Vietnam Ranks 3rd in Top Trade Performers of ASEAN – Vietnam Trade Data

04 December 2019

Vietnam is a member of ASEAN (Association of Southeast Asian Nations), which is a regional intergovernmental organization comprising ten countries in Southeast Asia. These countries are Indonesia, Thailand, Philippines, Singapore, Malaysia, Vietnam, Brunei, Cambodia, Myanmar and Laos. In this list of countries, Vietnam is on the 3^rd position in terms of imports and exports. The major reasons for this achievement include improved infrastructure and diverse trade. Let’s have an overall view on Vietnam’s trade as ASEAN and global country.

List of ASEAN Countries with Trade Performance in 2018

Vietnam is the 3^rd largest trading country in ASEAN, which recorded trade balance of US$ 6,131 million in 2018. Singapore and Malaysia stands at 1^st and 2^nd position respectively. According to Vietnam trade data, the country recorded higher value of exports than value of imports, which means it enjoyed trade surplus in the given year. Here is the list of 10 ASEAN countries with their trade balance recorded in 2018.

Vietnam’s Imports and Exports in 2018

According to Vietnam import data, major Vietnam import commodities are electronics (28.6%), machinery, (9.15%), plastics (6.4%), mineral fuels & oils (6.26%), iron & steel (5.07%), optical, medical equipment, etc. (3.93%), knitted or crocheted fabrics (2.11%), cotton (2%), aluminium (1.89%) and vehicles (1.88%). Top 10 import products accounted 67.29% to the overall value of the country’s total products purchased from foreign suppliers.

Main Vietnam import partners are China (27.6%), South Korea (20%), Japan (8%), Taipei, Chinese (5.6%) and United States (5.3%). According to Vietnam trade statistics, country’s top 5 import partners accounted 66.5% to total imports.

As per Vietnam export data, top Vietnam export products are electronics (35.58%), footwear (6.92%), not knitted apparel & clothing (5.9%), knitted apparel & clothing (5.7%), machinery (4.82%), optical, medical equipment, etc. (3.17%), furniture (3.05%), fish & crustaceans (2.64%), edible fruits & nuts (2.46%) and iron & steel (1.89%). As per Vietnam export statistics, top 10 export commodities accounted 72.13% to total exports.

Top 5 Vietnam export partners are United States (19.6%), China (17%), Japan (7.8%), South Korea (7.5%) and Hong Kong, China (3.3%). And their total share to Indonesia’s exports recorded 55.2% in 2018.

Vietnam Trade Performance in Last 5 Years

If we see Vietnam trade performance in last 5 years, trade deficit recorded only in 2015 year, while the country enjoyed trade surplus in other years. In fact, Vietnam registered a good trade balance of US$ 6,131 million in 2018. Let’s have a look at trade balance of Vietnam’s imports and exports recorded in the last 5 years.  

Vietnam Top Trading Partners

According to Export Genius market research report and data, Vietnam’s largest trading partner is the United States, followed by China, Japan and South Korea. In 2018, Vietnam supplied goods the most to the US, which shared 19.6%, value to total exports. And Vietnam purchased goods maximum from China, which shared 27.6%, value to total imports. Below given chart and table shows trade balance of Vietnam’s top 10 trading partners.  

Vietnam is heading towards top position in ASEAN as its economy is getting boosted. In 2018, value of total exports was higher than value of total imports. So, it is the best time to do import-export business in Vietnam. If you are planning to do so, you have to get through some major business practices. For example, you need to find active buyers or suppliers in Vietnam for your product. And this possible from our Vietnam import export data, which contains shipment details including Vietnam import and export companies. Check two samples below to actually get through with our data format.

Vietnam Import Sample

Vietnam Export Sample

The factors for Vietnam’s economic success include improved infrastructure and diverse trade with many countries especially with the United States and China. Vietnam also gets benefited from the trade war between the U.S. and China.

To buy our market research report and data, e-mail us at [email protected].

For any media related enquiries, please contact us at [email protected].