Vietnam - Trade Agreements (2024)

FAQs

What trade agreements does Vietnam have? ›

Import prohibitions: Vietnam currently prohibits the commercial importation of a limited number of products, including cultural products deemed "depraved and reactionary", firecrackers, certain children's toys, second hand consumer goods, right hand drive motor vehicles, and used spare parts for vehicles.

Vietnam is a top “China plus one” destination for dealing with rising costs in China and unpredictable scenarios such as trade shocks. Foreign investors favor Vietnam to supplement their China operations for its lower-cost inputs, alternate markets, and convenient geographic and supply route proximity to China.

U.S. goods and services trade with Vietnam totaled an estimated $142.1 billion in 2022. Exports were $13.8 billion; imports were $128.4 billion. The U.S. goods and services trade deficit with Vietnam was $114.6 billion in 2022.

South Korea: Vietnam–Korea Free Trade Agreement (VKFTA), signed 5 May, 2015; came into effect on 20 December, 2015. United Kingdom:United Kingdom–Vietnam Free Trade Agreement (UKVFTA), signed 29 December 2020; came into effect on 1 May 2021.

The United States and Vietnam concluded a Bilateral Trade Agreement (BTA) in 2000, which entered into force in 2001. Vietnam is a member of the Association of Southeast Asian Nations (ASEAN) and subsequently, a member of ASEAN Free Trade Area (AFTA).

Does Vietnam have any Free Trade Zones? Yes, there are 18 coastal economic zones in Vietnam with over 325 industrial parks within the zones. These industrial parks are spread across the country.

The U.S.-Vietnam Bilateral Trade Agreement (BTA) is a comprehensive document covering trade in goods, protection of intellectual property rights, trade in services, investment protection, business facilitation and transparency.

China remains Vietnam's largest trading partner, a dynamic relationship that continued to evolve in 2022.

Is Vietnam rich or poor? ›

Viet Nam's shift from a centrally planned to a market economy has transformed the country from one of the poorest in the world into a lower middle-income country. Viet Nam now is one of the most dynamic emerging countries in the East Asia region.

Imports The top imports of Vietnam are Integrated Circuits ($45.2B), Broadcasting Equipment ($19.5B), Refined Petroleum ($9.7B), Telephones ($9.43B), and Coal Briquettes ($7.03B), importing mostly from China ($138B), South Korea ($60.7B), Japan ($17.9B), Chinese Taipei ($15.7B), and Thailand ($13.4B).

Vietnam plays a central role in IPEF which promises to facilitate increased trade and investment in the region for American companies. Vietnam has emerged as an important market for U.S. agricultural exports in Southeast Asia.

Trade balance is the value of exported goods minus the value of imported goods. A positive trade balance signifies a trade surplus, while a negative value signifies a trade deficit. In 2022, Vietnam's trade surplus amounted to around 12.14 billion U.S. dollars.

Vietnam is now considered to be a potential ally of the United States, especially in the geopolitical context of the territorial disputes in the South China Sea and in the containment of Chinese expansionism.

What are Vietnam's major exports? Vietnam's major exports are telephones, mobile phones and parts thereof, making up 21 percent of total exports. Textiles come second making up for12 percent of exports.

The EU–Vietnam Free Trade Agreement (EVFTA) is a free trade agreement between the European Union (EU) and the Socialist Republic of Vietnam.

China is Vietnam's leading trading partner with a total import and export value of US$106.7 billion, making up 22.2% the country's total imports and exports.

Cambodia and Vietnam have signed an agreement to promote bilateral trade for 2023-2024, noting that it is an important mechanism that will promote and enhance bilateral cooperation in all sectors.