Vietnam2020 Economic Complexity : -0.057, Rank 61 of 127
2020 Product Exports | Imports: $300B | $270B, 16 of 226 | 18 of 226
2020 Per Capita Product Exports | Imports: $3.08k | $2.77k, 74 of 219 | 94 of 219
2019 Service Exports | Imports : $16.6B | $18.3B, 43 of 108 | 41 of 108
Overview In 2020, Vietnam was the number 38 economy in the world in terms of GDP (current US$), the number 16 in total exports, the number 18 in total imports, the number 137 economy in terms of GDP per capita (current US$) and the number 61 most complex economy according to the Economic Complexity Index (ECI).
Exports The top exports of Vietnam are Broadcasting Equipment ($42B), Telephones ($21.4B), Integrated Circuits ($19.4B), Textile Footwear ($8.9B), and Office Machine Parts ($7.68B), exporting mostly to United States ($77B), China ($49.4B), Japan ($20.4B), South Korea ($19.6B), and Hong Kong ($13.8B).
In 2020, Vietnam was the world's biggest exporter of Coconuts, Brazil Nuts, and Cashews ($3.06B), Metal-Clad Products ($3B), Fuel Wood ($1.92B), Cement ($1.48B), and Non-Retail Mixed Cotton Yarn ($349M)
Imports The top imports of Vietnam are Integrated Circuits ($34.2B), Telephones ($16.5B), Semiconductor Devices ($6.04B), Light Rubberized Knitted Fabric ($4.84B), and Broadcasting Accessories ($4.1B), importing mostly from China ($104B), South Korea ($48B), Japan ($16.1B), Chinese Taipei ($11.5B), and Thailand ($11.2B).
In 2020, Vietnam was the world's biggest importer of Light Rubberized Knitted Fabric ($4.84B), Synthetic Filament Yarn Woven Fabric ($2.12B), Soybean Meal ($1.7B), Coconuts, Brazil Nuts, and Cashews ($1.6B), and Plastic Coated Textile Fabric ($1.16B)
Location Vietnam borders Cambodia, China, and Laos by land and Indonesia, Malaysia, Philippines, and Thailand by sea.
The following section uses the most recent trade data from partners of Vietnam.
Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Top Export (2020): Broadcasting Equipment, $42B
Top Destination (2020): United States, $104B
In 2020, Vietnam exported a total of $300B, making it the number 16 exporter in the world. During the last five reported years the exports of Vietnam have changed by $132B from $169B in 2015 to $300B in 2020.
The most recent exports are led by Broadcasting Equipment ($42B), Telephones ($21.4B), Integrated Circuits ($19.4B), Textile Footwear ($8.9B), and Office Machine Parts ($7.68B). The most common destination for the exports of Vietnam are United States ($77B), China ($49.4B), Japan ($20.4B), South Korea ($19.6B), and Hong Kong ($13.8B).
Fastest Growing Export Markets (2019 - 2020)
Fastest Growing Import Markets (2019 - 2020)
Vietnam Exports Services (2019): $16.6B
Vietnam Imports Services (2019): $18.3B
In 2019, Vietnam exported $16.6B worth of services. The top services exported by Vietnam in 2019 were Travel ($11.8B), Air transport ($2.36B), Sea transport ($831M), Miscellaneous business, professional, and technical services ($646M), and Financial services ($210M).
The top services imported by Vietnam in 2019 were Sea transport ($7.17B), Travel ($6.15B), Construction services ($1.18B), Air transport ($1.1B), and Insurance services ($712M).
Vietnam has a high level of specialization in Metal-Clad Products (43.1), Coconuts, Brazil Nuts, and Cashews (19.8), Cinnamon (15), Non-Retail Mixed Cotton Yarn (14.8), and Textile Footwear (13.9). Specialization is measured using RCA, an index that takes the ratio between Vietnam observed and expected exports in each product.
The highest complexity exports of Vietnam according to the product complexity index (PCI) are Office Machine Parts (1.52), Mirrors and Lenses (1.5), Integrated Circuits (1.41), Plastic Floor Coverings (1.39), and Vacuum Cleaners (1.37). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Vietnam according to the relatedness index, are Fake Hair (0.33), Other Knit Clothing Accessories (0.31), Nutmeg, mace and cardamons (0.31), House Linens (0.31), and Artificial Vegetation (0.3). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Vietnam is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.
During the last 20 years Vietnam's economy has become relatively more complex, moving from the 83rd to the 61st position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.
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