China and USA are currently the two largest export markets for Vietnamese goods. However, some analysis points to worrying factors in these two markets, and questions remain whether these two vital export markets will continue to maintain their present position for Vietnamese export goods or not.
Challenges in China
China continues to be the largest trading partner and the second largest export market for Vietnam after the US. China is currently a large export market for many products such as phones and components, especially agricultural, forestry, and fishery products. However, in 2021, many of Vietnam's export products have been severely affected by China’s zero Covid policy.
Fresh vegetables have also been affected when exporting to China in the last year. If in previous years, the market shares of fruit and vegetable exports to China account for 70 percent, now it is just over 50 percent. However, it still is the largest market for Vietnamese fruits and vegetables.
In 2021, fruit and vegetable exports reached US$ 3.55 bn, up by 8.6 percent compared to 2020, of which exports to China reached US$ 1.9 bn, accounting for 53.7 percent of the total export turnover. So far it looks like the No. 1 position will definitely be held by China for the export of Vietnamese goods in 2022.
Source: sggpnews.org.vn