Export opportunities for Vietnam in 2022

The pandemic has brought about many changes in virtually every aspect of our lives. However, despite our world gradually returning to normal, the disruption has left many Vietnamese exporters confused about which profitable products to export and how to grow their online business in 2022.

This article looks at the export opportunities for Vietnam in 2022. We also cover the new Regional Comprehensive Economic Partnership (RCEP) which is expected to come into effect by January 2022 and explore the many opportunities it will bring to you as a seller. Vietnamese.

Vietnam Export Preview 2021 and Export Forecast 2022

Vietnam’s economy has faced difficulties with a surge of the COVID-19 Delta variant that has tested the strength of the economy. The spoils of COVID-19 caused GDP to fall by 6.17% in the third quarter of the year, which is by far the worst underperformance since the government started monitoring the figures.

Prior to the COVID-19 outbreak, Vietnam’s economy thrived on a competitive minimum wage and well-priced public services, boosting foreign direct investment in manufacturing. Economy took a hit from pandemic, but Prime Minister Pham Minh Chinh spoke out on economic GDP; he predicted that gross domestic product would grow next year in a range of 6% to 6.5%.1

4 export opportunities for Vietnam in 2022

Exporting to Vietnam has many advantages. As a seller, you have a chance to increase your gain, thanks to Vietnam’s ease of registration, transparent legal entity, and flexible license permit requirements.

We look at four export opportunities due to beneficial export policies in Vietnam:

  1. Ease of installation

    As an e-commerce seller interested in exporting products from Vietnam, you are not required to have separate export and import licenses for trading. If you want to engage in the distribution of goods outside Vietnam, all you need to do is set up a trading company and you are good to go.

    Compared to other countries, this is a very affordable establishment setup because you don’t have to provide minimum capital requirements. Find the right products, connect to a reputable e-commerce platform and start making money.

  2. Export tax exemptions

    Unlike importing into Vietnam, most goods and services exported from Vietnam are tax exempt. However, some items need to pay export duty ranging from 0-45%. These are mainly natural resources, including forest products, scrap metal and minerals.

  3. Free Trade Agreements (FTAs)

    As a member of ASEAN, Vietnam is part of several Free Trade Agreements (FTAs) with global economic powers. However, the tantalizing deal that will leave many e-commerce sellers licking their lips with improved revenue is the recently established Regional Comprehensive Economic Partnership. RCEP will be fully implemented by January 1, 2022.2This indicates that Vietnam has further strengthened the reduction of trade barriers with better market accessibility for exported goods.

    RCEP claims a market size of $26.2 trillion in global production with 2.3 billion people actively involved.3 As predicted by the World Bank, countries participating in RCEP will see their gross domestic product (GDP) increase by 1.5%.

    The agreement will establish a new relationship in the global economy where up to 90% of export tariffs will be eliminated. As a seller looking to explore e-commerce opportunities in Vietnam, you can be assured of maximizing your income in 2022 knowing that you are parting with 10% or less of your income.

    So, if you are looking to maximize your profits, you might want to consider exporting textiles in 2022. Many sectors such as electronics and consumer goods, textiles, agriculture and fish products should all be primary beneficiaries of RCEP.

  4. Priority customs processing

    It is possible to benefit from priority treatment, whether as a company or an SME which is embarking on exporting. The priority personalized treatment program entitles you to a wide range of advantages. These include exemption from physical inspection of goods, the ability to submit incomplete customer declarations, and priority access to tax formalities.

    Please note that you will need to submit the complete customs declaration within 30 days of registering an incomplete customs declaration or documentary evidence in place of the customs declaration.

    Priority gives you a head start; with this, you can start transacting even before you complete your personalized documentation the moment you request priority personalized processing.

5 major categories that will benefit from exporting Vietnamese products in 2022

It can be difficult to decide which product to export, especially with the new changes coming from RCEP. You need to do a thorough market research and make correct predictions about the leading products. We understand it can be overwhelming, and that’s why we’ve taken on the daunting task of researching the best products to sell as an exporter in Vietnam in 2022.

  • Electronic components and mobile accessories

    The Electronics Industry Generated a Remarkable $10 Billion in March 20214, making it Vietnam’s most successful export industry during this period. This represents 21% of the total shipment. With RCEP and Vietnam’s continued interest in high-tech products, you can expect the electronics industry to continue leading the charge in 2022.

  • textiles

    The textile industry accounts for 12% of Vietnam’s total exports in 2021. This translates to nearly $2.5 million in revenue in March 2021.5. With major partners in Vietnam demanding more sustainable garments obtainable from the textile industry, we expect 2022 to follow.

  • Agricultural and fishing products

    Vietnam remains one of the world’s leading powerhouses for agricultural and seafood products. According to a report, the agriculture and fisheries market size is expected to reach 6 million tons by 2026.6 The increase in production is mainly due to the global demand for Vietnamese aquaculture products.

  • Computers and electrical products

    Like electronic components, local production and export of computers and electrical products in Vietnam will be higher by 2022. Currently, they account for 7% of total shipments.

  • shoes and shoes

    Vietnam’s shoes and footwear sector is showing a strong rebound after a nose dive in 2020. The industry generated exports amounting to $10.4 billion in the first half of 2021. This implies an increase of 27.8 % per year. Expect growth to continue in 2022.seven

Sell ​​on Alibaba.com

With all FTAs, including the Regional Comprehensive Economic Partnership, set to enter into full force in a matter of weeks, 2022 will be the biggest year for exporters in 2022. Businesses, SMEs and individual exporters have everything in place to maximize their income while paying less on export duties. As a smart entrepreneur and exporter, now is the time to create a competitive advantage over others by joining an e-commerce platform that provides all the resources you need to succeed.

If your goal is to achieve financial freedom in 2022 by growing your export business globally with ready-to-use tools and audiences for your products, then sign up today as a seller on Alibaba.com to reach global customer base.

The references:
1. https://www.bloomberg.com/news/articles/2021-10-20/vietnam-sees-stronger-2022-after-covid-s-supply-chain-shock
2. https://www.china-briefing.com/news/rcep-fta-signed-what-can-foreign-investors-in-china-expect/
3. https://www.vietnam-briefing.com/news/rcep-vietnam-new-opportunities-for-investors.html/
4. https://www.europeanbusinessreview.com/manufacturing-and-sourcing-in-2022-is-vietnam-a-good-choice/
5. https://www.imarcgroup.com/vietnam-aquaculture-market
6. https://vir.com.vn/footwear-export-shows-strong-rebound-in-first-half-85640.html
7. https://pdxscholar.library.pdx.edu/cgi/viewcontent.cgi?article=2270&context=honorstheses

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