Vietnam's goods exports may hit $618 bn, imports $578 bn by 2030

05 Jun '23

1 min read

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Insights

Standard Chartered has projected Vietnam's goods export could hit $618 billion by 2030, with an average annual growth rate of 7 per cent between 2021 and 2030.
Imports may hit $578 billion by 2030, with an average annual growth rate of 6.9 per cent in the duration.
Trade with India, Singapore and Indonesia is projected to see robust growth during the period.

Vietnam’s goods export could hit $618 billion by 2030, with an average annual growth rate of 7 per cent between 2021 and 2030, according to a recent Standard Chartered report. The country’s imports are predicted to hit $578 billion by 2030, with an average annual growth rate of 6.9 per cent during the period.

According to Standard Chartered, Viet Nam is set to become a key high-tech manufacturing hub in the ASEAN region.

In addition to its large and educated workforce and competitive manufacturing costs, the country also benefits from its wide-reaching web of free trade agreements (FTAs) across North America, Asia and Europe, the report, titled ‘Future of Trade: New opportunities in high-growth corridors’, noted.

These fundamentals, conducive to manufacturing and trade are expected to continuously drive Vietnam's economic development and competitiveness, it said.

The country is also improving the quality of its logistics infrastructure to further integrate itself into the international trade system, a Vietnamese media outlet reported.

The United States, China and South Korea are expected to be Vietnam's key trade partners in the coming years and trade with India, Singapore and Indonesia is projected to witness robust growth from 2021 to 2030, noted the bank.

Fibre2Fashion News Desk (DS)

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