As among the fastest growing economies in the developing world, Vietnam is a vibrant country undergoing improvement of its infrastructure to aid its future growth plans.
During the last two decades, Vietnam has been undergoing a transformation coming from a centrally planned economy with a market economy and over that point, Vietnam has experienced significant growth.
That is great news to the international freight transport sector and shipping companies associated with trade with Vietnam as his or her business will grow at the same time because the Vietnam economy. In 2009, export turnovers were over 56 billion US dollars, based on the General Statistics Office of Vietnam.This reflected a decline of roughly 10% from the previous year.
Vietnam’s single largest export is crude oil, which accounted for 11% of earnings from exports during 2009.
Vietnam’s other main exports part from oil are textiles, footwear and garments, rice, coffee, rubber and coal. Aquaculture can also be an essential method to obtain export business along with processed forest products.
At the moment, the exports from Vietnam are covered with agricultural products however, this is perhaps all set to change as Vietnam increases its industrial base. Already, 5% of wages are accounted for by electronic equipment. Since the country is constantly develop its industrial base, the freight services infrastructure continuously develop to aid it. The key markets for exports from Vietnam are the United states of america, accounting for nearly 20% of exports, accompanied by Japan, China, Australia and Singapore.
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Economic relations between Vietnam as well as the United states of america are improving but impeded by Vietnam’s record in human rights. Nevertheless, there are great strides forwards in economic relations over the last decade and that is reflected in the present amount of freight transport. A landmark bilateral agreement in December 2001 significantly boosted the amount of Vietnam’s exports towards the U . s ..
The main imports to Vietnam are commodities, including petroleum products, steel, fertilizer, electronics, equipment and machinery. Most imports originate from China, Taiwan, Singapore, Japan, The philipines, Thailand and Malaysia.
Overall, the principle trading partners of Vietnam are Japan, Hong Kong, Singapore, Korea, Taiwan and also the European. Presently have business dealings with the Asian economies makes up 80% of all Vietnam trade. This actually represents a changed picture as until 1990, most Vietnam trade was using the Soviet Union.
Vietnam is keen to formulate more have business dealings with countries from the European and freight services organizations are creating this easier, as freight companies grow their own understanding the Vietnam market. Now there are many shipping firms that will help businesses in the Eu do business with Vietnam. The various nature of the above examples of imports and exports both to and from Vietnam stresses how versatile the freight services companies operating in Vietnam have to be to be able to service this market. A shipping company or freight company which is acquainted with exporting from Vietnam will be expert at supplying the correct transportation mode in order that the products reach their destination market in peak condition and within as short a time frame as you can. The freight forwarding market in Vietnam is rolling out considerably recently and the standard of freight services available is incredibly high.
Most businesses in Vietnam are medium and small sized enterprises along with trying to embrace the opportunities of globalisation, many turn to freight companies for advice and support. Therefore the freight forwarding sector is itself an important catalyst in the growth of the Vietnam economy.
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