VIETNAM IS ON ITS TRACK TO BECOMING A MARKET LEADER – OFFICIAL REPORTS AND STATEMENTS

 

PRESENT MARKET CONDITION OF VIETNAM

 

The Vietnam Trade Data observed no such significant growth or downfall in the month of May 2023. This is high time now that the nation should work towards making its international relations stronger and more trustworthy so as to observe a major change or rebound in the trade cycle of the nation.

 

As per some official reports and Vietnam Export Data reports, the economy of Vietnam is still evolving and not completely developed which means that the nation has to work harder to become a market leader. The point to be noted here is that although the economy of Vietnam didn’t decline in the month of May 2023, the problem is that the growth is retarded, sluggish, and very slow.

 

Some of the biggest industries of Vietnam such as machinery, clothing, furniture, and footwear have currently taken a back seat as these industries too are experiencing year-on-year decline.  Adding to this, if we refer to Vietnam Trade Data reports of the past few years, we can easily notice that the three main partners of Vietnam, namely the United States, the European Union, and China who contributes to 30% of total Vietnam’s exports are also falling.

 

As the exports of the nation are falling, the imports to the nation are also falling at a much faster pace than exports, which indeed has a positive impact on the trade surplus of the country. Due to this balance, the currency of Vietnam has remained stable with respect to the USD.

 

CURRENT MARKET TRENDS AND INSIGHTS OF VIETNAM

 

Amidst all this, the service sector of Vietnam is growing more than any other sector at present. More than imports and exports of physical goods, services such as tourism and automotive sales are growing and setting new records. Below mentioned are the ongoing trends in the import and export of goods to and from Vietnam.

 

IMPORTS AND EXPORTS OF VIETNAM – TREND (2017-2021)
YEAR	IMPORTS	EXPORTS		TOTAL
2017	USD 213.21 billion	USD 215.11 billion	USD 428.32 billion
2018	USD 236.86 billion	USD 243.69 billion	USD 480.55 billion
2019	USD 253.44 billion	USD 264.61 billion	USD 518.05 billion
2020	USD 261.30 billion	USD 281.44 billion	USD 542.74 billion
2021	USD 330.75 billion	USD 335.79 billion	USD 666.54 billion

 

 

As can be observed from the above table that the values registered in the Vietnam Import Data report are growing consistently with less growth in the year 2020 due to Covid-19. On the other hand, the values mentioned in the Vietnam Export Data report are also growing and setting new records. In five years, the total trade of the nation grew by 55.61% from the year 2017 to 2021.

 

CONCLUSION

 

This is the fact that was mentioned in the official reports that although international trade is growing in the nation, the speed at which it is growing is very slow and retarded, and hence, the nation needs more time than usual to become the most advanced and evolved country.

 

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