Vietnam is the fastest-growing country in Southeast Asia, and from the perspective of foreign trade and goods transportation, its geography benefits it. The Vietnamese economy is very open to the outside world, which is one of the main drivers of the country’s development.
According to ICEX data, Vietnam mainly exports telephone devices, electronic components, clothing, footwear, and food products, including canned fish, rice, and coffee.
Its main client is the United States, and in Europe, the top countries are Germany, the Netherlands, the United Kingdom, and France. As a result of negotiations between the European Union and Vietnam to improve trade relations and give an economic boost to this country, Vietnam is included among the beneficiaries of the Generalized System of Preferences (GSP), designed to reduce poverty in developing countries.
The strengthening of bilateral relations between Spain and Vietnam gained momentum with the signing of a Joint Action Plan in 2009, which established a strategic partnership between the two countries, especially in the economic and commercial fields. Since then, Spanish exports to Vietnam have grown by nearly 20%, and imports have grown by around 15%.
Vietnam’s opening to the European Union reached its peak in 2017 with the conclusion of the negotiation process for the Free Trade Agreement between both parties, which proposes the elimination of 70% of tariffs and regulates various aspects to improve legal security for companies. Without a doubt, this agreement has significantly increased trade opportunities.
In 2017, the volume of imports from Vietnam exceeded 2.6 billion euros in Spain alone. The main goods imported by Spain in 2018 were, in order of importance, as follows:
- Telecommunications equipment
- Footwear
- Women’s clothing
- Coffee, extracts, and substitutes
- Canned fish and seafood
- Men’s clothing
- Hardware
- Sports footwear
- Brown goods
- Home furniture
Currently, Spanish pharmaceutical companies have a wide margin for development in the Vietnamese market, where they are increasingly present despite the existing limitations for this sector.
Vietnam is an increasingly attractive destination for foreign investment. As an example, in the case of Spain, the volume of investment in 2016 exceeded 425 million euros, more than double that of the previous year.
Its abundant labor force, lower production costs than China, and inclusion in the GSP make Vietnam a more than interesting destination for Spanish companies that want to manufacture and import from Asia.
The options for manufacturing in Asia are very varied. Choosing a supplier in Vietnam can be the best option for many product categories. From the national and international offices of Bull Importer, we facilitate all the arrangements, procedures, and negotiations for successful importing.
