Export Markets

Vietnam's export value was estimated at US$200 billion in the first 10 months of 2018, up 14.2 per cent  year on year 

Basically, Vietnam's major markets did not change significantly from a year earlier, except for stronger growth rates.

Accordingly, the United States remained the largest market for Vietnam, with a total value of US$39 billion, up 12.8 per cent over the same period of last year. Fastest-growing shipments to the world's largest economy included telephones and components (43.7 per cent higher than a year ago), footwear (15.9 per cent) and apparels (13.6 per cent).

The European Union (EU) was the second largest importer of Vietnamese goods worth US$34.9 billion from January to October, which was up 9.9 per cent year on year. Rapidly-growing exports to this region included electronics components (26.5 per cent), apparels and textiles (14.8 per cent) and telephones and components (6.6 per cent).

The third largest market of Vietnam was China with US$32.1 billion in the reviewed period, 21.3 per cent more than a year ago. Among key exports, telephones and components posted the strongest growth of 117.1 per cent, followed by electronics, computers and components that surged 29.3 per cent, and fruits and vegetables that advanced 14.1 per cent.

ASEAN came fourth as the largest export market for Vietnam, spending US$20.6 billion on imports from Vietnam, 14.5 per cent higher than a year earlier. The fast-rising exports included rice (up 132.6 per cent), iron and steel (56.7 per cent) and garments and textiles (38.4 per cent).

Japan and South Korea we re the fifth and sixth largest export markets of Vietnam, with respective values of US$15.3 billion (up 10.6 per cent) and US$15 billion (up 23.5 per cent)

Utilising commitments and incentives from markets with which Vietnam had trade agreements helped Vietnam  expand its exports, particularly to key destinations like South Korea, China, the United States and Japan.

Vietnamese merchandise continued to expand traditionalmarkets and seek new markets. In 2017, more than 200 countries and territories had trade relations with Vietnam, with 28 markets having over US$1 billion of trade value, of which five markets brought over US$5 billion for Vietnam and four markets  generated over US$10 billion (the United States, China, Japan and South Korea).

Except for the shrinking Chilean market, exports  to FTA-signed countries recorded high growth rates from January to September of 2018. FTA-signed markets enjoyed about 40 per cent growth, up from around 35 per cent a year ago. 


United States

The export value with the United States topped US$35.02 billion in the first nine months of 2018, which was 13.2 per cent higher than the corresponding period of last year, 3.6 percentage points higher than in the ine-month period of 2017.

Since the Vietnam-United States Bilateral Trade Agreement came into force in 2000, the two-way export value has been on the rise, growing from only US$730 million in 2000 to US$41.6 billion in 2017.

Seven exports, each brought more than US$1 billion in the first nine months of 2018.

Garment and textile was the top export to the United States, bringing in US$10.33 billion in the nine-month phase, 11.6 per cent higher than the value earned in the respective period of 2017 and equal to nearly 46 per cent of Vietnam's export value to the world's largest economy. 

Footwear export amounted to US$4.27 billion from January to September, up 13.5 per cent year on year and equal to 12.2 per cent of Vietnam's export value to the US. Telephone generated US$4.12 billion in nine months,representing a sharp increase of 43.6 per cent year-on-year and accounting for 11.8 per cent of Vietnam's export value to the US.

Timber reached US$2.73 billion in the first nine months of 2018, up 15.7 per cent year and components wood products and on year and accounting for 7.8 per cent of the country's total export value to the US.

The export of computers, electronic products and components generated US$2.07 billion in nine months, down 14.1 per cent year on year and equal to 5.9 per cent of the nation's merchandise exports to the US.

Two other billion-dollar exports included machinery, equipment, and parts (US$2.34 billion, up 29.6 per cent) and seafood (US$1.14 billion, up 9.2per cent).

EU (28 countries)

In the first three quarters of this year, Vietnam's merchandise exports to the EU topped US$31.2 billion, an on-year growth of US$2.96 billion, while imports from this market reached US$9.99 billion. Vietnam's trade surplus with the EU amounted to US$ 21.24 billion in just nine months.

Source: General Department of Vietnam Customs 


In trade in goods with the EU, Vietnam always runs a huge trade surplus. In some years, the trade surplus EU's exports to Vietnam. 

The rising export to the EU was attributed to higher values of key products like computers, electronics and components; and telephones and components. In addition, traditional exports of Vietnam still performed well, including garment and textile, footwear, coffee and seafood. 

