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Export Market

Vietnam

ISO: VN / VNM

Country Profile

Capital Hanoi
Population 101.3M
GDP $476.4B (2024)
GDP per Capita $4,717
Income Level Lower-Middle Income
Currency Vietnamese đồng (VND ₫)
Language Vietnamese
Timezone UTC+07:00
Region Asia · South-Eastern Asia

Trade Partners

Vietnam Exports To

  • USA 28.0%
  • China 20.0%
  • Japan 6.0%
  • Hong Kong 4.0%
  • Germany 3.0%

Key exports: broadcasting equipment, garments, integrated circuits, machine parts, footwear (2023)

Vietnam Imports From

  • China 49.0%
  • Singapore 6.0%
  • Japan 6.0%
  • Hong Kong 5.0%
  • Taiwan 4.0%

Key imports: integrated circuits, broadcasting equipment, fabric, plastics, telephones (2023)

Economic Overview

lower middle-income socialist East Asian economy; rapid economic growth since Đổi Mới reforms; strong investment and productivity growth; tourism and manufacturing hub; TPP signatory; declining poverty aside from ethnic minorities; systemic corruption

Government: communist party-led state

UK Trade Status

FTA in Force

The UK has a free trade agreement with Vietnam, providing preferential market access for UK exporters.

Trade Barriers

5 active barriers affecting UK exporters

Offshore wind Feed-In-Tariff requirements in Vietnam affecting UK exporters/investors

To be eligible for the 20 year fixed Feed-In-Tariff (offshore $9.8c/kWh, onshore: $8.5c/kWh), wind developers need to have the Commercial Operation Date (COD) by 1 Nov 2021. The COD is the date after which all testing and commissioning has been …

Sectors: Energy

Reported: 16 Jul 2020

License requirements for solar power developers in Vietnam

Solar power developers are required to obtain Power Operation Licenses, from the Ministry of Industry and Trade (MOIT), if they operate power plants with a capacity of more than 1MW (megawatt). Plants with an installed capacity of less than 1MW …

Sectors: Energy

Reported: 4 Sep 2019

Limits on overseas reinsurance companies in Vietnam

Where an insured risk is ceded, at the request of the person or organisation covered by the insurance, local insurers can only reinsure up to 90% of its total insurance liability with overseas reinsurers. This limits the support UK reinsurers …

Sectors: Financial and professional services

Reported: 30 Aug 2019

Lack of regulation for overseas financial technology businesses in Vietnam

There is no specific law regulating foreign ownership of fintech companies in Vietnam. This creates uncertainties for UK companies looking to access the market.

Sectors: Financial and professional services

Reported: 30 Aug 2019

Lack of recognition for UK teaching qualifications in Vietnam

UK teaching qualifications are not recognised in Vietnam.

Sectors: Education and training, Financial and professional services, Healthcare services

Reported: 6 May 2019

Geographic Region

Asia Pacific

Trading Bloc Memberships

Vietnam is a member of the following trade agreements and economic blocs.

CPTPP Comprehensive and Progressive Trans-Pacific Partnership Trade Agreement UK Member ASEAN Association of Southeast Asian Nations Economic Union RCEP Regional Comprehensive Economic Partnership Trade Agreement

Export Guidance

Relevant guidance for exporting to Vietnam.

Start Your Export Journey

Export to the EU after Brexit Start exporting from the UK Manage your export compliance

Also in This Region

🇦🇺 Australia FTA 🇧🇳 Brunei 🇰🇭 Cambodia 🇫🇯 Fiji FTA 🇮🇩 Indonesia 🇯🇵 Japan FTA 🇱🇦 Laos 🇲🇾 Malaysia

Official Resources

Government export support for Vietnam.

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