• Analysis and Studies
• Vietnam: a look at the market

Vietnam is a Southeast Asian country located on the eastern Indochina Peninsula. It has a rich history and a diverse culture that has been shaped by various influences over the centuries. The last important Vietnamese dynasty was defeated by the French forces and Vietnam became part of French Indochina in 1858 up until 1954, when the Communist took control of the country. It became divided between North and South Vietnam during the Vietnam War, which ended in 1975. The Vietnam War, also known as the Second Indochina War, was a conflict between North Vietnam (backed by the Soviet Union and China) and South Vietnam (supported by the United States and its allies). The war lasted from 1955 to 1975 and had a profound impact on the country and the world. It ended with the reunification of North and South Vietnam under communist rule.

A look at the Market

Vietnam is a socialist country in East Asia with a lower middle-income economy. It has experienced significant economic growth due to its reforms. The nation has seen substantial investments and improvements in productivity, making it a focal point for both tourism and manufacturing. Vietnam is a signatory of the Trans-Pacific Partnership (TPP) agreement. While poverty has generally decreased, there's still a disparity affecting ethnic minorities. Unfortunately, there are issues with widespread corruption in the system.

Vietnam's major exports comprise Broadcasting Equipment valued at $51.1 billion, Telephones at $25.3 billion, Integrated Circuits at $18.2 billion, Office Machine Parts at $11.7 billion, and Textile Footwear at $9.79 billion. These exports are predominantly directed to the United States ($99.3 billion), China ($57.8 billion), South Korea ($22.6 billion), Japan ($21.3 billion), and Hong Kong ($12.5 billion).

In 2021, Vietnam stood as the world's leading exporter of Coconuts, Brazil Nuts, and Cashews ($3.37 billion), Fuel Wood ($2.31 billion), Cement ($1.91 billion), Non-Retail Mixed Cotton Yarn ($512 million), and Cinnamon ($270 million).

On the import side, Vietnam's primary imports include Integrated Circuits valued at $39.8 billion, Telephones at $20.7 billion, Light Rubberized Knitted Fabric at $6.29 billion, Broadcasting Accessories at $5.38 billion, and Refined Petroleum at $4.76 billion. These imports are primarily sourced from China ($129 billion), South Korea ($56.5 billion), Japan ($18.2 billion), Chinese Taipei ($14.8 billion), and Thailand ($12.5 billion).

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