The Socialist Republic of Vietnam exported US$335.8 billion worth of products in 2021. That dollar metric results from a 56.1% increase from $215.1 billion five years earlier in 2017.
Year over year, the overall value of Vietnamese exports accelerated by 19.3% compared to $281.4 billion one year for 2021.
Applying a continental lens, almost half (48.3%) of Vietnam’s exports by value was delivered to fellow Asian countries while 32.1% was sold to importers in North America. Vietnam shipped another 15% worth of goods to buyers in Europe.
Smaller percentages went to customers in Latin America (2.1%) excluding Mexico but including the Caribbean, Oceania’s Australia and New Zealand (1.6%), then Africa (1%).
Vietnam’s Top Trading Partners
Below is a list showcasing 25 of Vietnam’s top trading partners. These are countries that imported the most Vietnamese shipments by dollar value during 2021. Also shown is each import country’s percentage of total Vietnamese exports.
- United States: US$96.3 billion (28.7% of total Vietnamese exports)
- China: $55.9 billion (16.7%)
- South Korea: $21.9 billion (6.5%)
- Japan: $20.1 billion (6%)
- Hong Kong: $12 billion (3.6%)
- Netherlands: $7.7 billion (2.3%)
- Germany: $7.3 billion (2.2%)
- India: $6.3 billion (1.9%)
- Thailand: $6.1 billion (1.8%)
- United Kingdom: $5.8 billion (1.7%)
- Canada: $5.3 billion (1.6%)
- Cambodia: $4.8 billion (1.4%)
- United Arab Emirates: $4.7 billion (1.4%)
- Taiwan: $4.59 billion (1.4%)
- Philippines: $4.58 billion (1.4%)
- Mexico: $4.56 billion (1.4%)
- Australia: $4.45 billion (1.3%)
- Malaysia: $4.38 billion (1.3%)
- Singapore: $4 billion (1.2%)
- Indonesia: $3.9 billion (1.2%)
- Italy: $3.8 billion (1.1%)
- Belgium: $3.6 billion (1.1%)
- Russia: $3.20 billion (1%)
- France: $3.18 billion (0.9%)
- Austria: $3 billion (0.9%)
By dollar value, a formidable 89.8% of Vietnamese exports in 2021 was delivered to the above 25 trade partners.
From 2020 to 2021, the fastest-growing customers for exported goods from Vietnam were Belgium (up 55.8%), Mexico (up 44.5%), Indonesia (up 38.7%), Singapore (up 31.8%), Malaysia (up 29.4%) then the Philippines (up 28.5%).
The sole decliner among Vietnam’s listed importers was France via its -2.5% reduction compared to 2020.
Countries Causing Largest Trade Deficits for Vietnam
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit. It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
Vietnam incurred the highest trade deficits with the following countries.
- China: -US$53.9 billion (country-specific trade deficit in 2021)
- South Korea: -$34.2 billion
- Taiwan: -$16.2 billion
- Thailand: -$6.5 billion
- Kuwait: -$4.7 billion
- Ireland: -$4.1 billion
- Malaysia: -$3.75 billion
- Indonesia: -$3.69 billion
- Australia: -$3.5 billion
- Argentina: -$2.8 billion
Among Vietnam’ trading partners that cause the greatest negative trade balances, Vietnamese deficits with Australia (up 231.3%), mainland China (up 52.7%) and Kuwait (up 48.5%) grew at the fastest pace from 2020 to 2021.
These cashflow deficiencies clearly indicate Vietnam’s competitive disadvantages with the above countries, but also represent key opportunities for Vietnam to develop country-specific strategies to strengthen its overall position in international trade.
Countries Generating Best Trade Surpluses for Vietnam
Vietnam incurred an overall $5 billion trade surplus during 2021, dropping by -75% from the $20.1 billion in black ink one year earlier in 2020.
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
Vietnam generated the highest trade surpluses with the following countries.
- United States: US$81.1 billion (country-specific trade surplus in 2021)
- Hong Kong: $10.4 billion
- Netherlands: $7 billion
- United Kingdom: $4.9 billion
- Canada: $4.5 billion
- United Arab Emirates: $4.12 billion
- Mexico: $4.06 billion
- Germany: $3.4 billion
- Belgium: $2.9 billion
- Austria: $2.7 billion
Among Vietnam’ trading partners that generate the greatest positive trade balances, Vietnamese surpluses with Belgium (up 58.6%), Mexico (up 53.9%) and the United States of America (up 28.2%) grew at the fastest pace from 2020 to 2021.
These positive cashflow streams clearly indicate Vietnam’s competitive advantages with the above countries, but also represent key opportunities for Vietnam to develop country-specific strategies to optimize its overall position in international trade.
Companies Servicing Vietnamese Trading Partners
A pair of Vietnamese corporations ranks among Forbes Global 2000. One company, Vietin Bank is a regional bank.
The other large business, Petrovietnam Gas is part of the following list of Vietnamese international trade businesses.
- Danang Rubber Company (rubber)
- DOJI Gold and Gems Group (gold, jewelry)
- FPT Group (information technology)
- Habeco (beer)
- Hoa Phat Group (metals)
- Petrovietnam Gas (petroleum/natural gas)
- Samsung Electronics (electronics)
- Viettel Group (telecommunications)
- Vinamilk (dairy products)
- World Auto (cars, motorcycles)
See also Vietnam Top 10 Exports, Vietnam Top 10 Imports, Lebanon’s Top 10 Exports, Greece’s Top 10 Exports, United Kingdom’s Top Trading Partners and Syria’s Top 10 Exports
Research Sources:
Central Intelligence Agency, The World Factbook Asia: Vietnam. Accessed on October 4, 2023
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on October 4, 2023
International Trade Centre, Trade Map. Accessed on October 4, 2023
Investopedia, Net Exports Definition. Accessed on October 4, 2023
Wikipedia, Vietnam. Accessed on October 4, 2023
Wikipedia, List of Companies of Vietnam. Accessed on October 4, 2023