There will also be factors hindering Vietnams exports: The growth momentum will depend largely on how the pandemic will be controlled. Vietnam is also expected to shift to a high processing level of agro-forestry-fishery products that are capable of meeting quality, environmental and social standards in foreign markets. Currently, Vietnam is one of the largest trading partners of the US. According to Pham Xuan Hong, chairman of the Association of Garment Textile Embroidery and Knitting in Ho Chi Minh City, many local textile companies have received large orders which will require their factories to operate at full capacity until September this year. Source: Fitch Ratings, The Ministry of Industry and Trade. Our Standards: The Thomson Reuters Trust Principles. "The government still keeps the growth target unchanged," Doanh, who served as a member of the UN Committee for Development Policy from 2016 to 2018, said in an email to BI. Exports to the U.S. last year rose by a quarter to $96.3 billion. A rising market in Vietnam: Q&A with Chelsea Nguyen, principal of ThinkZone, utilization rate of national industrial capacity. Its GDP grew at 4.48 percent year-on-year in the first . 1, Ho Chi Minh City, Vietnam. World Bank national accounts data, and OECD National Accounts data files. Total import-export turnover in July reached an estimated US$55.7 billion, an increase of 1.5 percent compared to a year ago, bringing the figure in the first seven months of the year to US$373.36 billion. Online Store Google+, Facebook The input costs of raw materials, auxiliary materials, packaging have increased. The U.S. is Vietnam's largest export market for such products as garments, electronics and smartphones. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. U.S. exports to Vietnam grew by 23.3% in 2015 and by 43.2% in 2016, resulting in a two-year increase of 77.1%. In the first quarter of this year, the export value of mobile phones and parts, electronic products, computers, and electronic components hit USD 27.3 billion, nearly half of last years total exports of USD 57.5 billion. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Line Bar Map. Closing the country's widening skills gap is key to remaining attractive to foreign investors and sustaining growth. Vietnam exceeded its 2017 GDP growth target of 6.7% with growth of 6.8%, primarily due to unexpected increases in domestic demand, and strong manufacturing exports. Written by .css-15jcovi{-webkit-text-decoration:underline;text-decoration:underline;display:block;}@media screen and (min-width: 48em){.css-15jcovi{display:inline;}}KrASIA Connection.css-yfgmme{margin-left:5px;display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-pack:center;-ms-flex-pack:center;-webkit-justify-content:center;justify-content:center;}Published on5 May 2022.css-1mlvrfn{font-family:Roboto;font-size:16px;line-height:24px;}5 mins read.css-1pzjc6w{display:-webkit-inline-box;display:-webkit-inline-flex;display:-ms-inline-flexbox;display:inline-flex;-webkit-appearance:none;-moz-appearance:none;-ms-appearance:none;appearance:none;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;-webkit-box-pack:center;-ms-flex-pack:center;-webkit-justify-content:center;justify-content:center;-webkit-transition:all 250ms;transition:all 250ms;-webkit-user-select:none;-moz-user-select:none;-ms-user-select:none;user-select:none;position:relative;white-space:nowrap;vertical-align:middle;outline:none;width:auto;line-height:inherit;border-radius:0;font-weight:600;height:32px;min-width:0;font-size:24px;padding-left:1rem;padding-right:1rem;background:none;color:inherit;margin:0;padding:0;margin-left:8px;}.css-1pzjc6w:focus,.css-1pzjc6w[data-focus]{box-shadow:0 0 0 3px rgba(66, 153, 225, 0.6);}.css-1pzjc6w[disabled],.css-1pzjc6w[disabled]:focus,.css-1pzjc6w[disabled]:hover,.css-1pzjc6w[aria-disabled=true],.css-1pzjc6w[aria-disabled=true]:focus,.css-1pzjc6w[aria-disabled=true]:hover,.css-1pzjc6w[data-disabled],.css-1pzjc6w[data-disabled]:focus,.css-1pzjc6w[data-disabled]:hover{opacity:0.4;cursor:not-allowed;box-shadow:none;}.css-1pzjc6w:hover[disabled],.css-1pzjc6w[data-hover][disabled],.css-1pzjc6w:hover[disabled]:focus,.css-1pzjc6w[data-hover][disabled]:focus,.css-1pzjc6w:hover[disabled]:hover,.css-1pzjc6w[data-hover][disabled]:hover,.css-1pzjc6w:hover[aria-disabled=true],.css-1pzjc6w[data-hover][aria-disabled=true],.css-1pzjc6w:hover[aria-disabled=true]:focus,.css-1pzjc6w[data-hover][aria-disabled=true]:focus,.css-1pzjc6w:hover[aria-disabled=true]:hover,.css-1pzjc6w[data-hover][aria-disabled=true]:hover,.css-1pzjc6w:hover[data-disabled],.css-1pzjc6w[data-hover][data-disabled],.css-1pzjc6w:hover[data-disabled]:focus,.css-1pzjc6w[data-hover][data-disabled]:focus,.css-1pzjc6w:hover[data-disabled]:hover,.css-1pzjc6w[data-hover][data-disabled]:hover{background:initial;}@media screen and (min-width: 62em){.css-1pzjc6w{font-size:18px;height:24px;}}. 