Particularly, textile and garment exports to the EU reached US$3.03 billion in nine months, up 11.2 per cent year on year. Top EU importers of Vietnamese goods included Germany, Canada, France, the Netherlands and Spain.

Telephones and components were the biggest exports to the EU in nine months, accounting for 27.3 per cent of the share, generating from US$10 billion, up 10.97 per cent year on year.
Vietnam's exports to the Chinese market reached US$28.81 billion in the first nine months, rising 29.9 per cent year on year.
In particular, telephones and components accounted for 15.7 per cent of the total export value, reaching US$5.8 billion, a increase (138.6 per cent) from a year stunning 2.4-fold ago.
Computers, electronic products and components exported to the neighbouring market exceeded US$6 billion in the past nine months, up 28.8 per cent year on year.
China was the second largest importer of footwear from Vietnam, totalling over US$1 billion in the reviewed period, which climbed 28.35 per cent froma year ago. 
The export of Vietnamese fruits and vegetables rose 11.6 per cent year on year to approximately US$1.994 billion, accounting for 74.1 per cent of Vietnam's fruit and vegetable exports.
Garment and textile shipments to China jumped 40.4 per cent to US$1.08 billion.
In addition, China was the biggest importer of Vietnamese rice in the first eight months of 2018, securing a 23.2 per cent market share.
Cassava exports to the neighbouring country accounted for 86.3 per cent of 1.86 million tonnes in nine months, valued at over US$600 million.
Compared with the time of joining the ASEAN Free Trade Area in 1996, the trade value between Vietnam and ASEAN has increased approximately 7.7 times, from US$5.91 billion in 1996 to US$45.23 billion in the January - November period of 2017. Of the sum, Vietnam's exports to ASEAN expanded 12.4 times from US$1.6 billion in 1996 to US$19.9 billion.
Vietnam's trade value with ASEAN amounted to US$28.1 billion as of the end of June 2018, of which Vietnam earned US$12.2 billion from its exports and spent US$15.9 billion on imports from this region.
As of 2018, 98 per cent of tariffs have been eliminated by Vietnam under the ASEAN Trade in Goods Agreement (ATIGA). Thus, among the 10 FTAS that Vietnam is enforcing, the FTA with the ASEAN Free Trade Area (AFTA) elimination rate of 98 per cent with a has the highest tariff 19-year enforcement schedule (some items have a roadmap of 25 years.)
Vietnam's key exports to ASEAN include agricultural products, seafood and minerals. Although most of these items are eligible for preferential import tariffs under the ASEAN Trade in Goods Agreements in ASEAN member states, prices depend on global fluctuations, resulting in unstable export value. 
Among industrial products, except for computers and electronic components, other manufactured and processed consumer goods such as garments and footwear accounted for a relatively small share of total export value with ASEAN. Recently, Vietnam started to export some manufactured goods to ASEAN such as electric wires and cables, toys, bicycles and parts but the value remains modest. 
South Korea
Vietnam's exports to South Korea surged 26.1 per cent to US$13.45 billion in the first nine months of 2018.
Among key exports, telephones and components brought home US$3.34 billion, accounting for 10.5 per cent of the total share and rising 23.5 per cent year on year. Computers electronic products and components generated US$1.94 January to September, up 48.5 per cent year on year.
In addition, Vietnam shipped other products in the period such as machinery, equipment and parts worth US$920 million; footwear; timber and woodwork, vehicles, electric wires and cables, agricultural products, fruits and vegetables, and consumer goods.
Export shipments to Japan brought US$13.7 billion to Vietnam in the first nine months of 2018, 11.5 per cent higher than the corresponding period of 2017. In the past years, Japan has always been among four biggest trade partners of Vietnam, together with China, South Korea and the United States, among more than 200 countries that import goods from and export to Vietnam.
Japan spent US$2.8 billion on garments and textiles from Vietnam from January to September, securing the largest share of Vietnam's export values to the East Asian nation, at 12.5 per cent, and rising 24 per cent year on year. Vehicles came second with US$1.8 billion in the reviewed period, 15 per cent higher than the previous followed by machinery, equipment and components worth US$1.34 billion, and seafood valued US$993 million
Other big exports included timber and woodwork products (US$827 million, up 8 per cent); footwear (US$633 million), computers, electronic products and components (US$586 million); telephones and components (US$552 million); plastic products (US$484 million); chemicals (US$266 million); and coffee (US$163 million).



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