After undergoing one of the toughest Covid-19 lockdowns in the world during 2021, Vietnam’s economy appears to be headed toward a full recovery, according to an analysis of first-half 2022 imports and exports by Trade Data Monitor, the world’s premier source of trade statistics.
Vietnamese imports increased 15.5% year-on-year to $185.3 billion during the first six months of 2022. Meanwhile, exports rose 17.3% to $186 billion, preserving Vietnam’s slight trade surplus. To boot, in the first six months, foreign direct investment into the country increased 9% to $10.1 billion. Gross domestic product is expected to approach 7% growth after increasing only 2.6% in 2021.
The challenge for Vietnam will be to hold on to the consumer markets it’s conquered in the European Union and the U.S. as it cements its place in new Asian industrial supply chains.
During the first six months of 2022, exports to the EU rose 22.3% to $24.1 billion, exports to ASEAN countries rose 26.9% to $17.7 billion, and exports to the U.S. increased 24.1% to $56.6 billion.