Vietnam (VNM) and United States (USA) Trade | The Observatory of Economic Complexity (2024)

FAQs

What is the economic complexity of Vietnam? ›

Overview In 2021, Vietnam was the number 40 economy in the world in terms of GDP (current US$), the number 18 in total exports, the number 19 in total imports, the number 140 economy in terms of GDP per capita (current US$) and the number 58 most complex economy according to the Economic Complexity Index (ECI) .

Vietnam Trade & Investment Summary

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. U.S. goods exports to Vietnam in 2022 were $11.4 billion, up 3.0 percent ($336 million) from 2021 and up 146 percent from 2012.

The trade deficit was $116.1 billion, increasing 27.8% ($25.2 billion) from 2021. In 2022, 0.6% of total U.S. global exports of $2.1 trillion were exported to Vietnam and 3.9% of total U.S. imports of $3.2 trillion from all countries were imported from Vietnam.

The most recent exports are led by Broadcasting Equipment ($58.5B), Telephones ($24.4B), Integrated Circuits ($16.9B), Office Machine Parts ($16.7B), and Textile Footwear ($13.2B).

Vietnam has been a development success story. Economic reforms since the launch of Đổi Mới in 1986, coupled with beneficial global trends, have helped propel Vietnam from being one of the world's poorest nations to a middle-income economy in one generation.

Vietnam's economy emerged from COVID-19 with a surprisingly high 8 per cent annual growth rate at the end of 2022, but took a gloomy U-turn in the first half of 2023, plagued by falling exports due to monetary tightening in the developed world and a slow post-pandemic recovery in China.

Twenty-eight years after normalizing relations, the United States is now Vietnam's largest export market and the United States is a major source of foreign direct investment in Vietnam, helping fuel Vietnam's remarkable economic growth.

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).

Vietnam is the biggest beneficiary of a trade war because some businesses have shifted their supply chains from China to avoid US tariffs.

What items does Vietnam trade with the US? ›

The main products that Vietnam exported to United States are Broadcasting Equipment ($23.1B), Other Furniture ($7.13B), and Office Machine Parts ($5.55B). During the last 27 years the exports of Vietnam to United States have increased at an annualized rate of 26.4%, from $208M in 1995 to $117B in 2022.

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.

Vietnam's major imports are computers, electrical products, and parts, making up18 percent of total imports. After that are machines, instruments, and accessories, making up 16 percent of imports. What are Vietnam's major exports?

CHINA. With the second-largest economy in the World, China is the leader in exports. China exported nearly $3.59 trillion worth of goods in 2022. China's major exported goods are electronics and other machinery, and major imported goods are electronics, including integrated circuits and other computer components.

In 2016, the income of the highest-income group was 9.8 times higher than that of the lowest-income group. in 2019 is 10.2. However, by 2020, due to the negative impact of the covid-19 epidemic and the effectiveness of social security policies for the poor and family, the low-income group will increase by 7.6%.

Vietnam is a fast and emerging market with stable economic growth and governance.

The average salary in Vietnam is 17.2 million Vietnamese Dong (VND) per month or 733 USD/month (according to the exchange rates in May 2023) — which is significantly lower than the average salaries in countries like the USA or UK.