Vietnam Sourcing and Exports: Exploring the Top 10 Provinces in 2022
In 2022, Ho Chi Minh City remained the top contributor to Vietnam’s export revenue, followed by Bac Ninh and Binh Duong provinces. As a rapidly growing sourcing and export hub, Vietnam has been attracting international buyers interested in procuring quality Vietnamese products.
According to the Vietnam Ministry of Industry and Trade’s 2022 Import-Export Report, the top 10 provinces that contributed the most to the country’s export revenue were as follows:
- Ho Chi Minh City – $47.5 billion
- Bac Ninh – $45 billion
- Binh Duong – $34.3 billion
- Thai Nguyen – $29.8 billion
- Hai Phong – $25 billion
- Dong Nai – $24.6 billion
- Bac Giang – $22.6 billion
- Hanoi – $17.1 billion
- Phu Tho – $11.8 billion
- Hai Duong – $10.5 billion
These top 10 provinces have maintained positive growth rates, with Bac Giang showing the highest increase at 40.5% compared to 2021. Other significant growth rates include Phu Tho at 43%, Binh Duong at 4.9%, Dong Nai at 13%, Hanoi at 10.5%, and Ho Chi Minh City at 5.9%.
In contrast, the 10 provinces with the lowest export revenue were primarily located in the northern mountainous regions of Vietnam. Lai Chau had the lowest export revenue at $20.4 million, followed by Son La at $21.8 million and Bac Kan at $33.5 million.
Vietnam’s export revenue reached $371.3 billion in 2022, a 10.5% increase from the previous year. The growth was evident in both domestic and foreign direct investment (FDI) sectors, with domestic businesses achieving $95.4 billion, a 6.8% increase, and FDI enterprises (including crude oil) reaching $275.9 billion, an 11.8% increase.
Vietnam has maintained a trade surplus for seven consecutive years, with the trade surplus in 2022 amounting to $12.4 billion. The country’s international trade in 2022 demonstrated continuous growth in both the number of export markets and the depth of market penetration. Vietnamese businesses have taken advantage of the opportunities offered by free trade agreements (FTAs) signed with various countries.
Export growth was particularly strong in FTA partner countries, such as ASEAN ($34 billion, up 17.8% from 2021), Canada ($6.3 billion, up 19.8%), South Korea ($24.3 billion, up 10.7%), Japan ($24.2 billion, up 20.4%), India ($8 billion, up 26.8%), Australia ($5.6 billion, up 26.2%), and the EU ($46.8 billion, up 16.7%).
Vietnamese businesses are well-positioned to capitalize on these emerging markets and continue expanding their global reach. With a comprehensive understanding of Vietnam’s sourcing and export landscape, international buyers can better navigate the market to procure high-quality Vietnamese products.
Vietnam Sourcing