As one of the world's biggest garment and textile exporters and producers, Vietnam recorded an export turnover of roughly $32.6 billion in 2019, up 6.9 per cent from 2018, according to the statistics office. Published: Post was not sent - check your email addresses! Secondly, more companies invest more to enhance product quality and pursue sustainable export growth. 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Coffee exports account for nearly 10 per cent of the country’s total shipment of agro-forestry-fisheries. From our Vietnam import export statistics, you can find Real Importers, Exporters, Manufacturers in Vietnam. Vietnam Briefing is produced by Dezan Shira & Associates. Especially, the CPTPP is predicted to provide a powerful boost to many businesses in Vietnam, including garment and textile, leather and footwear as well as fishery. In October alone, Vietnam's textile and garment exports fell 3.2 per cent year on year to $2.6 billion. Primarily, merchandise exports will develop more on better investment and business environment. ASEAN attracted US$24.7 billion to Vietnam, up 13.7%, with rice climbing by 105.5 percent; iron and steel by 39.1 percent; and garments and fabrics by 37.4%. It had ranked No. Other business areas include information and communications technology, automotive, and medical devices. These advantages have enabled Vietnam to become a premier “sourcing economy” in the eyes of many companies. Our subscription service offers regular regulatory updates, Regional Comprehensive Economic Partnership (RCEP), Vietnam Ranked 69th in Ease of Doing Business Rankings, An Introduction to Doing Business in Vietnam 2018-19, Dezan Shira & Associates' Service Brochure, Understanding Vietnam’s Import and Export Regulations, Imported vehicles represent the fastest grower among the top 10 import categories, up by 52.2% from 2018 to 2019. accounted for 10.2% of total import flow to Vietnam (in 2018, total imports to Vietnam amounted to $ 236 billion). To attain this aim, the Ministry of Industry and Trade also proposed some significant options like expanding production, enhancing product quality and growing markets. Currently, the Regional Comprehensive Economic Partnership (RCEP) is also under negotiation. Besides, many agricultural exports secured high growth. Your email address will not be published. U.S. exports to Vietnam reached a record $4.0 billion in 2018, making Vietnam the seventh-largest destination for U.S. agricultural products. With the Nghi Son Refinery opening up in early 2018, Vietnam will have two refineries, each producing a wide variety of petroleum products – mostly for the domestic market, but some for exports. Indeed, the trade balance was always a surplus because 2016. Although there was a recent decline in car sales, the government has introduced several new regulations to address the issue and boost production. Electronic retail is fast becoming the preferred method of shopping—particularly among the country’s youth. Việt Nam is now the world’s second largest exporter of coffee beans and the largest robusta exporter. Stay Ahead of the curve in Emerging Asia. Month Exports Imports Balance; January 2020 : 875.1 : 6,114.8 -5,239.7 : February 2020 : 999.2 : 6,031.5 -5,032.3 : March 2020 : 1,055.1 : 5,175.3 Vietnam exported approximately 6.9 million tons of crude oil in 2017, sending the majority to its regional neighbors. Vietnam’s export value recorded US$244.7 billion in 2018, representing a year on year growth of 13.8%, also continued to be a bright spot in the Vietnamese economic landscape in the year. and grow their operations. According to the General Statistics Office, the domestic financial industry earned US$69.20 billion from exports, while the foreign-invested sector made US$175.52 billion. BM International Groups Import & Export Division believes that through partnering with a strong and trustworthy Import & Export company who understands the latest import and export regulations in Vietnam and coupled with these export solutions, Vietnam and companies who look to utilise this market have more chances to make more powerful breakthroughs in 2019 and achieve all objectives, 11111 Katy Freeway, Suite 910 Houston Texas, USA 77079, 14 Phan Ton Street Floor 10, Vien Dong Building Dakao Ward, District 1 Ho Chi Minh City, Vietnam, Automated page speed optimizations for fast site performance, © Copyright 2018 - BM International Group - Design by, BM International Groups Import & Export Division, Construction Never Sleeps! Vietnam’s total trade with the United States was $64.33 billion through September, a change of 24.91 percent from the same month one year ago. With... Dezan Shira & Associates helps