1 Manufacturing boomed in the first half of the year (12.9 percent), fueling the industry and construction segment of the economy (9.1 percent), while agriculture (3.9 percent) and services (6.9 percent) also recorded healthy growth rates. On 22 September, the State Bank of Vietnam (SBV) increased a host of interest rates, including hiking the refinancing rate from 4.00% to 5.00%. Deputy Prime Minister Le Van Thanh has signed off decision No.493 approving the countrys trade strategy until 2030, which targets export growth of 6-7% during the 2021-2030 period. In particular, manufacturing growth soared to a 13-month high in May: Looser pandemic restrictions, growth in new orders and higher staffing levels more than offset supply shocks due to the war . In the first quarter of 2022, Vietnams exports increased by 13.4% from the previous year to hit USD 89.1 billion while imports reached USD 87.6 billion, up 15.2% year-on-year. Industrial output increased 29.8% year on year in August (July: +21.2% yoy). What factors will help Vietnams exports? Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. We are expecting to have 15,000 more staff join us by the end of the second quarter, said KC Chen, deputy general manager of Taiwan Compal Electronics in Vietnam. License : CC BY-4.0. However, Vietnam's export sector should remain a regional outperformer, benefitting from its cost competitiveness, diversion of trade from . Vietnam's exports will continue to grow Despite the pandemic Vietnam still managed to maintain significant export growth in 2019 of 19 percent. Google+, Copyright: 2022. What are credit rating agencies thinking" about the banking system of Vietnam? The temporary supply disruption in the third quarter of 2021 is unlikely to weaken Vietnam's attractiveness for export-related foreign investment. Exports of agricultural and aquatic products in 2022 will continue to be supported by favorable changes in the export prices of many commodities. Assuming the COVID-19 pandemic will be brought under control at home and abroad, the forecast envisions that Vietnam's services sector will gradually recover as . My Cart Due to the US-China trade war, the help of Vietnam's FTAs, analysts believe the industry will maintain high growth potential, with a forecast export turnover of US$200 billion until 2035. Exports in December increased 8.5% from November to $34.59 billion, while imports were up 3.1% to $31.62 billion, the department said. Vietnam has a young population, stable political system, commitment to sustainable growth, relatively low inflation, stable currency, strong FDI inflows, and strong manufacturing . South Korean electronic components manufacturer Samsung Electro-Mechanics will spend USD 920 million to expand a production facility in Thai Nguyen Province, while Apple supplier Goertek is pouring USD 306 million into an electronics factory in Bac Ninh Province. Client Log In, Facebook Online export is a form of cross-border trade using an e-commerce platform. HANOI, Jan 13 (Reuters) - Vietnam reported a 19% growth in exports last year, as it saw its trade surplus with the United States, its largest export market, widening to an all time high, government data showed on Thursday showed. In the final phase, by 2045, Vietnam will achieve developed country status with a per capita income of more than USD 12,000. Vietnam was the 2nd-largest export destination for U.S. cotton and distillers' grains, 10th largest for soybeans, and 8th largest for dairy products. The strategy also stressed the necessity to reduce the countrys dependence on input materials from abroad, while moving away from producing items that may cause environmental pollution and are resource-intensive. The above breakthrough growth is not an optimistic signal because in September 2021, due to the impact of the Covid pandemic, pangasius exports dropped to the lowest level. Imports from China rose 30% to $110 billion. Vietnam aims for a healthy and sustainable trade partnership with all key partners, it said. The industrial and processed products export will continue to be the driving force for Vietnam's export growth. Vietnam is currently, the world's second-largest coffee exporter, behind only Brazil. That growth momentum will be driven by the export sector that will benefit from many favorable factors, such as the governments support, and signed FTAs over recent years. That is considered an important driver for increasing export value in 2022. