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Preliminary assessment of Vietnam international merchandise trade performance in 2021

10:09 | 24/03/2022

Highlights 1. According to trade statistics of Vietnam Customs, in December 2021, a 6.0% upwards in total external merchandise turnover of Vietnam was recorded as compared to the result of November 2021. Exports went up 8.5 %, to USD 34.59 billion and imports increased 3.3 %, to USD 31.26 billion in terms of month-on- month basis. As a result, there was a USD 2.97 billion surplus in Vietnam’s trade balance in this month.

2. In 2021, Vietnam‘s trade-in-goods totaled US dollars 668.55 billion in value terms, 22.6% above the corresponding period of last year. As compared to result of a year earlier, total merchandise exports value rose 19%, to US dollars 336.31 billion and the total merchandise imports value increased 26.5% to US dollars 332.23 billion. Accordingly, Vietnam’s trade balance for January-December period of 2021 was in the surplus of US dollars 4.08 billion.

3. Trade data disseminated recently by Vietnam Customs announced that the total value of exportation and importation by foreign direct invested (FDI) traders reached USD 45.77 billion in total for December of 2021, up by 5.1 % on month-on-month basis. FDI’s export value of USD 24.6 billion and FDI’s import value of USD 21.18 billion led to a trade surplus of USD 3.42 billion.

For January-December period of 2021, trade-in-goods by FDI traders totaled US dollars 463.43 billion, up by 24.6 % on year-on-year basis. Total value of FDI exportation was USD 245.22 billion, increased by 20.9%. On import side, the total value of those companies was USD 218.21 billion, up by 29.1%. As a result, FDI’s trade balance was in surplus of USD 27.01 billion.

Preliminary assessment of Vietnam international merchandise trade performance in 2021

Main Exports and Imports

4. The November of 2021 to December of 2021 increase in total merchandise exports was due to the upwards in computers, electrical products, spare-parts and components (up by USD 657 million); textiles and garments (up by USD 571 million); foot-wears (up by USD 361 million); telephones, mobile phones and parts thereof (up by USD 266 million); machine, equipments, tools and instruments (up by USD 169 million);...

Preliminary assessment of Vietnam international merchandise trade performance in 2021

On a year-on-year basis, exports increase USD 53.68 billion, to USD 336.31 billion. The main products, which contributed to the increase, were machine, equipments, tools and instruments (up by USD 11.2 billion); iron and steels (up by USD 6.54 billion); computers, electrical products, spare-parts and components thereof (up by USD 6.35 billion); telephones, mobile phones and parts thereof (up by USD 6.25 billion); …

5. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the 2021 were: telephones, mobile phones and parts thereof; computers, electrical products, spare-parts and components thereof; machine, equipments, tools and instruments; textiles and garments.

Telephones, mobile phones and parts thereof reached USD 57.54 billion in export value and was up by USD 12.4% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were China (up by 23% on year-on-year basis, to USD 15.18 billion); the United States (up by 10.3% on year-on-year basis, to USD 9.69 billion) and EU (27) (down by 9.1% on year-on-year basis, to USD 7.89 billion).

Computers, electrical products, spare-parts and components thereof reached USD 50.83 billion in export value; went up 14% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 22.9% on year-on-year basis, to USD 12.76 billion); China (up by 0.1% on year-on-year basis, to USD 11.1 billion); EU (27) (up by 6.2% on year-on-year basis, to USD 6.57 billion);…

Machine, equipments, tools and instruments reached USD 38.3 billion in export value; went up by 41% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 45.9% on year-on-year basis, to USD 17.82 billion); EU (27) (up by 47.2% on year-on-year basis, to USD 4.36 billion); China (up by 48.5% on year-on-year basis, to USD 2.88 billion); Republic of Korea (up by 25.3%, to USD 2.57 billion)…

Textiles and garments reached USD 32.75 billion in export value ; went up by 9.9% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 15% on year-on-year basis, to USD 16.1 billion); EU (27) (up by 6.1% on year-on-year basis, to USD 3.9 billion); Japan (down by 8.2% on year-on-year basis, to USD 3.24 billion);…

6. The November of 2021 to December of 2021 growth in total merchandise imports was due to the upwards of the commodities as follows: pharmaceutical products (up by USD 231 million);chemicals (up by USD 192 million); crude oil (up by USD 143 million); plastics (up by USD 143 million);…

Preliminary assessment of Vietnam international merchandise trade performance in 2021

On a year-on-year basis, imports went up USD 69.54 billion, to USD 332.23 billion. The growth in imports was mainly contributed by the upturns of the following products: computers, electrical products, spare-parts and components thereof (up by USD 11.47 billion); machine, equipments, tools and instruments (up by USD 9.04 billion); telephones, mobile phones and parts thereof (up by USD 4.79 billion); iron and steels (up by USD 3.46 million);…

7. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in 2021 were: computers, electrical products, spare-parts and components thereof; machine, equipments, tools and instruments; telephones, mobile phones and parts thereof; textile, leather and foot-wears materials and auxiliaries group.

Computers, electrical products, spare-parts and components thereof reached USD 75.44 billion in import value ; went up by 17.9% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 18.5% on year-on-year basis, to USD 21.86 billion); Republic of Korea (up by 18.4% on year-on-year basis, to USD 20.3 billion); Taiwan (China) (up by 25.6%, to USD 9.6 billion);…

Machine, equipments, tools and instruments reached USD 46.3 billion in import value; went up 24.3% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were the China (up by 46.4% on year-on-year basis, to USD 24.92 billion); Republic of Korea (up by 1.8% on year-on-year basis, to USD 6.1 billion); Japan (up by 0.6% on year-on-year basis, to USD 4.45 billion);…

Telephones, mobile phones and parts thereof reached USD 21.43 billion in import value; was up by 28.8% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were Republic of Korea (up by 38.2% on year-on-year basis, to USD 10.73 billion); China (up by 18.5% on year-on-year basis, to USD 9.24 billion);…

Textile, leather and foot-wears materials and auxiliaries group reached USD 26.37 billion in import value; was up by 22.4% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 25.1% on year-on-year basis, to USD 13.65 billion); Republic of Korea (up by 10.4% on year-on-year basis, to USD 2.56 billion); Taiwan (up by 22.3%, to USD 2.48 billion); the United States (down by 7.3%, to 1.61 billion);...

Trading Partners

8. In 2021, Vietnamese merchandise trade with trading partners in Asia was totaled USD 433.39 billion in value terms, which moved up 22.8% as compared to the same period of 2020. Trade-in-goods of Vietnam with America was followed, which reached USD 139.21 billion and increased by 24.3%. The values of other continents were Europe: USD 73.4 billion, up by 15%; Oceania: USD 14.21 billion, up by 45.2% and Africa: USD 8.32 billion, up by 23.8% in comparison with the same period of 2020.

9. For Jan-December period of 2021, 4 exporting markets of Vietnam with turnover of over USD 20 billion were: The United States of America (reached USD 96.29 billion); China (reached USD 55.95 billion); Republic of Korea (reached USD 21.95 billion) and Japan (reached USD 20.13 billion).

Preliminary assessment of Vietnam international merchandise trade performance in 2021

10. On import side, four partners exporting goods to Vietnam with turnover of over 20 billion were as follows: China (reached USD 109.87 billion); Republic of Korea (reached USD 56.16 billion); Japan (reached USD 22.65 billion); Taiwan (reached USD 20.77 billion).

Preliminary assessment of Vietnam international merchandise trade performance in 2021

Source: Vietnam Customs