In 2022, Vietnam's import and export turnover will surpass a record of US$700 billion. Surrounding this result is a lot of impressive information.
Shorten the cycle
Data from the General Department of Customs shows that over the years, Vietnam's import and export has made strong progress in terms of scale and growth rate. Thereby, the milestones of hundreds of billions of USD are shortened significantly.
In 2007, for the first time, import and export reached US$100 billion, after Vietnam became an official member of the World Trade Organization (WTO). In 2011, this number doubled. Four years later, Vietnam's import and export reached US$300 billion. The milestone of US$400 billion was recorded in mid-December 2017; US$500 billion is set for mid-December 2019 and US$600 billion is set for November 30, 2021. The new US$700 billion milestone was recorded on December 15, 2022.
In 20 years (2002-2021), the country's import and export turnover reached US$5.146 billion. Notably, in the last 10 years alone (2012-2021), it reached US$4,110 billion, nearly four times more than 10 years ago combined.
The new milestone represents an important step forward in Vietnam's international economic integration, demonstrating the increasing openness of the economy when the import-export turnover is nearly double GDP (Vietnam's GDP in 2022 is estimated to be more than twice that of GDP, estimated at US$390 to US$400 billion).
In which, FDI enterprises still play a key role in Vietnam's import and export activities. Specifically, by the end of November 2022, FDI enterprises reached US$468.7 billion, up 12.1% over the same period in 2021, accounting for nearly 70% of the country's total import and export turnover. In which, exports of FDI enterprises reached USD252.64 billion, up 14.5%, accounting for 73.8% of the export turnover of the country.
On the other hand, imports of Vietnam reached US$216.06 billion, up 9.5%, accounting for 65.2% of the import turnover of the whole country.
Currently, Vietnam has extensive trade relations with most countries and territories. In particular, focusing on major partners such as China, the United States, Korea, Japan, EU, and ASEAN.
For many years, the United States has always been the largest export market, while China is the number 1 import market. From the beginning of the year to the end of November 2022, exports to the United States reached US$101 billion, up 17.7% (equivalent to an increase of USD15.2 billion) over the same period in 2021. While imports of goods of Chinese origin reached USD109.46 billion, up 10% (equivalent to USD9.93 billion).
In general, these are also two partners with bilateral trade turnover reaching US$100 billion or more. In which, China ranked No. 1 (at the end of November reached US$162 billion). Meanwhile, the United States reached US$114.68 billion.
Another impression comes from the strong rise of many key export industries. In addition to the key product groups with a turnover of tens of billions of USD, they continued to maintain impressive sales such as phones; computers; devices; textiles; footwear; wood and wood products, in 2022, the traditional export industry, which is seafood, will reach 10 billion USD for the first time.
Read more: Seafood Industry Report
Textile and Garment & Footwear Industry Report