Notify me of follow-up comments by email. In particular, seafood exports reached US$8.8 billion, up 6.3%; fruit and vegetable exports plummeted at US$3.8 billion, up 9.2%; java shipments rose 1.2percent to US$3.5 billion despite decreasing prices as a result of a 20.1% increase in quantity; and rice exports reached US$3.1 billion, up 16%. This page displays a table with Vietnam Exports By Country in U.S. dollars, according to the … Coffee exports account for nearly 10 per cent of the country’s total shipment of agro-forestry-fisheries. Electronic retail is fast becoming the preferred method of shopping—particularly among the country’s youth. Driving this market growth is the Vietnamese government’s goal of achieving Universal Health Coverage, combined with a growing market of consumers who want accessible healthcare. 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! Recent trends show that the number of orders shifting from China to Vietnam has seen a significant increase. Primarily, merchandise exports will develop more on better investment and business environment. In the past few years, a growing number of businesses have relocated their operations from China to Vietnam in an attempt to escape rising costs and an increasingly complex regulatory environment. Sorry, your blog cannot share posts by email. Since the mid-2000s, the Vietnamese government has offered extremely competitive financial incentives to businesses seeking to set up operations in the country, in addition to a zero percent withholding tax on dividends remitted overseas and a low corporate income tax (CIT) rate of only 20 percent. Currently, the country is the world’s second largest coffee exporter, behind only Brazil. Post was not sent - check your email addresses! Mostly on textile s and communication s. Thanks Oliver. Vietnam is seeing strong growth on multiple fronts. Please reach out to our experts at vietnam@dezshira.com or http://www.dezshira.com who can better understand your query. Vietnam was right behind India. Currently, labor costs in Vietnam are 50 percent of those in China and around 40 percent of those reported in Thailand and the Philippines. This growth is expected to continue for some time to come – domestic consumption is predicted to increase at a rate of 20 percent per year. 10 among U.S. trade partners in September. China is the only nation that surpasses Vietnam in terms of net garment exports to the U.S. Trade promotion is going to be made for specific products. Besides, many agricultural exports secured high growth. On the export market, according to the General Statistics Office, the United States has been the biggest export market of Vietnam, producing US$47.5 billion, up 14.2% year on year. Vietnam Factory Activity Continues to Recover, Vietnam Tourist Arrivals Sink 99.1% YoY in October, Vietnam Retail Sales Grow the Most in 9 Months, Vietnam Industrial Output Growth at 4-Month High, Vietnam Inflation Rate at 5-Month Low of 2.47%, FDI Into Vietnam Falls 2.5% in January-October, Vietnam Q3 GDP Annual Growth Accelerates to 2.62%, Fitch Revises Vietnam Credit Outlook to Positive, Sterling Touches $1.33 for 1st Time in 2 Months, Malaysia Stocks Snap 5-Day Winning Streak, Belarus Holds Interest Rate Steady at 7.75%. But, there are still many chances. Samsung has invested over US$17 billion into the country. Some crucial exporting industries like garment and fabric and leather and apparel have asserted their rankings in the world industry. Illustrative image (Source: VNA) E-mail : editor@thefinancialexpress.com.bd, fexpress68@gmail.com, © 2020 - All Rights with The Financial Express, Vietnam's garment exports decline $24.8 billion in 10 months, Wednesday, 11 November 2020 |. | Updated: Vietnam’s export-import value topped 480 billion USD in 2018, up 11.1 percent year-on-year, said deputy head of the Ministry of Industry and Trade (MoIT)’s Export-Import Agency Tran Thanh Hai. Vietnam’s top 10 imports approach two-thirds (65.4%) of the overall value of the country’s total product purchases from foreign suppliers. Shipments to Japan reached US$19 billion, up 12.9%, with garments and textiles climbing by 24.8 percent; electronics, computers and components by 14.1%; and machinery, equipment and components by 7.7%. Vietnam’s total trade with the United States was $64.33 billion through September, a change … compared to 2017 (it was 9.9% in 2017 and cumulative imports to Vietnam were equal to $ 213 billion). To fuel this growth, Vietnam’s furniture industry relies heavily on imports of wood material, which increased by 10 percent from $900 million in 2017 to $990 million in 2018. Fruit and nut (HS Code 08) imports from Vietnam totaled $1.3 billion in 2018 and $201.7 billion for Q1 2019. Vietnam Total Export Value in 2018 : US$ 290 Billion, Vietnam Total Import Value in 2018 : US$ 258 Billion. It has been welcomed by managers and export-import firms. Your email address will not be published. Within ASEAN, Vietnam is the strongest