The epidemic has caused countless changes in almost every element of our existence. Despite the fact that our world is slowly returning to normalcy, the disruption has left many Vietnamese Exporters unsure of profitable items to export and how to build their online business in 2022.
This article looks at Vietnam's export prospects in 2022. We also go through the upcoming Regional Comprehensive Economic Partnership (RCEP), which is slated to go into force in January 2022, and the myriad opportunities it will provide for you as a seller in Vietnam.
Overview of Vietnam's exports in 2021 and prediction for 2022
The economy of Vietnam was hampered by a spike of the COVID-19 Delta version, which posed a threat to the country's stability. COVID-19's spoils caused the GDP to decline 6.17 percent in the third quarter of the year, the greatest shortfalls since the government started tracking the numbers.
Prior to the outbreak of COVID-19, the Vietnamese economy prospered because of a competitive minimum wage and low-cost utilities, which boosted foreign direct investment in the industrial sector. The epidemic hit the economy hard, but Premier Pham Minh Chinh spoke about the economy's growth prospects for next year, predicting a 6 percent to 6.5 percent increase in GDP.
Vietnam's export possibilities in 2022
Exporting to Vietnam has a number of advantages. Due to Vietnam's simplicity of registration, seamless legal entity, and flexible licensing permit criteria, you may be able to increase your profit as a vendor.
We look at four export prospects that have arisen as a result of Vietnam's export-friendly policies:
The setup is simple
You do not need to obtain separate export and import permits to trade as an eCommerce merchant interested in exporting items from Vietnam. If you wish to engage in the distribution of goods outside of Vietnam, all you need to do is set up a trading firm.
In comparison to other nations, this is a very cost-effective business setup because there are no minimum capital requirements. Find the proper items, sign up for an eCommerce site, and start making money.
Exemptions from export taxes
Unlike goods and services imported into Vietnam, most products and services exported from Vietnam are tax-free. Some commodities, however, are subject to export charges ranging from 0% to 45 percent. Natural resources, such as forest products, scrap metals, and minerals, make up the majority of these.
Free Trade of Agreements (FTAs)
Vietnam is a member of ASEAN and has signed many Free Trade Agreements (FTAs) with major economies across the world. The newly enacted Regional Comprehensive Economic Partnership, on the other hand, is a mouth-watering arrangement that will leave many eCommerce retailers licking their lips with enhanced revenues. By January 1, 2022, the RCEP will be completely implemented. 2 This indicates that Vietnam has made progress in lowering trade barriers through improving market access for exporting commodities.
With 2.3 billion individuals actively participating, the RCEP claims a worldwide market size of $26.2 trillion in production. 3 According to the World Bank, nations participating in the RCEP will see a 1.5 percent boost in their gross domestic product (GDP).
The accord will usher in a new era in the global economy, with tariffs on exports being abolished to the tune of up to 90%. As a seller eager to explore eCommerce potential in Vietnam, you may be comfortable that you will optimize your revenue in 2022, knowing that you will only be parting with 10% or less of your earnings.
So, if you want to make the most money in 2022, you should try exporting textiles. Many industries, including electronics and consumer goods, textiles, agricultural, and fisheries products, are expected to benefit the most from the RCEP.
Priority clearance through customs
Whether you're a large corporation or a small business looking to expand internationally, you may benefit from priority treatment. The priority tailored treatment program entitles you to a variety of advantages. Exemption from physical examination of items, the ability to submit incomplete customer declarations, and priority access to completing tax formalities are only a few examples.
Please note that after registering an incomplete customs statement or documentary proof in lieu of a customs declaration, you will be expected to submit the entire customs declaration within 30 days.
Priority custom treatment provides you a head start; as a result, you may begin conducting transactions even before you finish your custom paperwork when you apply for priority custom treatment.
In 2022, there will be five primary areas that will gain from Vietnam's product exports.
It might be difficult to pick which products to export, especially with the latest RCEP reforms. You must do thorough market research and make accurate forecasts about trending items. We realize how daunting this may be, which is why we've spent months studying the best items to offer as an exporter in Vietnam in 2022.
Mobile accessories and electronic components
In March 20214, the electronic sector earned a staggering $10 billion, making it Vietnam's top-performing export industry at the moment. This is equivalent to 21% of the whole cargo. The electronic industry is expected to continue to lead the way in 2022, thanks to the RCEP and Vietnam's continued interest in high-tech products.
Textiles
In 2021, the textile sector will account for 12% of Vietnam's total exports. In March 2025, that corresponds to about $2.5 million in income. We expect 2022 to follow suit, as Vietnam's key trading partners demand more sustainable clothing from the textile sector.
Products derived from agriculture and fishing
Vietnam is still a key agricultural and fisheries powerhouse in the world. The agriculture and fishing industry is predicted to grow to 6 million tonnes by 2026, according to research. 6 Global demand for Vietnam's aquaculture goods is driving the expansion in production.
Electronics and computers
By 2022, Vietnam will produce and export more computers and electrical goods than it does electronic components. It now makes up 7% of overall shipments.
With all FTAs, including the Regional Comprehensive Economic Partnership, about to go into full force in the coming weeks, 2022 will be the most important year for exporters. Companies, SMEs, and individual exporters have put in place all of the necessary measures to maximize income while paying lower export charges. As a savvy entrepreneur and exporter, now is the time to get a competitive advantage over your competitors by joining an eCommerce platform that offers all of the tools you'll need to succeed.
Connect with us at Exim Trade Data if your objective is to attain financial freedom in 2022 by taking your exporting business worldwide with tools and a ready-made audience for your products. We provide global trade data services and solutions that help you transform your products and services into brands and gain popularity among top brands and your potential competitors in the international import-export trade markets.
