Vietnam has firmly established itself as a rapidly developing and high-growth destination for international commerce and investment. Its economy is among the fastest-growing in Asia, with an impressive average yearly GDP growth rate of 6.5%. This growth, with stable population expansion and rising incomes, positions Vietnam as a promising long-term market. Notably, Vietnam exports agricultural products such as rice, coffee, rubber, tea, vegetables, and black pepper. For the fiscal year 2023–24, total exports are estimated at US$123.64 billion. This article will explore the top 10 exports from Vietnam, providing insights into the country's key export products, a list of top exporters, and accurate Vietnam export data.
Trends in Vietnam Exports
Vietnam's exports have surged in recent years, revealing several significant trends. The country has shifted towards higher-value manufacturing, with industries such as electronics expanding rapidly. Traditional sectors like agriculture and textiles continue to thrive, highlighting Vietnam's diverse export portfolio.
As an export-driven economy, Vietnam boasts over 90 bilateral trade agreements and approximately 60 bilateral investment promotion and protection contracts. Here’s a closer look at the trends:
Overall Growth According to export data, Vietnam's exports totaled $371.3 billion in 2022, up 10.5% ($35.14 billion) from the previous year. This is a substantial increase from $236 billion in 2017.
Shifting Manufacturing Hub Vietnam is increasingly seen as a low-cost alternative to China, attracting global corporations looking to relocate their manufacturing operations.
Trade Agreements Free trade agreements such as the RCEP, EVFTA, and UKVFTA have opened new markets for Vietnamese goods and streamlined the exporting process. Vietnam's fastest-growing export sectors include electronics (notably phones and computers), machinery, textiles, footwear, and agricultural products. The country's export economy is flourishing, with no signs of slowing down.
Vietnam Export Data: 2023-24
Between January and April 2024, overall product commerce reached $238.88 billion, a 15.2% increase over the previous year. Exports were estimated at US$123.64 billion, up 15% year over year. Vietnam's trade surplus in products was $8.4 billion in the first four months. This robust growth indicates a recovery from a year of declining foreign trade, where total foreign trade fell by 6.6% in 2023 compared to the previous year, with exports dropping by 4.4%.
Now, explore the list of major exports of Vietnam!
Top 10 Exports from Vietnam (2024)
Vietnam exports a wide range of semi-finished and final products to meet domestic and international demand. Here are the top export products:
Phones and Accessories - $57.99 billion
Computers and Electronic Products - $55.54 billion
Machinery and Equipment - $45.75 billion
Textiles and Garments - $37.57 billion
Footwear - $23.90 billion
Wood and Wooden Products - $16.01 billion
Vehicles and Spare Parts - $11.99 billion
Seafood and Fishery Products - $10.92 billion
Iron and Steel - $7.99 billion
Cameras, Camcorders, and Accessories - $6.37 billion
Phones and accessories lead the list, followed by computers, electronic products, machinery, and textiles.
Vietnam's Top Export Partners
Here is an updated list of Vietnam's top export partners:
China - $175.57 billion
USA - $123.86 billion
Korea - $86.38 billion
Japan - $47.61 billion
Netherlands - $3.99 billion
Hong Kong - $3.389 billion
India - $3.309 billion
Germany - $3.104 billion
Thailand - $2.975 billion
United Kingdom - $2.359 billion
According to export data from the General Department of Customs, China was Vietnam's top trading partner in 2022, followed by the USA, Korea, and Japan. Other significant partners include Australia, Indonesia, the UAE, Malaysia, and Italy.
Vietnam's Foreign Trade Projection for 2024
The increase in Vietnam's foreign trade can be attributed to major export markets controlling inflation, allowing for increased spending on Vietnamese goods. Vietnam's free trade agreements, particularly the EU-Vietnam Free Trade Agreement (EVFTA), are expected to continue boosting exports. Additionally, Western companies' efforts to diversify supply chains away from China will likely support Vietnam's manufacturing export sector and drive long-term economic growth.
How to Find Vietnam Exporters
For the most updated and accurate Vietnam exporters data, visit Eximpedia. This data-driven platform provides comprehensive Vietnam export data and a list of major exports. Eximpedia offers a database of over 130 countries, enabling easy access to global trade data.
Conclusion
The steady recovery of the global economy in 2024 is expected to boost demand and fuel export orders, helping Vietnamese export enterprises achieve their goals. Four more products, including medical herbs, coconuts, frozen fruits, and watermelons, are expected to be legally exported to new markets.
By evaluating top exports from Vietnam and trading partners, we gain valuable insights into its global market position. For any queries regarding the top 10 exports from Vietnam or Vietnam export data, contact Eximpedia. Our experts are ready to provide the best advice and support. To book a free live demo, click here. Thank you for reading!
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