Key Highlights:
Vietnam's trade is booming, with a 15% YoY increase in exports in the first four months of 2024. The country is also becoming a leading supplier of electronics such as phones and computers due to shifting manufacturing.
Trade agreements are opening up new markets for Vietnamese exports, with significant partners including China, the United States, Korea, and Japan.
The top exports from Vietnam are electronics, textiles, clothing, footwear, and machinery.
The country's export development is predicted to continue due to inflation management and global supply chain diversification.
Vietnam has established itself as a reliable, rapidly developing, and high-growth destination for international commerce and investment. Its economy is also one of the fastest expanding in Asia. Vietnam's average yearly GDP growth rate is 6.5%, combined with stable population growth and increased income, making it a promising long-term market. Vietnam exports agricultural products such as rice, coffee, rubber, tea, vegetables, and black pepper. In contrast, the total exports are estimated at US$123.64 billion in the financial year 2023–24. In this blog, we will discuss the top 10 exports from Vietnam, along with Vietnam's top export products, a Vietnam exporters list, and accurate Vietnam export data.
What is the trend in Vietnam exports?
Vietnam's exports have been increasing rapidly in recent years. When Vietnam export data is analyzed, several unexpected trends emerge. There has been a shift towards higher-value manufacturing in recent years, with industries such as electronics expanding rapidly. Traditional industries, such as agriculture and textiles, continue to thrive, illustrating Vietnam's export diversification.
As an export-oriented economy, Vietnam has over 90 bilateral trade agreements and approximately 60 bilateral investment promotion and protection contracts.
Here's a breakdown of trends:
Overall Growth: According to Vietnam export data, Vietnam's exports totalled $371.3 billion in 2022, up 10.5%, or $35.14 billion, from the previous year. This marks a huge increase from $236 billion in 2017.
Shifting Manufacturing Hub: Vietnam is increasingly considered a low-cost alternative to China, luring global corporations wishing to transfer their manufacturing operations.
Trade Agreements: Free trade agreements such as the RCEP, EVFTA, and UKVFTA have created new markets for Vietnamese goods and made exporting easier.
However, Vietnam's fastest-growing export sectors include electronics (particularly phones and computers), machinery, textiles, footwear, and agricultural products. Overall, Vietnam's export economy is thriving, thanks to various factors, including robust growth in important industries. There is no hint that this will slow down shortly.
Now, dive into the updated Vietnam export data for 2024!
Vietnam Export Data: 2023-24
Here is the comparison data for Vietnam's exports!
Trade Stats | 2024 ( January to April) | 2023 (October to December) |
Total Trade | $238.88 billion | $29.31 billion |
Vietnam Export data | $123.64 billion | $32.31 billion |
Between January and April 2024, overall product commerce was $238.88 billion, a 15.2 percent increase over the previous year.
According to Vietnam export data, overall exports are estimated at US$123.64 billion, up 15% year over year. Still, Vietnam's trade surplus in products was $8.4 billion in the first four months.
As a result, the strong growth rates seen in the first four months of 2024 indicate that Vietnam is still recovering from a year of declining foreign trade. Vietnam's total foreign trade fell 6.6% in 2023 compared to the previous year, with exports dropping 4.4 percent.
Now, explore the list of major exports of Vietnam!
Top 10 Exports from Vietnam (2024)
Semi-finished and final products are exported to other nations after meeting home demand. Here is a list of products that account for a large percentage of overall exports.
Here is the list of Vietnam top export products!
Machinery and Equipment
Textiles and garments
Footwear
Phones and Accessories
Computers and Electronic products
Wood and wooden products
Vehicles and spare parts
Seafood and fishery products
Iron and steel
Cameras, camcorders, and accessories
Now, explore the table for the top export products from Vietnam.
