Reasons why you should export to Vietnam
1) Increase of imported items in Vietnam
In May 2021 import in Vietnam reached historical maximum and equaled $28.3 billion while in April it was $27.8 billion. It represents that Vietnamese show high demand to international brands and their items. That’s why a lot of domestic businesses expand their relationships with foreign companies.
2) Trade agreements
Vietnam plays an active role in international trade, especially in Southeast Asia. For instance, Vietnam is an active member in ASEAN (Association of Southeast Asian Nations), within the frameworks of which it promotes lower interregional tariffs.
Vietnam together with other ASEAN countries, China, South Korea, Japan, New Zealand, and Australia concluded Regional Comprehensive Economic Partnership (RCEP). It came in force in the beginning of 2022 and created a free-trade zone.
Besides, the government recently signed the EU-Vietnam Free Trade Agreement with the European Union in order to expand trade between Vietnam and Europe. According to this agreement, EU countries can export to Vietnam without any custom taxes, so distribution of their items becomes much easier.