What does Vietnam export most?

Vietnam’s Export Transformation: A Surge in Technology and Industrial Goods

Vietnam’s export sector has undergone a remarkable transformation in recent years, driven by the country’s rapid economic growth and industrialization. From a total export value of $236 billion in 2017, Vietnam’s exports skyrocketed to a staggering $399 billion in 2022, an impressive increase of $163 billion.

This export surge has been characterized by a significant shift in the composition of Vietnam’s exports. While the country was traditionally known for agricultural products and textiles, today, it is its technology and industrial goods that dominate the export mix.

Leading Export Categories

Among the top export categories for Vietnam in 2022 were:

• Broadcasting equipment: $28.6 billion
• Telephones: $19.7 billion
• Integrated circuits: $18.3 billion
• Office machine parts: $16.8 billion
• Textile footwear: $16.5 billion

These categories reflect Vietnam’s growing capabilities in high-tech manufacturing and electronics, as well as its continued strength in traditional industries such as textiles and footwear.

Factors Driving Export Growth

Several factors have contributed to Vietnam’s export success:

• Foreign direct investment: Vietnam has attracted significant foreign investment in its export-oriented industries, particularly from companies looking to relocate production from China.
• Favorable trade agreements: Vietnam has signed numerous free trade agreements with regional and global partners, which have facilitated exports by reducing tariffs and other trade barriers.
• Skilled workforce: Vietnam has a large and skilled labor force, capable of supporting both high-tech and labor-intensive industries.
• Government support: The Vietnamese government has implemented various policies to support exports, including infrastructure development, tax incentives, and export promotion programs.

Conclusion

Vietnam’s export transformation has been a major contributor to its economic growth and development. The country’s shift towards high-tech and industrial goods exports has created new opportunities and enhanced its competitiveness in the global marketplace. By continuing to invest in its export sector and fostering a favorable business environment, Vietnam is well-positioned to maintain its status as a major trading nation.