Vietnam is one of the fastest growing and developed countries in Southeast Asia.
With the political stability; large number of young, hardworking, highly literate labor force and growing consuming class with higher purchasing power; competitive production cost; and FTA, Vietnam has been led to the development of new industrial towns in this area and this has allowed the Vietnamese economy to flourish. Vietnam commits to net zero within 2050.
Super strong attraction of Foreign Direct Investments with averaged US$30 billion per year in the past decade
Key FDI’s Sectors in 2022
- Processing & manufacturing
- Real estate
- Electricity production and distribution
With 16 FTAs, Vietnam offers the rewards of almost Tariff-free trade with 27 different nations, including United Kingdom, EU members, Eurasian Economic Union, Canada, Australia, China, New Zealand South Korea, Japan… as well as the ASEAN community.
In 2021, Vietnam has ratified the Regional Comprehensive Economic Partnership (RCEP) agreement which officially enters into force on January 1st, 2022 and covers nearly one third of the world economy and population.
2022 VIETNAM IN BRIEF
Total population = 99.5 million
GDP = USD 409 billion
GDP per Capita = USD 4,110
GDP Growth = 8.02%
Trade Balance = USD 11.2 billion
Minimum Wage = 125,000 VND/day
Top 10 Export
Total Value = USD 371.3 billion
COUNTRY/REGION
1. USA (25.9%)
2. China (15.1%)
3. South Korea (5.9%)
4. Japan (5.4%)
5. Netherlands (2.1%)
6. Germany (2.0%)
7. India (1.7%)
8. Thailand (1.6%)
9. The United Kingdom (1.6%)
10. Canada (1.4%)
PRODUCT
1. Phones and Accessories (15.6%)
2. Computers and Electronic products (15.0%)
3. Machinery and Equipment (12.3%)
4. Textiles and garments (10.1%)
5. Footwear (6.4%)
6. Wood and wooden products (4.3%)
7. Vehicles and spare parts (3.2%)
8. Seafood and fishery products (2.9%)
9. Iron and steel (2.2%)
10. Cameras, camcorders, and accessories (1.7%)
Top 10 Import
Total Value = USD 326.3 billion
COUNTRY/REGION
1. China (36.0%)
2. South Korea (19.0%)
3. Japan (7.1%)
4. USA (4.4%)
5. Thailand (4.3%)
6. Australia (3.1%)
7. Indonesia (2.9%)
8. Malaysia (2.8%)
9. India (2.1%)
10. Kuwait (2.0%)
PRODUCT
1. Computers and Electronic products (25.1%)
2. Machinery and Equipment (13.8%)
3. Phones and Accessories (6.5%)
4. Fabrics and clothing (4.5%)
5. Plastic materials (3.8%)
6. Iron and steel (3.7%)
7. Other common metals (2.8%)
8. Original chemicals (2.8%)
9. Petrol (2.7%)
10. Chemicals products (2.7%)