Vietnam Import Data

  WHY HAS VIETNAM BEEN PREFERRED OVER CHINA IN RECENT TIMES? One of the main reasons behind the decline in trade opportunities in China is the rising cost of procuring and manufacturing goods accompanied by expensive labor costs. Many businesses have ditched China and switched to Vietnam for their further deals. The decline in opportunities for China is happening very rapidly and in recent years, the speed has increased even more. Numerous businesses have already shifted their manufacturing and processing work to Vietnam. Vietnam is transforming slowly into a full-fledged global manufacturing hub as it has been selected by many businesses now over China. For example, the Pearl River Delta located in China was known as the most important center for the manufacturers of the world in the past but now the same factory is proving to be very costly for the manufacturers and as a result, they are leaving here and searching better alternatives in Vietnam. On comparing the labor cha...

Both the countries, India and Vietnam share a very strong and happy relationship in terms of trading goods and commodities. The bilateral trade relationship between the countries grew further and started getting known as a “Strategic Partnership” after the visit of Mr. Nguyen Tan Dung who was the Prime Minister of Vietnam in the year 2007. Moving ahead, after the visit of Mr. Narendra Modi in the year 2016, this bilateral trade popularized as a “Comprehensive Strategic Partnership”. Due to this strong political and financial bond between the two nations, bilateral trade is growing every year. As per Vietnam Trade Data for the duration from April 2021 to March 2022, the trade between countries grew by almost 27% and touched a mark of USD 14.14 billion. Total imports made by Vietnam in this period as recorded in Vietnam Import data are USD 6.70 billion (34% increase) and on the other hand, total exports from Vietnam to India for the same period as recorded in Vietnam Export Data wer...