Vietnam flag Vietnam: Economic and Political Overview

Foreign trade figures of Vietnam

Foreign Trade in Figures

Vietnam is one of the most open economies to international trade in Asia. Vietnamese trade represented 186% of GDP in 2021 (World Bank, 2023). Vietnam exports transmission electronic apparatus and telephones (22% of all exports in 2021), electronic integrated circuits and microassemblies (4.3%), footwear, technology products and automatic data processing machines. Imports include electronic integrated circuits and microassemblies (14.5% of all imports in 2021), electronic apparatus, semiconductors and printed circuits (Comtrade, 2023).

The main trading partners are the United States (28.7% of all exports in 2021), China (16.7%), South Korea (6.5%) and Japan (6%). Its main providers are China (33.2% of all imports), South Korea (17%), Japan (6.8%) and the United States (4.6%). 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 335.92 billion USD in 2021, up from 282.72 billion USD in 2020. The imports of goods amounted to 331.58 billion USD in 2021, up from 262.75 billion USD in 2020. The trade surplus reached 17.7 billion USD in 2021, against 30.7 billion in the previous year. Vietnam reported a 18.8% 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 94.9 billion USD in 2022 (NASDAQ, 2023). Vietnam's total exports in 2021 came in at 402.89 billion USD, while its total imports rose 26.5% to 350.98 billion USD, resulting in a trade surplus including services of 1.963 billion USD (WTO, 2023). 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 20172018201920202021
Imports of Goods (million USD) 211,518236,862253,393262,753331,582
Exports of Goods (million USD) 214,323243,699264,268282,725335,929
Imports of Services (million USD) 16,82417,80218,55216,91419,407
Exports of Services (million USD) 12,94824,47727,42118,6773,673

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

Foreign Trade Indicators 20172018201920202021
Foreign Trade (in % of GDP) 161.0164.7164.7163.2186.5
Trade Balance (million USD) 10,84616,54021,49430,70817,697
Trade Balance (Including Service) (million USD) 6,81612,86019,14320,4211,963
Imports of Goods and Services (Annual % Change) 18.29.64.93.315.8
Exports of Goods and Services (Annual % Change) 17.312.36.24.113.9
Imports of Goods and Services (in % of GDP) 79.280.279.578.993.2
Exports of Goods and Services (in % of GDP) 81.884.485.284.493.3

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20222023 (e)2024 (e)2025 (e)2026 (e)
Volume of exports of goods and services (Annual % change) 6.72.58.99.39.4
Volume of imports of goods and services (Annual % change) 4.22.310.79.510.6

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)
2021
United States 28.7%
China 16.7%
South Korea 6.5%
Japan 6.0%
Hong Kong SAR, China 3.6%
See More Countries 38.6%
Main Suppliers
(% of Imports)
2021
China 33.2%
South Korea 17.0%
Japan 6.8%
United States 4.6%
Thailand 3.8%
See More Countries 34.6%

Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

335.8 bn USD of products exported in 2021
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 21.6%
Electronic integrated circuits; parts thereofElectronic integrated circuits; parts thereof 4.3%
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) 2.7%
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) 2.3%
Parts and accessories (other than covers, carrying...Parts and accessories (other than covers, carrying cases and the like) suitable for use solely or principally with machines of heading 8469 to 8472, n.e.s. 2.0%
See More Products 67.1%
330.8 bn USD of products imported in 2021
Electronic integrated circuits; parts thereofElectronic integrated circuits; parts thereof 14.5%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 7.3%
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. 2.1%
Printed circuitsPrinted circuits 1.6%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 1.5%
See More Products 72.9%

Source: Comtrade, 2022. 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

16.8 bn USD of services exported in 2019
70.44%
19.00%
3.93%
2.00%
1.25%
1.07%
1.06%
0.77%
0.39%
0.08%
0.03%
18.4 bn USD of services imported in 2019
45.06%
33.50%
6.44%
3.88%
3.43%
2.89%
1.54%
1.46%
1.19%
0.54%
0.07%

Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: May 2023