Vietnam Exports - Trading in Vietnam

Any Size Business Can Buy Direct From Vietnam

Vietnam has witnessed rapid export growth over recent years. This growth is due to many factors, but mainly to the number of countries and territories that now import goods from Vietnam.

Prior to Doi moi, which was the the economic reform initiated in 1986, Vietnam traded mainly with countries in the communist bloc. However, when trade slowed due to the collapse of communism in these countries, Vietnam was forced to seek markets further afield and began trading with countries such as : Japan, Hong Kong and Singapore.

Doi moi combined with the Foreign Investment Law saw Vietnam's export markets soar, but the extremely rapid growth only came after the US lifted its embargo, which was put in place following the Vietnam War. The economic reforms that introduced market forces in Vietnam are likened to modern Chinese economic reform.

Vietnam's major tradings partners are Asia, Europe and North America. 2010 saw Vietnam gain high export growth three times higher than the Natiional Assembly's approved target with an export turnover of approximately US$70.8 billion, which was 24% up on 2009 figures and 17% above the year's forecasted estimate. Commentators attribute Vietnam's 2010 high export turnover figures in part to the price increase of many export commodities, mainly within the rubber sector. Exports are expected to grow a further 10% in 2011.

The strong economic growth that Vietnam enjoys today was not achieved by luck, it is the result of strategic government policy for long term growth. Becoming a member of world organizations such as the UN, ASEAN, ARF, ASEM, APEC and the Northern Aligned Movement has opened many trading opportunities.  Vietnam formally became the 150th member of the World Trade Organization (WTO) in January, 2008.  This greatly boosted the country's export figures as it meant that the USA was obliged to remove all quotas on textile and clothing imports.

Vietnam took on the role of President of ASEAN—the Association of South-east Asian nations, January, 2010 and aims to utilize it's Presidency to accelerate development of the ASEAN Community, strengthen regional solidarity and co-operation, and enhance Vietnam's image on the world stage.

Commodities are not the only exports

Commodities are not the only exports coming out of Veitnam, during recent years it has emerged as a leading producer of apparel, footwear, furniture, handicrafts and textiles. It is expected that 2011 will see US$15 million apparel exports daily.

2011 will see export growth in most sectors with the textile and clothing industry increasing from US$4.8 billion in 2005 to a 2011 forcasted figure of US$12.5 billion. Apart from increasing exports it will have the added benefit of increasing the industry's workforce from two million to four million.

The industry will work towards these targets by implementing various strategies such as streamlining production and thereby reducing unit costs to boost international competitiveness. The government will invest around US3 billion in developing this industry, including US$200 million on trade centres and personnel training.

With government and industry making such large investments with the aim of cultivating a competitive textile and garment industry, 2011 will see Vietnam merge as one of the most competitive textile sectors in the world.

Companies world wide export from Vietnam

With such noticeable export growth companies world wide are turning to Vietnam to source their merchandise needs. Vietnam is a trading centre where large and smaller production runs are accessible, making it the perfect location for not only large companies but also medium to small enterprise to purchase goods and take advantage of the many benefits that trading offshore brings.

If you would like to take advantage of purchasing your goods and services offshore please contact us and we will be happy to discuss your import/export requirements with you.  We are easy to contact, or talk to a member of our team by going to our live help

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