In 2022, phones and the related components exports had the largest value amongst Vietnam’s major commodities exports, at approximately 59.3 billion U.S. dollars. Meanwhile, electronics, computers and components contributed over 55 billion U.S. dollars to total export earnings that year.
Vietnam – An export-driven country
Vietnam had greatly increased its volume and value of international trade since implementing economic reforms, or Đổi Mới in 1986. After Đổi Mới, Vietnam's trade balance recorded its first trade surplus in 2012 at around 750 million U.S. dollars. In 2019, Vietnam saw a negative growth rate of worldwide exports for the first time since 2010, with a total export value reaching over 361.93 billion U.S. dollars that year. The country’s main export partners include the United States, the European Union, China, Japan, and South Korea.
International trade agreements
In 2019, Vietnam signed several significant trade agreements such as the EU-Vietnam Free Trade Agreement (EVFTA), which led to the reduction of tariffs and customs duties for both Vietnam and the European Union, as well as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which not only gave Canada access to the Vietnamese market, but also facilitated the integration of Vietnam in the global value chain.
