MAJOR INDUSTRIES CONTRIBUTING TO VIETNAM TRADE DATA


MAJOR INDUSTRIES CONTRIBUTING TO VIETNAM TRADE DATA

OVERVIEW

Vietnam is a rapidly growing country that is primarily located in the Southeastern part of Asia. The country shares its major borders with China and Laos. Vietnam Is equipped with a huge coastline that runs throughout the South China sea. If we talk about the size, it is the 21st largest country in the world. As per Vietnam Trade Data for the year 2020, the country imported goods worth $270 billion and secured 18th position amongst all countries. On the other hand, Vietnam exported goods worth $300 billion and secured 16th position amongst all countries. Vietnam Trade data is indeed one of the best sources of data that helps a marketer to know about current trends and insights that are prevailing in the Vietnamese market.

Due to the cheap and young labor that is available in the nation, Vietnam is becoming a potential source of profit generation for many companies and firms. Big companies are setting up their plants in Vietnam to save as much funds as possible. Also due to this factor, Vietnam Trade Data is showing continuous growth and increment.

CURRENT STATE OF VIETNAM TRADE DATA

Vietnam Import Data clearly portrays that the value of imports is rising every year. The country has indeed become a popular and most common import destination because of its cheap and affordable labor as discussed above.  If we talk about the exports, then as per the Vietnam Trade Data which includes the export data of the country, it is clearly stated that the country’s major export includes agricultural goods and products. These are followed by machine parts, and eatables like fish, fruits, and nuts.

Hence, it is true that Vietnam is experiencing a very steep growth in multiple industries and is growing on various fronts. Vietnam is considered the most important country that requires foreign goods due to the increase in the young generation in the country and rapid growth. As per the statistics released by the Vietnam trade data for the year 2021, it is clearly observed that the USA has surpassed China as the biggest export partner of Vietnam. On the other hand, in 2021 also, Vietnam trade data stated that the biggest import partner of Vietnam was China which alone accounted for USD 110 billion of complete trade.

 

OTHER INDUSTRIES INFLUENCING VIETNAM TRADE DATA

Other than textiles, Vietnam is rich in investments received from big market giants like Samsung, LG, Nokia, and many more companies. The investments are worth millions of dollars from each company as they are trying to extract profits by using cheap labor for manufacturing. Other than this, many more industries such as technology, automotive, and doctor’s devices are also growing rapidly in the economy which is further giving a boost to Vietnam trade data

If we refer to the statistics that are mentioned in the Vietnam trade data related to total exports, then they are as follows:

·        Mobile phones worth USD 57.6 billion

·        PCs and electronic products USD 50.7 billion

·        Machinery USD 38.4 billion

·        Textiles USD 33.01 billion

·        Footwear USD 17.6 billion

If we refer to the statistics that are mentioned in the Vietnam trade data related to total imports, then they are as follows:

·        PCs and electronic products USD 75.2 billion

·        Machinery USD 46.1 billion

·        Mobile phones worth USD 21.6 billion

·        Fabrics worth USD 14.1 billion

·        Raw plastic USD 11.5 billion

CONCLUSION

First, we are glad that you have reached here and read the article completely and got some amazing insights about Vietnam trade data the latest market trends, and much more. Vietnam is a middle-class country that is growing unconventionally and boosting its economic status. The country is working on all fronts and seeing positive results from all sides as well. Now when investors are investing millions of dollars in the country, it is helping to abolish unemployment in the country as all its labor force is engaged in completing manufacturing tasks and getting employed at factories and manufacturing firms which is leading to a steep growth in the Vietnam Trade data

It is advisable that if any trader or marketer deals in automobiles, mobile phones, and fabric, then he or she should target the Vietnam market as this is the right time to invest in that country as it will lead to huge profits and minimal market risks.


GOD’S ADVICE

If you want further analysis and the best advice about import-export data or global trade data of any country, then get in touch with TradeImeX® Info Solution Pvt Ltd. We are one of the leading companies when it comes to providing data about international trade. TradeImeX® Import-export data provider strives to deliver accurate global trade data to people. The advice that is provided by us to you will help you to grow your profits and reduce market risks to a great extent.

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Comments

  1. tradeimexJanuary 18, 2023 at 11:07 PM

    TradeImeX is a leading Global trade data And Trade Data Provider Company. We cover 70+ Countries Import Export Trade Data Online. Discover Growth Trends.

    ReplyDelete
  2. AnonymousJanuary 23, 2023 at 11:23 PM

    TradeImeX Info Solution Pvt Ltd has brought to you the most interactive, reliable, and accurate Import Export Data from more than 70 countries. Every trader or marketer who performs overseas trade looks for precise of the country with whom he or she is planning to trade. It becomes necessary that the Import Export Data provided to the trader should be accurate and genuine.

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