHIP

China remains Vietnam’s largest trading partner, a dynamic relationship that continued to evolve in 2022. Both nations share a long history of trade, cultural exchange, and political engagement. The trade volume between the two countries reached new heights in 2022, with China being the destination for a substantial portion of Vietnam’s exports, especially electronics, textiles, and agriculture products.

However, the Vietnam-China trade relationship also comes with its fair share of complexities. Trade imbalances, intellectual property concerns, and geopolitical tensions at times cast a shadow on the partnership. As Vietnam aspires to move up the value chain, it faces the challenge of balancing its economic dependence on China while seeking diversification in its trade portfolio.

UNITED STATES: NAVIGATING OPPORTUNITIES AND BILATERAL AGREEMENTS

The trade ties between Vietnam and the United States witnessed noteworthy developments in 2022. The United States has emerged as one of Vietnam’s key trading partners, fueled by the strong demand for Vietnam’s products such as electronics, textiles, and footwear. In 2022, Vietnam also benefited from the shift in global supply chains, with companies seeking alternatives to China, making Vietnam an attractive manufacturing destination as listed in Vietnam Export Data report.

Moreover, Vietnam’s participation in bilateral and multilateral trade agreements, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP), further facilitated its trade relations. These agreements not only expanded market access but also encouraged regulatory reforms and improved standards, enabling Vietnam to enhance its competitiveness on the global stage.

EUROPEAN UNION: STRENGTHENING ECONOMIC BONDS

The European Union (EU) maintained its position as one of Vietnam’s vital trading partners in 2022. The EU-Vietnam Free Trade Agreement (EVFTA), which came into force in August 2020, continued to bolster trade between the two entities. The agreement aims to eliminate tariffs on almost all goods, foster investment, and promote sustainable development.

The impact of the EVFTA became more pronounced in 2022 as businesses on both sides capitalized on the opportunities it offered. Vietnam’s exports to the EU expanded across sectors like textiles, seafood, and agricultural products. In return, European companies found a reliable manufacturing base in Vietnam for items like electronics and machinery. This partnership also emphasized the significance of adherence to environmental and labor standards, aligning with Vietnam’s commitment to sustainable development.

ASEAN: NURTURING REGIONAL INTEGRATION

As a member of the Association of Southeast Asian Nations (ASEAN), Vietnam maintains a strategic focus on intra-regional trade cooperation. ASEAN serves as a crucial platform for Vietnam to deepen economic integration with neighboring countries. In 2022, Vietnam’s trade with fellow ASEAN member states remained robust, driven by proximity and shared economic goals.

The ASEAN trade dynamic is marked by both competition and cooperation. While Vietnam competes with its peers in sectors such as electronics and textiles which boosts Vietnam Import Data statistics, it also collaborates to create a more integrated and resilient regional market. Initiatives like the ASEAN Single Window and the ASEAN Trade in Goods Agreement streamline trade procedures, reducing barriers and enhancing the movement of goods.

CONCLUSION

Vietnam’s trade interactions with its largest partners in 2022 exemplify the nation’s commitment to economic growth, innovation, and regional integration. While challenges persist, the year also witnessed strategic advancements, diversification efforts, and the forging of mutually beneficial partnerships. As Vietnam embarks on its journey to solidify its status as a global economic player, it's evolving trade dynamics provide a compelling narrative of resilience, adaptability, and the pursuit of prosperity.

For more trade-related queries and insights, get in touch with TradeImeX and get the most accurate information and statistics from us. We deal in providing the most correct and authentic trade records of 70+ countries.

What are the top 5 exports in Vietnam?

Top 10 exports of Vietnam in 2022 According to the Vietnam export data for 2022, Its major export products are phones and accessories ($57.99 billion), computers and electronic products ($55.54 billion), machinery and equipment ($45.75 billion), textiles ($37.57 billion), and footwear ($23.90 billion).

Who are the major export partners of Vietnam?

Vietnam's trade with largest partners in 2022 Data from the General Department of Customs shows in 2022, China is Vietnam's largest trading partner with a total two-way trade turnover of 175.57 billion USD, followed by the US (123.86 billion USD), the Republic of Korea (86.38 billion USD) and Japan (47.61 billion USD).

What is the export share of Vietnam?

Exports as a % of GDP of Vietnam was 105.8% in 2021, while Vietnam's exports as a % of GDP increased by 0.4% year on year basis in 2021. Between 2010-2021, the exports as a % of GDP in Vietnam increased by 51.4%.

What are the top 5 imports of Vietnam?

Imports The top imports of Vietnam are Integrated Circuits ($39.8B), Telephones ($20.7B), Light Rubberized Knitted Fabric ($6.29B), Broadcasting Accessories ($5.38B), and Refined Petroleum ($4.76B), importing mostly from China ($129B), South Korea ($56.5B), Japan ($18.2B), Chinese Taipei ($14.8B), and Thailand ($12.5B) ...