Through 2007, Vietnamese economic market trends indicated that civilian aircraft and industrial rubber were the leading imported products, while cotton apparel and home furnishings topped the exports list. This trend has apparently started changing somewhat with the conclusion of 2008. According to Daniel Workman in his article "Top Vietnamese Exports and Imports", at the end of the 4th quarter, the trends now appear as follows:
Top 5 Fastest-growing export categories:
- iron and steel mill products (semi-finished)
- plywood and wood veneers
- diamonds - both uncut and unset
- appliances - household and kitchen
- DVD players, televisions, and assorted video equipment
Top 5 Fastest-growing import categories:
- nuts
- industrial rubber products
- copper
- soybeans
- assorted non-ferrous (non-iron) metals
The Stage is Set for Profitable Imports
Despite the global economy and the US financial markets experiencing considerable turbulence in the 3rd and 4th quarters of 2008, Vietnam managed to exceed $10 billion (USD) in exports to the US by the end of October (2008). This equaled the total of the entire prior year (2007). Current speculation is that 2009 will see an increase over the prior year that could reach 15%.
Conversely, current numbers indicate that US exports alone into the Vietnamese market are approaching the $1.5 billion mark. Does this indicate that exporting products into Vietnam's market would be a profitable and viable opportunity for other companies and countries besides the United States? Absolutely. Here are some key considerations concerning this growing economic market:
- Population: 86,116,559 - 13th most populous country in the world (57% of the entire population is below the age of 30)
- GDP Real Growth Rate: 8.48%
- GDP percentage by economic sector: Agriculture - 19.4%, Construction and Industry - 42.3%, and Services - 38.3%
- Principal exports: crude oil, electronic components and products, fishery products, footwear, and garments and textiles
- Principal imports: equipment and replacement parts for machinery, refined petroleum, steel, textile industry cloth and materials
Export Opportunities
According to the US Commercial Service based in Hanoi, there are a number of potentially profitable
for other countries yet to be investigated. For those companies and countries interested in entering this expanding Southeast Asian market, here is a list of the 10 most lucrative sectors of the Vietnamese economy:
- Airport and ground support equipment
- Computer hardware and software services
- Education and training
- Environmental technologies (pollution control equipment)
- Franchise opportunities
- Gas, oil, and petroleum machinery and related services
- Medical equipment and supplies
- Power distribution and transmission
- Safety and security equipment
- Telecommunications equipment and related services
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