Home to one of the busiest ports in China, Shenzhen is a global manufacturing powerhouse. Press "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. One sector that has shown strong growth is the textile and garment industry, despite rising logistics costs and labor shortages. He added that the sector expects to achieve USD 12.7 billion in export revenue for Q1 2022. Most impressive was exports to Germany in September 2022, increased 41 times over the same period and to Peru increased 17 times. The average daily trading value on Vietnams bourses reached VND 30.8 trillion (USD 1.3 billion) per session as of the end of April, up 15.9% year-on-year, according to the Ministry of Finance. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. In the final phase, by 2045, Vietnam will achieve developed country status with a per capita income of more than USD 12,000. Therefore, export orders and investment capital flows are likely to continue to shift from China to Vietnam in the near future. By 2021, export turnover to this market has reached 96.29 billion USD, up 24.93% compared to 2020. These will be new drivers for Vietnam's export growth in 2022 and the following years. Foreign investment remains strong in 2021, at 19.7 billion USD, down slightly from 20 billion USD in 2020. The coronavirus could cause Vietnam's GDP growth rate to drop by around 1% for the year, former Vietnamese government adviser Le Dang Doanh told Business Insider (BI). The industry plays an important role in Vietnam's agriculture economy and is an export oriented industry with more than 90 percent of production volume exported. "The Ministry will resolutely implement the Government's guidelines on safe . The slower export growth was due to the slowdown in telephone exports, Vietnam's economy grew 7.1 percent year over year in the first half of 2018. In addition, the high cost of sea logistics is currently the biggest challenge for most manufacturing and exporting enterprises. Exports to the U.S. last year rose by a quarter to $96.3 billion. [28] Vietnam has also been named among the Next Eleven and CIVETS countries. This was by far the largest increase out of our major trade partners, and not just in percentage terms. Twitter 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. Vietnam is officially targetting GDP growth of 6.0 . Vietnam today is a major global exporter Image: WTO, Financial Times Economic growth followed suit. Drivers. | 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. LinkedIn Vietnam made its way into the top 20 economies worldwide of international commerce. COVID-19 outbreak led to pandemic shocks that lowered economic growth. Online Store 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. Vietnams exports hit a record high in March this year on the back of economic recovery from the COVID-19 pandemic and pent-up demand for manufactured goods. This expected growth will be led by the export sector, which increased by 19% in 2021 in USD terms. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Trade agreements will continue to be the driving force behind Vietnam's import and export growth in 2022 when commitments to cut tariffs are implemented more deeply. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Click on the button below to get started. Since the 2000s, global electronics brands such as Samsung, Intel, and LG have made significant investments in manufacturing facilities in the country. 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. Its GDP grew at 4.48 percent year-on-year in the first . Vietnam Exports -2022. 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. 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. Online export is a form of cross-border trade using an e-commerce platform. The corresponding visual shows Vietnam's top ten export categories in 2018, which may affect interest in study courses and post-study employment, given their importance to the country's economic growth. That is considered an important driver for increasing export value in 2022. 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. HANOI, January 13, 2022Vietnam's economic recovery is likely to accelerate in 2022 as GDP growth is expected to rise to 5.5% from 2.6% in the year just ended, the World Bank's economic update for Vietnam Taking Stock says.. Vietnam is currently, the world's second-largest coffee exporter, behind only Brazil. What factors will help Vietnams exports? 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. Vietnam was the 2nd-largest export destination for U.S. cotton and distillers' grains, 10th largest for soybeans, and 8th largest for dairy products. There will also be factors hindering Vietnams exports: The growth momentum will depend largely on how the pandemic will be controlled. Imports from China rose 30% to $110 billion. World Bank national accounts data, and OECD National Accounts data files. 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. 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. 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. 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. In contrast with a drop in U.S. exports, Vietnam's shrimp shipments to Japan skyrocketed 120 percent in August 2022, reaching USD 67 million (EUR 67.8 million) in value. (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. Besides facing a slowdown in export growth, China has to contend with other domestic issues, including soaring energy prices and rising raw material costs. Source: Fitch Ratings, The Ministry of Industry and Trade. 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. 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. TOP 10 banks with largest total assets in Vietnam 3Q2022, Top 5 largest agriculture companies in Vietnam 2022, A quarter of losses for Vietnams steel companies, Vietnams real estate market - A bleak outlook, Vietnams telecommunication companies: Viettel recorded an overwhelming profit, Banking news: Top 25 leading financial brands in Vietnam, Vietnams monthly economic overview (October, 2022), Top 10 textile and garment exporters in Vietnam (9 months 2022), Top largest shoes companies in Vietnam (2022 update), Vietnams monthly economic overview (August, 2022), Vietnams monthly economic overview (July, 2022), Vietnams monthly economic overview (May, 2022), Vietnams monthly economic overview (April, 2022), Vietnams monthly economic overview (February, 2022), Vietnams monthly economic overview (January, 2022), Top 7 largest real estate companies in Vietnam (2022 update), Top 5 non-life insurance companies in Vietnam, Top 5 largest life insurance companies in Vietnam, Top 10 billion-dollar brands in Vietnam 2022, Top 5 software outsourcing companies in Vietnam 2022, Top largest telecommunications companies in Vietnam, Vietnam Country Report 2022: a post-pandemic brief insight into Vietnam, Vietnam Country Report 2021: restricting market access for FDI enterprises, Overview of Vietnams chemicals and chemical products industry, TOP 10 COMPANIES OF THE FRUIT AND VEGETABLE INDUSTRY, Overview of Vietnam's fruit & vegetable industry, Top 10 Real Estate Companies in Vietnam 2021 Video, VIETNAM REAL ESTATE INDUSTRIAL OVERVIEW 2021, Highlights of Vietnam's Electricity Market in 2020, Top 10 Electricity Companies in Vietnam 2020, Address 1: Flr 15, LICOGI 13 Building, No. In Q2, the economy likely maintained most of Q1's momentum. 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. Another sector that has registered strong growth is the electronics industry. 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. Our Standards: The Thomson Reuters Trust Principles. The industry leader for online information for tax, accounting and finance professionals. 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. In the year ahead, more foreign enterprises are expected to invest in manufacturing projects in Vietnam. Taiwanese manufacturers are also strengthening their manufacturing presence in Vietnam. 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%. According to the Ministry of Industry and Trade, the Covid-19 pandemic is negatively affecting trade and production and export growth will depend greatly on pandemic control as well as Covid-19 vaccinations. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business . The main export markets of Vietnam are also tightening control and inspection measures for imported agricultural products. 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. The temporary supply disruption in the third quarter of 2021 is unlikely to weaken Vietnam's attractiveness for export-related foreign investment. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
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