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. This was by far the largest increase out of our major trade partners, and not just in percentage terms. (seafood.vasep.com.vn) As of October 15, 2022, Vietnam's shrimp exports to Australia reached nearly $214 million, up 62% over the same period in 2021. Meanwhile, the imports growth would average 5-6% in 2021-2030, with around 7-8% in the 2021-2025 period, and 4-5% in 2026-2030. The data showed Vietnam's trade surplus with the U.S. rose to $81 billion from $63 billion in the previous year, while its trade deficit with China widened to $54 billion from $35 billion. 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Industrial output grew 25.9% compared to the same month of the previous year in September, which was a deterioration from August's 27.2% increase. 0106170315 issued by Hanoi DPI on May 6th, 2013. Preliminary data shows that GDP growth soared to 13.7% year on year in the third quarter, up from 7.8% in the second quarter, amid a base effect related to the large-scale lockdown in Q3 2021. Minister of Industry and Trade Nguyen Hong Dien details on how to achieve them. One sector that has shown strong growth is the textile and garment industry, despite rising logistics costs and labor shortages. Vietnam is officially targetting GDP growth of 6.0 . As foreign investment in Vietnam continues apace, a significant number of future investors will come from countries such as Japan, South Korea, and Taiwan, said the Foreign Investment Agency (FIA), the investment promotion agency of Vietnams Ministry of Planning and Investment. Since 2010, Viet Nam's GDP growth has been at least 5% per year, and in 2017 it peaked at 6.8%. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. To ensure sustainable exports, Vietnam would continue to push for industrialization and modernization, focusing on environmentally-friendly export products with higher added value and technological content. Companies will face more trade defense lawsuits that are likely to increase in many countries since the market tends to increase the protection of goods and supply chains. Start working with the reports used by the worlds major financial institutions, multinational enterprises & government agencies now. Vietnam aims to deepen economic integration through the utilization of free trade agreements that the country is a part of and penetrate key markets such as the EU, Japan, China, South Korea, and ASEAN. VietnamCredit's API for all integrated solutions to Our clients & Partners, Join our newsletter and we will send you a link download our responsive website, Exports will lead Vietnams economic growth in 2022, Vietnam to regain growth momentum, boosted by exports. In 2021, the export value for Vietnam's coffee reached US$3.1 billion. Besides facing a slowdown in export growth, China has to contend with other domestic issues, including soaring energy prices and rising raw material costs. Vietnams aggregated import and export value in Q1 2022 climbed 14.4% year-on-year to USD 176.4 billion, based on data from GDVC. Most impressive was exports to Germany in September 2022, increased 41 times over the same period and to Peru increased 17 times. Textile exports hit USD 8.2 billion in the first two months of 2022, up 59% year-on-year, said Vu Duc Giang, chairman of the Vietnam Textile and Apparel Association. The most recent exports are led by Broadcasting Equipment ($42B), Telephones ($21.4B), Integrated Circuits ($19.4B), Textile Footwear ($8.9B), and Office Machine Parts ($7.68B). The strategy noted Vietnam would prioritize importing modern machinery, equipment, and production chains from developed countries, especially high technologies, which are seen as a key solution to enhance productivity, quality, and competitiveness of export products. The value of goods exported from Vietnam surpassed Shenzhens in March. Vietnam's exports are estimated to have risen 19% this year to $336.25 billion, while its industrial output increased 4.8%, according to the GSO. Vietnam Exports -2022. Judging by its economic growth forecast, Vietnams ambitious economic development plan appears to be on track. Since the 2000s, global electronics brands such as Samsung, Intel, and LG have made significant investments in