Vietnam’s export market 2022
Vietnam’s export market is diversified with 33 export markets over 1 billion USD, 5 markets over 10 billion USD and 11 markets over 5 billion USD.
Popular export items in Vietnam 2022
Here are the most popular Vietnamese export products in 2022, let’s find out
Cell phones and accessories
According to the General Department of Import-Export Statistics, the top 1 export products of Vietnam are not traditional products but electronic products, which are phones and components.
In May 2022, export items including phones of all kinds and components witnessed a sharp deceleration, which decreased nearly 30% compared to the previous month, reaching a value of 4.12 billion US$.
However, despite the decrease compared to April, in general, in May 2022, these items still increased by 13.9% compared to the same period in 2021, reaching 24.78 billion USD.
The major export markets of this group are still the EU, the United States and China. In which, exports of phones and components to the US increased sharply by 17.2%, reaching nearly 3 billion USD.
In April 2022, the export rate of footwear products increased rapidly by 12.4%, reaching over US$ 7.32 billion over the same period last year. In general, in 2022, the whole footwear industry has targeted to develop into many major international markets, and at the same time increased 10-15% of export volume in the same period.
In the footwear export markets, the US has the largest export rate with a total turnover of 3.16 billion USD, accounting for 43% of the total export turnover of this product group of the country.
Wood and wood products
According to a statistical report in early May 2022, the total export turnover of wood and wood products increased by 6.9% over the same period in 2021, reaching 7.15 billion US$.
With the results achieved in the first 5 months of 2022, it is entirely possible that the export turnover of wood and wood products is expected to increase by 8% in the second half of the year to 2022.
In June 2022, Vietnam’s rice export output increased by nearly 12.3% in volume and slightly increased by 0.7% in value, reaching 3.11 million tons, equivalent to $1.52 billion over the same period last year.
Rice export prices also tended to increase rapidly, currently at $420/ton for 5% broken rice. The conflict between Russia and Ukraine has caused food demand to increase and customers gradually switched to buying rice from other countries in Asia. However, the above price is still considered to be lower than the same period in 2021 at $470/ton.
Future orientation of Vietnam’s export industry
With sustainable development strategies, Party and State have identified three major orientations for Vietnam’s export industry:
First, implement a supplementary strategy to orient the development of the import market on a par with the task of developing the export market.
Secondly, in terms of general orientation in the import-export industry, it is necessary to develop sustainable exports, promoting strengths in key commodities. At the same time, transform the model of reasonable growth in depth, attach importance to the issues of resources, environmental protection and social security.
Thirdly, the specific orientation for the export industry is to discourage the development of production and export of products that cause environmental pollution; focusing on investment and development of green economic products, friendly and consumer protection. In this strategy, the group of fuels and minerals is not mentioned and only accounts for 1% of export turnover.
Vietnam’s export market is diversified in many products, promoting rapid economic development and creating more opportunities for Vietnam to reach out further.