Vietnam's export revenue may hit $618 bn by 2030: Standard Chartered

Textile and apparel exports from Vietnam are also set to surge, with an annual growth rate of 7.3 per cent, comprising 22 per cent of the export forecast in 2030. The US, Japan, and South Korea will remain the primary importers of these products, as per a report titled ‘Future of Trade: New Opportunities in High-Growth Corridors’ by Standard Chartered.

Asia, Africa, and the Middle East are anticipated to be the powerhouses of global trade, with Asia at the forefront. These regions’ trade corridors are predicted to outstrip the global growth rate by up to four percentage points, fuelling a combined trade volume of $14.4 trillion, equivalent to 44 per cent of global trade by 2030.

Standard Chartered, in its 2021 report, had predicted Vietnam’s exports to reach $535 billion by 2030. However, this projection has been revised significantly upwards in the latest report, reflecting an additional $83 billion in Vietnam’s export forecast.

Key trading partners in the coming decade will include China, South Korea, and the US, while trade relations with India, Singapore, and Indonesia are projected to flourish.

By 2030, Vietnam’s export landscape will be dominated by categories including machinery, accounting for 50 per cent of total exports, with a predicted annual growth rate of 6.6 per cent. The top export destination for this sector is likely to be China, followed by the US and South Korea. Meanwhile, exports to India are slated for significant expansion.

On the import front, Vietnam’s imports are estimated to reach $578 billion by 2030, marking an annual growth of 6.9 per cent.

Maintaining its trade surplus, Vietnam will see China, South Korea, and Singapore as the leading importers of its commodities by 2030, with foreign-invested firms playing a pivotal role.

Fibre2Fashion News Desk (NB)