Vietnam is in South East Asia. Bordering Laos and China the country has a large coastline along the South China Sea. Vietnam is the 21st largest in the world. Vietnam trade data shows the country exported goods and services worth $23000 million and import $22450 million. A country’s economic and GDP growth is closely linked to this trade data. Vietnam’s economic growth went up by 5.31%. The government and the business community use Vietnam trade data. Vietnam is developing as a leading manufacturing and sourcing hub.
Vietnam Import Data
Vietnam import data shows that imports have been flourishing over the last fifteen years. The county has highly regulated by the government. Vietnam has become a popular import destination. Vietnam is investing heavily in infrastructure projects and offering incentives to the industry to set up manufacturing. A rapid increase in the middle-class population promises a large captive market for imported products. Importers need an investment license to operate within the country.
Vietnam imports extensively with fellow ASEAN countries the top importing partners of Vietnam are China, South Korea, Japan, Singapore, and Thailand. The top imported products according to Vietnam import data are electrical and mechanical machinery, mineral fuel and mineral oil, iron and steel, plastics and vehicles. The forecast predicts we expect the import figures to be $23800 million by year-end.
Vietnam Export Data
Vietnam has emerged as a manufacturing hub for electronics, machinery, steel, food processing, etc. Vietnam export data suggest the country has become a leading agricultural exporter. The main exports of the country are electronics, footwear, clothing (knitted and non-knitted), machinery, furniture, fish and crustaceans, and edible fruits and nuts.
The top export partners of Vietnam are the United States, China, Japan, South Korea, and Hong Kong. Vietnam export data suggest the United States accounted for over 21% of the country export followed by China at 12.43%. The forecast shows we expect the export figures to stand at $25400 million by 2020.
Vietnam Customs Shipment Data
Vietnam custom shipment data is collected from shipping bill details and invoice documents submitted from custom. Custom officials collect this data whenever an item enters or leaves the customs. The invoice contains the importer details, exporter details, quantity, HS code, price, quantity, and arrival date. This data becomes a vital market research tool for importers and exporters to analyze market trends. They can look for a new business opportunity and identify new buyers and sellers. The figures can help traders to complete their pricing strategies
Bankers and logistics services providers also use Vietnam custom shipment data to look for potential customers to expand their business. Market research agencies and consulting firms base their projections on this data. The ten-year historical data helps them in their projections.
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