manufacturing facilities in the country. The main export markets of Vietnam are also tightening control and inspection measures for imported agricultural products. Vietnams economic growth in 2021 was anticipated to be at 7%. Vietnam's total exports came in at $336.31 billion, while its imports rose 26.5% to $332.23 billion, resulting in a trade surplus of $4.08 billion, the Customs Department said in a statement. Lego recently announced plans to build a USD 1.3 billion carbon-neutral factory in Binh Duong Province. In the same year, the total trade between Vietnam and the world amounted to about 550.6 billion euros. Vietnam Retail Sales Grow the Least in 6 Months Vietnam Inflation Rate at Over 2-1/2-Year High Vietnam Industrial Output Growth at 9-Month Low Vietnam Lifts Interest Rate By 100Bps to 6% Vietnam Widens Currency Trading Band to 5% Vietnam Q3 GDP Growth Strongest Since 2000 FDI into Vietnam Rises 8.9% YoY in Jan-June Latest Exports of goods and services represent the value of all goods and other market services provided to the rest of the world. China is Vietnam's largest trading partner, on which the Southeast Asian country relies heavily for materials and equipment for its labour-intensive manufacturing. Vietnam's aggregated import and export value in Q1 2022 climbed 14.4% year-on-year to USD 176.4 billion, based on data from GDVC. Meanwhile, the imports growth would average 5-6% in 2021-2030, with around 7-8% in the 2021-2025 period, and 4-5% in 2026-2030. In Q2, the economy likely maintained most of Q1's momentum. Drivers. In 2022, oil prices and other commodity prices are expected to remain high thanks to the recovery of world demand, which will positively impact the export turnover growth of Vietnam. The Ministry of Industry and Trade aims for over 8% of export growth and a trade surplus in 2022. That dollar amount reflects an 89.1% gain since 2017 when Vietnam's exported goods were worth $215.1 billion and a 44.5% acceleration from $281.4 billion in 2020. This expected growth will be led by the export sector, which increased by 19% in 2021 in USD terms. The electronics maker has also pumped USD 50 million into another electronics manufacturing facility in Vinh Phuc. FDI capital flow to Vietnam has decreased, thereby leading to a reduction in growth of manufacturing industry and exports, which will erode the most important two-decade driving force for economic growth. Photo by Shutterstock/Hien Phung Thu. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. In April 2021, Fitch Ratings' outlook for Vietnam was at the BB level, with a positive outlook. Photo: Pham Hung. FDI in 2020 was $20 billion, down by 2 percent. But since the COVID-19 pandemic, strict lockdowns have halted production and disrupted business operations, leading to order cancellations and a decline in export growth. One sector that has shown strong growth is the textile and garment industry, despite rising logistics costs and labor shortages. Vietnam posted a trade deficit of US$1.7 billion in July, bringing the figure in the first seven months of 2021 to US$2.7 billion. This is the highest growth rate among the top These will be new drivers for Vietnam's export growth in 2022 and the following years. HCMC - Online exports have grown sharply this year, with the number of Vietnamese firms listing their products on Amazon skyrocketing by 80% over the same period last year. 5 years of economic forecasts for more than 30 economic indicators. From 2020 to 2027, international e-commerce trade will grow over 28% per year, the news site . The growth driver of Vietnam's digital economy continues to be based on the strong development of e-commerce. In the subsequent five years, the country is set to develop new products of high added value, and take advantage of Industry 4.0 to focus on mid-to hightech products for exports. In 2022, Vietnam's agricultural and fishery exports are forecast to continue to maintain the growth momentum of 2021. The countrys manufacturing industry is making a speedy recovery on the back of strong order books, which are expected to keep production lines busy this year. By 2021, export turnover to this market has reached 96.29 billion USD, up 24.93% compared to 2020. Meanwhile, according to World Bank data, import growth remained relatively flat at 14.6% in May, down from 16.5% in April, likewise year-over-year. Many factors will push the growth of Vietnams export sector in 2022: The Government shifted from a zero Covid policy to a more flexible adaption to the pandemic. Over the same