competitor for inheriting low value-added textiles and apparel manufacturing from China. Samsung is Vietnam’s largest exporter and has helped the country achieve a trade surplus for the first time in many years. accounted for 10.2% of total import flow to Vietnam (in 2018, total imports to Vietnam amounted to $ 236 billion). For example, they accounted for 99.7% of telephones and components; 95.6percent of electronics, components and computers; 89.1% of machinery, equipment and tools; and 59.9percent of clothes and fabrics. Given the recent trade war between China and the US, alongside Vietnam’s recent CPTPP ratification, and the signing of the EU-Vietnam FTA, the country is steadily becoming more open to international trade and investment. including the most recent legal, tax and accounting changes that affect your business. Exports to South Korea valued US$18.3 billion, an increase of 23.2 percent, with electronics, computers and parts expanding by 40.8%; clothes and fabrics by 32.6%; and telephones and parts from 12.6%. The firm assists foreign investors throughout Asia from offices across the world, including in Hanoi and Ho Chi Minh City. BM International Group Deliver New Bar On Time Despite COVID, Personal Protective Equipment (PPE) Exports to USA grows 300%, Brand Vietnam makes Global Inroads; Exports Rise 88% in 4 Years, HCMC & Hanoi Social Distancing Campaign Pays Off, The Import / Export Impact Of Vietnam Borders Closing To UK & EU Countries Due to COVID-19, Import & Export Growth In Vietnam 2018/19. Among the key reasons for this goal is that the auto industry has the potential to create thousands of jobs for locals and create a strong system of supporting industries. Good control of trade balance was attributed to a rise of foreign exchange reserves, which eased exchange rate pressures, stabilized the currency market and enhanced the international payment equilibrium. Previous Article « Vietnam Ranked 69th in Ease of Doing Business Rankings, Next Article Vietnam’s Booming Internet Economy ». businesses establish, maintain, With a population of over 95 million and Southeast Asia’s fastest-growing middle class, Vietnam clearly represents an important market for foreign goods. Export and Import Structure by Country Published: The ministry underlined solutions to improve export, link creation and processing chains, control input sources, follow regulations origin to take advantage of tariffs. An Introduction to Vietnam’s Import and Export Industries November 19, 2018 Posted by Vietnam Briefing Written by Kyssha Mah Reading Time: 5 minutes With its rising costs, China is no longer the go-to destination for many businesses, and Vietnam has arisen as a serious competitor. With a population over 97 million, Vietnam offers a bustling economy with robust real Gross Domestic Product (GDP) growth of 7.1 percent in 2018. As many as 29 exports brought home at least US$1 billion each in the calendar year, accounting for 91.7percent of the nation’s total export value. The share of commodity group 8542 in total imports to Vietnam increased by 0.332 p.p. Secondly, more companies invest more to enhance product quality and pursue sustainable export growth. Direct access to our calendar releases and historical data. Vietnam Export-Import Report 2018 announced Friday, 04/12/2019, 10:29 Vietnam’s export-import value topped 480 billion USD in 2018, up 11.1 percent year-on-year, said deputy head of the Ministry of Industry and Trade (MoIT)’s Export-Import Agency Tran Thanh Hai. The U.S. was Vietnam’s No. Compared with other developing markets in the region, Vietnam is emerging as the clear leader in low-cost manufacturing and sourcing, with the country’s manufacturing sector accounting for 25 percent of Vietnam’s total GDP in 2015. 13 for the same month last year. Vietnam ran a trade surplus of US$7.2 billion in 2018, the greatest in history and much higher than the target set by the National Assembly. Some exports of Vietnam confirmed their status in the world market as a result of high validity and big scale. Vietnam ranked No. Pls mail me your newsletters Vietnam’s pharmaceutical market has grown to US$5.2 billion in value in 2018 so far and is estimated to reach US$6.6 billion by 2020. 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. This helped drive the economic increase to 7.08 percent. Vietnam's total textile and garment export value in the first 10 months of this year declined 9.3 per cent year on year to nearly 24.8 billion US dollars, according to the General Statistics Office on Tuesday. Việt Nam is now the world’s second largest exporter of coffee beans and the largest robusta exporter. An Introduction to Vietnam’s Import and Export Industries November 19, 2018 Posted by Vietnam Briefing Written by Kyssha Mah Reading Time: 5 minutes With its rising costs, China is no longer the go-to destination for many businesses, and Vietnam has arisen as a serious competitor.
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