In an increasingly interconnected world, Vietnam's remarkable export growth stands as a testament to its emergence as a key player in the global economy. As we delve into the dynamic landscape of Vietnam's exports, this article explores the nation's impressive achievements and pivotal role on the international stage. Furthermore, we shine a spotlight on VHG, a seasoned player in the realm of international trade, and how they have become synonymous with excellence in logistics and 3PL services, facilitating seamless global commerce for nearly three decades.
1. Vietnam Export Growth
Situated at the heart of the Asia-Pacific region and strategically positioned along major international maritime routes, Vietnam boasts a lengthy coastline, providing ample opportunities for the development of its logistics service industry and seamless integration into the global economy.
Following over two years of substantial disruptions caused by the Covid-19 pandemic, the year 2022 marked a significant turning point for Vietnam's logistics sector. Operations gradually returned to normalcy, ensuring the smooth flow of transportation and the circulation of goods. In 2022, the total export and import turnover exceeded an impressive $723 billion, reflecting a 10% increase compared to the previous year. This remarkable achievement is particularly commendable considering the numerous challenges that both the global and domestic trade environments faced.
Vietnam's logistics prowess also earned recognition on the global stage, securing the 11th position in Agility's 2022 ranking of emerging logistics markets, among a group of 50. Additionally, Vietnam leads the pack among ASEAN nations in terms of the number of logistics service providers licensed by the US Maritime Administration (FMC). The adoption of e-Logistics (electronic logistics) has played a pivotal role in enhancing the professionalism and effectiveness of Vietnam's logistics industry.
A recent report by Frost & Sullivan underscores the bright future of Vietnam's logistics sector, forecasting a market size of $145.8 billion by 2023. This growth trajectory is driven by the nation's burgeoning economy and the continuous expansion of trade volumes.
Notably, as of the first few months of 2023, US remained Vietnam's largest export market, with exports to this market constituting 30% of the total export turnover, equivalent to an estimated $44.2 billion. China closely follows as another significant destination for Vietnamese exports.
Furthermore, Vietnam proudly boasts three seaports in the prestigious list of the world's top 50 ports, as per Lloyd Maritime Company (UK)'s latest update to its list of 100 seaports. Among these, Saigon Port occupies the 23rd position, Hai Phong Port ranks 31st, and Cai Mep Port secures the 32nd spot, further solidifying Vietnam's pivotal role in global trade and logistics.
2. US Trading: Vietnam's Exports
Here is key information regarding Vietnam's total exports to the United States:
In August 2023, Vietnam's total exports to the USA amounted to $9.016 billion, marking a notable increase from the previous month, which recorded $8.649 billion in July 2023.
Data on Vietnam's total exports to the USA is regularly updated on a monthly basis, spanning from January 1990 to August 2023. On average, these exports have been valued at approximately $698.355 million per month over this period.
The historical data on these exports reveals significant fluctuations over time. The highest point on record was reached in June 2022 when Vietnam's exports to the USA amounted to an impressive $10.858 billion. Conversely, the lowest point was recorded in December 1990 when exports to the USA registered at a mere $0.000 million, reflecting the evolving dynamics of trade between the two nations over the years.
3. VHG's Export Services
Established in 1994, VHG boasts nearly three decades of experience spanning various industries. Over the years, we have cultivated a profound understanding of the intricacies of international trade and earned a strong reputation in the competitive US market. Our track record includes successful partnerships with numerous clients, and we continue to be a trusted name in facilitating global commerce.
Logistics Excellence: VHG is equipped with an unparalleled global network, enabling us to efficiently deliver products to any corner of the world. Our team of international logistics experts possesses a deep knowledge and understanding of the complexities involved in cross-border trade. We are committed to assisting you at every step of the logistics journey, ensuring your goods reach their destination smoothly and on time.
3PL Services: VHG stands as a leader in third-party logistics (3PL) services. We offer over 200,000 square feet of highly flexible warehousing facilities strategically located across the Western, Eastern, and Midwestern regions of the United States. Our 3PL services are designed to streamline processes, from consolidation to deconsolidation and order fulfillment. With specialized solutions like premium storage facilities, all types of cargo benefit from high-quality storage spaces during operational requirements.
Diverse Product Portfolio: Currently, VHG specializes in a wide range of products, including garments, furniture, electronics, machinery, agricultural products, and more. Our commitment to innovation and continuous improvement ensures that we stay in sync with the evolving needs and trends of the global logistics market. We provide tailored solutions that meet the unique requirements of each industry we serve.
At VHG, we believe in the power of experience, expertise, and adaptability to deliver top-notch export services. Whether you are a seasoned player in international trade or just embarking on your global journey, we are here to partner with you, leveraging our knowledge and resources to make your international ventures a resounding success.
By: Ngoc Khanh Nguyen (Ms.) – Supply Chain Specialist
Contact: ngoc.nguyenkhanh@vhg.vn