period, the utilization rate of manufacturing capacity also dipped by 1.7% to 75.9%. KrASIA is authorized to translate, adapt, and publish its contents. Under the strategy, Vietnam's exports are expected to expand by 8-9% in 2021-2025, and 5-6% in 2026-2030. At the end of March, the total market capitalization in Vietnam rose 3.4% from the previous quarter to hit VND 1.8 trillion (USD 78.4 million), which is roughly 21.4% of the countrys GDP. Therefore, export orders and investment capital flows are likely to continue to shift from China to Vietnam in the near future. | Vietnam Exports | Privacy Policy | Cookies Policy | Terms & Conditions | Sitemap | RSS feed, Vietnam: Growth accelerates sharply amid a base effect in Q3, Vietnam: Industrial output growth moderates in September, Vietnam: Inflation comes in at highest level since March 2020 in September, Vietnam: Central Bank hikes rates for the first time since 2011, Vietnam: Industrial output grows at quickest pace in over four years in August. A digital media company reporting on the most promising technology-driven businesses and trends in the world's emerging markets. In 2020, registered FDI capital was $28.5 billion, down by 25 percent from 2019. Vietnam's export growth moderated from 25.2% in April to 18.0% in May, at year-over-year rates and after three months of acceleration. New difficulties of key economies have greatly affected the growth momentum of the global economy by the end of 2021. According to the general method, before making a statement and assessment Vietnam Credit Ratings JSC. Through the first eight months of 2022, Japan's imports of Vietnamese shrimp were up 21 percent year-on-year to reach USD 463 million (EUR 468.9 million). Apple warns of lower iPhone shipments as COVID curbs hobble China plant, China's trade unexpectedly shrinks as COVID curbs, global slowdown jolt demand, Oil stable near $100 a barrel as dollar weakens, Euro, sterling jump, dollar falters as market shifts to risk assets, India's October fuel demand rises 3.4% year-on-year, Ukraine set to finalise IMF agreements after Nov. 11-17 fund mission, CEO of China's Bilibili to manage gaming unit in bid to boost revenue, IMF reaches preliminary agreement with Georgia to release $30 mln, Most Gulf stocks end higher, Abu Dhabi hits record high, See here for a complete list of exchanges and delays. That proved to be an effective change as the commercial activities in the last two months of 2021 strongly recovered, helping export exceed the set goal. He added that the sector expects to achieve USD 12.7 billion in export revenue for Q1 2022. Vietnam's economy is returning to solid export-fueled growth that is likely to continue thanks to the U.S. fiscal stimulus, according to the Wall Street Journal. With 15 FTAs signed, the latest is the Regional Comprehensive Economic Partnership (RCEP) which came into effect from January 1, 2022, will continue to support Vietnam's commercial activities with many large markets. Under the strategy, Vietnams exports are expected to expand by 8-9% in 2021-2025, and 5-6% in 2026-2030. NEW DELHI: India sharply reduced its sugar export quota for 2022-2023, potentially worsening the global market outlook already strained by supply hiccups in top shipper Brazil . GDP in the third quarter of 2021 reduced by 6% compared to the same period in 2020. Vietnam's economy grew 7.1 percent year over year in the first half of 2018. The credit rating firm forecasts that growth in demand for goods will decelerate in developed countries in 2022 as operations normalize and demands for services increase. The actual result of 2.6% was much weaker than expected. Exports will lead Vietnam's economic growth in 2022 Saturday 12, 02 2022 Vietnam's economic growth in 2022 is expected to be at 7.9%. Seven-month exports reached US$185.33 billion, a year-on-year increase of 25.5 percent, while imports surged 35.3 percent to US$188.03 billion. In the second stage, by 2030, Vietnam is expected to become a developing country with a per capita income of USD 4,000 to USD 12,000. Twitter Exports rose 10.3% this month from the same period a year ago, while imports climbed 6.4% Disbursed foreign direct investment was up 16.3% in the first nine months of this year to $15.43 billion. Other sectors in Vietnams economy are also seeing an upturn in new orders that are driving an increase in manufacturing activity. Foreign investment remains strong in 2021, at 19.7 billion USD, down slightly from 20 billion USD in 2020. 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