Vietnam’s exports grew by an estimated 20% in 2012. China is forecasted to overtake the US as Vietnam’s largest trading partner. Bangladesh, India, Indonesia, and Malaysia will also become fast growing export partners for Vietnam. Plans to expand the ASEAN Free Trade Agreement to zero tariffs on all goods by 2015 will also drive Vietnam’s trade with other economies in the region over the medium term. The US and Japan will remain key sources of demand for Vietnam and will remain among Vietnam’s top export markets.
Opportunities for UK businesses
Vietnam has implemented a 10-year-long modernisation policy which has opened the need for products and services. UK businesses can take advantage of these opportunities in almost every sector. Particular sectors that offer great opportunities include consumer goods including plastics, dairy products, raw materials, unfinished iron and cotton, as well as providing the types of services that are currently exported around the world.
Visit Export Britain for more information and to find support in this market.