According to Viet Nam Customs, there was a 28% year-on-year increase, bringing the total to US$126 billion, which represents over 30% of all exports.

Key Contributors to the Export Increase

A major factor in this increase was the growth in the export of computers, electronic products, and components. These rose by nearly 78% to over $34 billion, bolstered by a high demand for AI servers, tech devices, and parts required for semiconductor production.

The shipment of machinery and equipment also experienced growth, with a 9.2% rise taking the total to $19.6 billion. Meanwhile, exports of phones and components saw a slight upward trend, totaling $9 billion, following a stagnant period of two years.

The structure of Viet Nam’s exports is also being transformed by a significant rise in the exports of toys and sporting goods. As numerous U.S. companies began to shift their orders away from China, this category witnessed an increase of over 255%, reaching $5.24 billion.

Impressive Growth in Agriculture and Aquatic Exports

There was also a substantial increase in agricultural and aquatic exports. Fruit and vegetables, coffee, and rubber products saw shipment increases of 58.5%, 60% and 51% respectively.

Following a prolonged period of significant decline, aquatic products experienced a resurgence. There was a 7.5% increase in growth as U.S stocks dropped and the demand for premium seafood regained momentum. Textile and garment shipments also made a strong recovery, with an 11.4% rise bringing the total to $14.8 billion.

Seafood companies in An Giang reported that goods with clear provenance and high quality were still being fairly easily accepted into the U.S. market. A number of firms are broadening their horizons and branching out into the halal market, whilst also exploring markets with consumption patterns that mirror the U.S.

Shifting Global Supply Chains

Analysts believe that this growth in exports is indicative of a significant shift in global supply chains. As U.S. companies increasingly look to reduce their dependence on China due to high tariffs, Viet Nam’s standing in a range of product markets is being bolstered.

Source: RetailNews ASIA