Latest information on Vietnam trade and exports (2022 edition)

The cooperative relationship between Japan and Vietnam was established in 1973 when diplomatic relations between the two countries were established. The extensive strategic partnership between Japan and Vietnam has been further developed and has achieved substantial results in all fields.
The results of this are evident in recent years not only in the increased mutual visits between the leaders of the two countries, but also in the increase in total trade between the two countries.

Vietnam's trade remains strong in recent years due to exports

According to the General Department of Vietnam Customs, exports in 2021 amounted to $336,310,650,000 (up 19.0% year-on-year), while imports amounted to $332,234,930,000 (up 26.5%). The trade balance was a surplus of $4,075,720,000.

While this marks the sixth consecutive year of profits, the size of the profit was significantly smaller than the previous year's record high of $19,938,250,000. This was due to consecutive monthly losses from April to August 2021.

Although there were periods when factory operating rates were reduced due to COVID-19 countermeasures, both export and import values in 2021 reached record highs, following the previous year.

Vietnam's main trade items

So far we have looked at the latest information and trends in Vietnam's trade, but what are the overall trade items? Vietnam's trade items include computer electronic products and parts, telephones and parts, etc. See below for details by import and export.

export

Looking at Vietnam's major export items, these include telephones and parts (17.1%), computer electronic products and parts (15.1%), machinery and equipment parts (11.4%), sewn products (9.7%), and footwear (5.3%).

Import

Meanwhile, Vietnam's major imports include computer electronic products and parts (22.71 TP3T), machinery and equipment parts (13.91 TP3T), telephone sets and parts (6.51 TP3T), woven cloth and fabrics (4.31 TP3T), and plastic raw materials (3.51 TP3T).

Vietnam's main trading partners

So far we have looked at Vietnam's main trade items, but what countries are Vietnam's trading partners? As you might imagine, its main trading partners include the United States and China. For details on exports and imports for 2021, see below.

export

Vietnam's main export partners are the United States, China, South Korea, Japan, Hong Kong, etc. Of the total share, the United States accounts for 28.61 TP3T, China 16.71 TP3T, South Korea 6.51 TP3T, Japan 6.01 TP3T, etc.

Import

Vietnam's main import partners are China, South Korea, Japan, Taiwan, and the U.S. Of the total imports, China accounts for 33.1%, South Korea for 16.9%, and Japan for 6.8%.

You can see that there are many Asian countries.

Trade between Japan and Vietnam

In the past, Japan has been one of Vietnam's most important trading partners, and trade between Japan and Vietnam has been maintained without interruption and has shown a high growth rate. In reality, Japan-Vietnam trade and investment can be evaluated as mutually complementary and complementary activities, which contribute to optimizing the competitive interests of both countries.

Trade volume between Japan and Vietnam

What is the current status of trade between Japan and Vietnam? Below is the data for fiscal year 2020.

Japan's total exports to Vietnam were approximately 1.8258 trillion yen. On the other hand, Japan's total imports from Vietnam were approximately 2.3551 trillion yen.

Main trade items

Japan's exports to Vietnam include machinery, which accounts for about 40% of the total, as well as steel, plastics, scrap steel, and scientific and optical equipment.

Japan's imports into Vietnam include machinery, which accounts for about 30% of the total, as well as clothing, footwear, seafood, and furniture.

With the aim of maintaining and strengthening its established brand in the Japanese market and diversifying its exports to Japan, Vietnam continues to improve the quality and design of its products to meet Japanese product standards.

If you want to start trading with Vietnam, use DigiTrad

This time, we brought you "Basic knowledge of Vietnam trade and exports (updated 2022)".

STANDAGE uses its own trade cloud service to provide "Digitrad", a service that can "completely" handle trade for small and medium-sized enterprises. "Digitrad" allows you to develop overseas sales channels at low cost thanks to the application of IT introduction subsidies. We can also handle small-scale, low-value trade and domestic purchases that cannot be done by large trading companies, so please feel free to contact us.

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