Spanish exports to Vietnam exceeded in 2017 the figure of 476 million dollars (United Nations data), which represents an increase of 11% compared to 2016. On the other hand, imports from Vietnam, which represent a much higher volume , grew 12% compared to 2016.
According to the Ministry of Industry, Commerce and Tourism, the data on bilateral exchanges between January and July 2019 show a volume of our exports exceeding 250 million euros, well below Vietnamese imports, which exceeded 1,735 million, resulting in a negative balance of the Spanish side of 1,484 million euros.
So far this year, the ten main sectors imported from the Asian country are telecommunications equipment, footwear, women's clothing, coffee, men's clothing, computers, appliances, sports shoes, canned fish and furniture.
The Spanish export to Vietnam in the first months of 2019 focused on the sectors of clothing, pharmaceuticals, plastics, ceramics, fibers, electrical equipment, leather and leather and chemical products.
At present, companies can assume import and export functions for almost all products, thus virtually disappearing the monopoly of state-owned companies, which only remains in the case of some products.
Vietnam is an increasingly attractive destination for foreign direct investment, with countries such as South Korea, Malaysia and Japan as the main investors. Your contribution is contributing to diversify the national economy. However, the gross investment flows of Spanish companies are not yet very significant. In 2017, they added 4.48 million euros, directed almost entirely to investments in the hydrocarbons sector (oil and gas extraction), with 4.46 million euros. Of smaller volume were the investments in the chemical sector, which reached 200,000 euros.
Sectors of Opportunity
In recent years, numerous foreign manufacturers of manufactures have been established in Vietnam, taking advantage of their abundant labor and comparatively cheaper production costs compared to China. For Spanish companies in labor-intensive sectors, Vietnam offers interesting opportunities. In the electronics sector, which receives numerous investments from large Asian multinationals, there are good possibilities for electronic component companies.
Spanish pharmaceutical companies have a wide margin of development in the Vietnamese market, where they begin to be increasingly present, despite the existence of certain administrative obstacles that limit their access.
Vietnam is promoting tourism and plans to develop its hotel structure, offering interesting opportunities for Spanish companies in the sector. Some of our main hotel chains are already in the country and have expansion projects.
Although Vietnam is still a developing market, in recent years there has been an increasingly high standard of living and higher consumption. From the commercial point of view, there are sectors with good business prospects, among which machinery and industrial goods, food products, fishery products and aquaculture, urban infrastructure and equipment, energy, transport, commercial distribution in large cities, including franchises, and information and communications technologies.
>> Related documents
Vietnam: economic and commercial report
Vietnam recruitment guide 2018
Main sectors exported to Vietnam
Main sectors imported from Vietnam
Spanish companies established in Vietnam
>> Links of interest
Central Institute of Economic Management of Vietnam
Vietnam Development Information Center
Vietnam: Trade Promotion Agency (VIETRADE)
Vietnam Foreign Investment Agency
Vietnam Chamber of Commerce and Industry