Rank | Top exports from Vietnam | Vietnam export data (Export value) |
1 | Phones and Accessories | $57.99 billion |
2 | Computers and Electronic products | $55.54 billion |
3 | Machinery and Equipment | $45.75 billion |
4 | Textiles and garments | $37.57 billion |
5 | Footwear | $23.90 billion |
6 | Wood and wooden products | $16.01 billion |
7 | Vehicles and spare parts | $11.99 billion |
8 | Seafood and fishery products | $10.92 billion |
9 | Iron and steel | $7.99 billion |
10 | Cameras, camcorders, and accessories | $6.37 billion |
So, these are the major exports of Vietnam in 2024. Phones and accessories emerged as the top export products from Vietnam, with exports worth $57.99 billion. However, the other Vietnam export products are textiles and garments, footwear, phones and accessories, computers and electronic products, wood and wooden products, etc.
Also, if you are looking for updated products from Vietnam for export, Vietnam top 10 exports, connect with Eximpedia’s data-driven platform and explore the updated exports from Vietnam.
Vietnam Top Export Partners
Here is an updated list of Vietnam export partners.
Rank | Vietnam Export Partners | Vietnam export data |
1 | China | 175.57 billion |
2 | USA | 123.86 billion |
3 | Korea | 86.38 billion |
4 | Japan | 47.61 billion |
5 | Netherlands | $3.99 billion |
6 | Hong Kong | $3.389 billion |
7 | India | $3.309 billion |
8 | Germany | $3.104 billion |
9 | Thailand | $2.975 billion |
10 | United Kingdom | $2.359 billion |
According to Vietnam export data from the General Department of Customs, China considered as Vietnam's top trading partner in 2022, with a two-way trade turnover of 175.57 billion USD, followed by the United States (123.86 billion USD), the Republic of Korea (86.38 billion USD), and Japan (47.61 billion USD). Other than these major countries, several countries that additionally imported things from Vietnam were Australia, Indonesia, the UAE, Malaysia, and Italy.
In addition, if you require up-to-date industry insights, such as the top 10 exports from Vietnam or the Vietnam exporters list, contact Eximpedia.app.
Vietnam's foreign trade projection for 2024
The increase in Vietnam's foreign trade is due in large part to important export markets controlling inflation, allowing for increased spending on Vietnamese items. At the same time, Vietnam's free trade agreements (FTAs) with key export markets, particularly the EU-Vietnam Free Trade Agreement (EVFTA), may be taking effect and could continue to boost Vietnam's exports in the coming months.
Furthermore, Western corporations' efforts to diversify supply chains away from China may continue to assist Vietnam's manufacturing export sector and drive the country's long-term economic development.
How to find Vietnam exporters?
To know the most updated and accurate Vietnam exporters data, please visit Eximpedia to gain Vietnam export data, as well as a list of major exports of Vietnam.
Also, if you need the updated exports from Vietnam, supplier list of Vietnam, and the top 10 exported products in Vietnam, you first need to explore our export import data bank.
Eximpedia is a foremost data-driven tool for analyzing global shipments. We provide a database of more than 130 countries, allowing you to easily access global trade data.
Wind Up:
In conclusion, the steady recovery of the global economy in 2024 is expected to boost demand and fuel export orders, assisting Vietnamese export enterprises in meeting their goals. Also, it is expected that four more products will be legally shipped to this market: medical herbs, coconuts, frozen fruits, and watermelons.
We obtain valuable insights into Vietnam's global market position by evaluating its major export products and trading partners. If you have any queries concerning the top 10 exports from Vietnam or Vietnam export data, please contact Eximpedia.app.
Our dedicated experts will advise you with the best of their expertise and experience. To book a free live demo, click here. We hope you found this look at the major exports of Vietnam interesting. Thank you for reading!
Frequently Asked Questions
1. What are Vietnam's main exports?
Vietnam’s main exports are phones and accessories, computer and electronic products, machinery and equipment, textiles, garments, footwear, and wooden products.
2. What products does Vietnam export to India?
The primary products exported to India from Vietnam are silk, impregnated, coated, or laminated textile fabric, cotton, optical photography, and technical & medical apparatus.
3. What are the top 5 items that Vietnam export?
The top five items exported by Vietnam with an export value.
- 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)
4. What does Vietnam produce most?
Cement is the major product produced in Vietnam.
5. Who is Vietnam's biggest trading partner?
China is the biggest trading partner of Vietnam, with a total turnover of more than USD $171 billion last year.
