Written by Marijn Overvest | Reviewed by Sjoerd Goedhart | Fact Checked by Ruud Emonds | Our editorial policy

9. Vietnam’s top export partners are:

• USA = $61 billion
• China = $41 billion
• Japan = $20 billion
• Korea = $19.7 billion
• Hong Kong = $7.16 billion
• Netherlands = $6.88 billion
• India = $6.67 billion
• Germany = $6.56 billion
• United Kingdom = $5.76 billion
• Thailand = 5.05 billion

10. These are the top emerging export industries in Vietnam according to Vietnam Briefing:

• Textile and Garments Industry
• Electronics
• Pharmaceuticals
• Automotive

11. S and P Global reveal that the recent trade war between China and the U.S. and its strategic location in Southeast Asia make Vietnam an ideal import and export hub to reach other ASEAN markets.

12. According to the Grantham Research Institute on Climate Change and the Environment, Vietnam’s Green Growth Action Plan addresses reducing GHG (greenhouse gas) emissions by reducing 20% of fossil fuel imports and switching to the use of clean and renewable sources of energy.

LawNet website reports that part of Vietnam’s import and export sustainable goals are:

13. Balanced market by increased export share by 2025  in the following regions:

• Europe  (16%-17%)
• Asia (49%-50%)

14. Vietnam will use free trade agreements to leverage opening opportunities to major export markets such as the EU, Japan, China, and Korea.

15. The country will diversify its import-export activities to avoid overdependence on single partnerships and explore potential markets such as the U.S., Russia, India, the Latin American countries such as Argentina and Peru.

16. According to Vietnam Briefing, the country’s Decision 450 (Environmental Protection Program) directs the stopping of manufacturing and importing of goods containing microplastics by 2030.

Services Sector

The country’s services sector such as the tourism industry, financial services, retail, labor force, telecommunications, and healthcare all put up Vietnam’s 55% GDP. 

While the pandemic disrupted the growing productivity of the sector, specifically the tourism industry which saw a 60% drop, the country slowly regained its momentum particularly the labor workforce which increased by 88,700 totaling 2.2 million workers. 

Manufacturing

Manufacturing accounts for 25% of the country’s GDP making it a crucial component of its economy. Vietnam’s import and export activities tread these products such as electronics, automotive, food and beverage, chemicals and petrochemicals, machinery, and equipment. 

Agriculture

Vietnam’s agriculture sector covers 36% of its labor force and contributes 14% of its GDP. The country leads in producing several of its products such as rice, coffee, cashews, and black pepper. 

To further boost its agricultural productivity, the government devises modern farming practices such as high-tech cultivation and agri-business to improve the quality of Vietnamese farmer’s life and produce. 

Conclusion

Vietnam’s import and export activities started strong, reaching a turnover of $58.49 billion in the first quarter. The nation’s economic transformation, driven by the central-to-market economy plan and the Doi Moi reform, has propelled it from poverty to lower-middle-income status, establishing

Vietnam is one of the most dynamic emerging countries in East Asia. Key contributors to its growth include the manufacturing, services, and agricultural sectors, with tourism, financial services, and retail constituting 55% of GDP. Despite challenges like the pandemic impacting tourism, the labor force demonstrated resilience, growing by 88,700.

As Vietnam aims for balanced market expansion and diversification, the nation’s sustainable goals encompass reducing GHG emissions, adopting clean energy sources, and ceasing the manufacturing of goods containing microplastics by 2030.