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Vietnam's exports have doubled over the past few years as competitive minimum wages and low utility costs have boosted foreign direct investment in the manufacturing sector.Between January and July 2023, Vietnam's exports amounted to US$1.43Trillion.Vietnam's GDP grew 8.02% in 2022, up 2.58% year-on-year. Over the past two decades, Vietnam's GDP has grown at an average annual rate of more than 6%, making it the highest-growing economy in Southeast Asia. It has also attracted foreign investment due to its strategic location and membership of 15 free trade agreements (FTAs). For foreign companies operating throughout Southeast Asia, Vietnam is strategically positioned as an ideal export hub for accessing other ASEAN markets.

Vietnam's main export partners are:

1. United States (19% of total exports)

2. China (16%)

3. Japan (8%)

4. South Korea (7%)

5. Hong Kong (4%)

6. Netherlands (3%)

While Vietnam is known for being a prime location for investors in the textile industry, the country is also seeing significant growth in many other business sectors. Interestingly, Vietnam is becoming a key location for high-tech manufacturing, with companies such as Samsung, LG Electronics, Nokia and Intel all investing billions of dollars in the country. Other business areas include information and communications technology, automotive and medical equipment.

Vietnam's main export products are:

1. Electrical, electronic equipment (21% of total exports)

2. Textiles (12%)

3. Computer and electrical products (12%)

4. Shoes and footwear (7%)

5. Machinery, instruments and accessories (6%)

Electronic products

Vietnam has become an important exporter of electronics, with electrical and electronic products overtaking coffee, textiles and rice as the country's largest exports. Samsung is Vietnam's largest exporter, helping the country achieve a trade surplus for the first time in years.

Exports of smartphones and computer parts now account for a larger share of export revenue than oil and clothing. Samsung has turned Vietnam into a global manufacturing base for its products, producing nearly a third of the company's output.

Samsung has also agreed to work with the Vietnamese government to help develop the country's domestic support industry. This is a significant business opportunity for foreign technology companies to do business in Vietnam and sell their components to companies like Samsung.

Textiles and garments

Textiles have long been one of Vietnam's leading export industries, with more than 6,000 textile and garment manufacturing companies employing more than 2.5 million workers. The apparel industry has seen impressive growth and plays an important role in the country's economic growth.

China is the only country that exceeds Vietnam in net apparel exports to the United States. However, manufacturers and investors are turning to Vietnam; the conditions for setting up store are economically more convenient than in China.

Within ASEAN, Vietnam is the strongest competitor to succeed China's low value-added textile and apparel manufacturing. Compared to other major textile exporters in the region (Indonesia, Thailand, Malaysia), Vietnam's share of textile exports in its total exports has increased in recent years.

Coffee

Vietnam is currently the world's second largest exporter of coffee, after Brazil. The sector plays an important role in Vietnam's agricultural economy and is an export-oriented industry, with more than 90% of production going to exports. To add value to it, the government has been promoting a shift from exporting coffee beans to processing coffee. Many experts believe that Vietnam has the potential to overtake Brazil due to its favorable climatic conditions and lower production costs.

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