Where is Vietnam located on the world import and export map?

Market Information
icon date25/07/2023

In recent years, Vietnam’s import and export of goods has continuously reached a record on the world import and export map.

Vietnam ranks high on the world import and export map
According to statistics of the General Department of Customs, 2001 is the first year of the 21st century, with the total import-export value of Vietnam only modest at 30 billion USD.
How much does Vietnam rank on the world import-export map?
According to the announcement of the World Trade Organization (WTO), in 2006 Vietnam’s economy was ranked 50th on the world import and export map.
After 6 years, by 2007, the total import-export value of Vietnam has reached an impressive figure of 100 billion USD. Marked after Vietnam became an official member of the World Trade Organization.
In 2011, after 4 years, the import and export value doubled again, reaching a surprising figure of VND 200 billion. It is predicted that this number will increase in the future, by 2015 it is 300 billion USD.
After more than 07 years to 2018, Vietnam has made an impressive increase, ranking 26th in export and 23rd in import. Accordingly, Vietnam is continuously in the group of 30 countries and territories with the largest import and export value on a global scale.
In 2021, the World Trade Organization (WTO) has announced that Vietnam is ranked 23rd on the world import and export map. In ASEAN, Vietnam’s import and export of goods is second only to Singapore and Vietnam’s goods import is second only to Singapore.
How to achieve the above result?
In order to achieve the above results, in the past time, the Government has directed the Ministry of Finance to coordinate with ministries, agencies and localities to focus on synchronously implementing many major solutions to create a favorable business environment for enterprises.
At the same time, it also demonstrates equality, openness and transparency for the Vietnamese business community.
In order to continue implementing this plan, in the coming time, the Government, the Ministry of Finance and the General Department of Customs will continue to strongly and drastically implement reform of administrative procedures and digital transformation.
Moreover, it is necessary to implement Digital Customs, towards a smart Customs model with the goal of further facilitating export and import activities, reducing customs clearance time, reducing compliance costs for people and businesses; improve national competitiveness.
In addition, it is necessary to focus on combating origin fraud, illegal transshipment of goods, anti-smuggling and commercial fraud, strictly handling violations of intellectual property, and creating a fair, healthy and transparent business environment.
As a result, as of December 14, 2022, the import-export value of the whole country was recorded at USD 698.5 billion. This is a new milestone of $ 700 billion that will be recorded on December 15, 2022.
Take advantage of opportunities from integration
Vietnam has made good use of opportunities from integration in the international market, so it has achieved a high rank on the world import-export map.
In recent years, in order to accelerate the process of international economic integration, Vietnam has actively participated in free trade agreements, especially new generation free trade agreements.
In particular, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Vietnam-EU Free Trade Agreement are considered as new-generation free trade agreements that are being actively implemented, so it is necessary to seize opportunities and overcome challenges to take advantage of them effectively and bring benefits to Vietnamese businesses.
The free trade agreement has opened up a new generation to push Vietnamese businesses to upgrade themselves, accept new, more difficult rules of the game to go deeper and reach higher value stages in the global supply chain and distribution chain.
Especially, the EU market is a market with strict requirements for quality and high standards for goods and services.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Vietnam Free Trade Agreement also highlight the role of businesses and the importance of establishing mechanisms to facilitate businesses’ access to the benefits of free trade.
This is a progressive and practical approach, because the enterprise is the subject of putting the commitments into practice. The extent to which enterprises exploit commitments is a measure of the value of the agreement.
Currently, Vietnam has been taking advantage of opportunities to develop more export products to many major countries. In the future, Vietnam will become the top 5 countries with great import and export value on the world import and export map.