Vietnam's exports value to reach $618 billion by 2030: Standard Chartered

The data was highlighted in Standard Chartered's May 31 study, "Future of Trade: New Opportunities in High-Growth Corridors."

Meanwhile, imports are expected to reach $578 billion by 2030, with an average annual growth rate of 6.9 percent between 2021 and 2030. 

According to Standard Chartered, Vietnam is on track to become an important ASEAN high-tech manufacturing cluster.

Aside from its huge and educated population and low manufacturing prices, the country benefits from a vast network of free trade agreements (FTAs) spanning North America, Asia, and Europe.

These foundations, which are favorable to manufacturing and commerce, are likely to fuel Vietnam's economic expansion and competitiveness indefinitely.

Furthermore, in recent years, Vietnam has attracted significant multinational corporations to establish industrial operations in the country.

The government is also upgrading the quality of the market's logistics infrastructure in order to better integrate itself into the international commerce system.

In the next years, Vietnam's main trading partners are likely to be China, the Republic of Korea, and the United States. According to the bank, trade with India, Singapore, and Indonesia would rise rapidly between 2021 and 2030.

After Mainland China, Vietnam is believed to hold the world's second-largest exploitable rare earths deposits. Rare earths are essential raw materials for electric cars and wind turbines, both of which are vital to the clean energy revolution.

As other markets seek to increase their supply base, the market is well-positioned to play a crucial part in the rapidly growing global rare earths supply chain. Furthermore, as the market shifts toward higher-end metal manufacturing, Standard Chartered predicts that Vietnam's iron, steel, and nickel exports would continue to dominate export growth in the future years.

To support the market's desire to become a consumer electronics manufacturing center in Southeast Asia, the country imports critical electronics components such as integrated circuits, micro assemblies, and electrical equipment as inputs and tools to make completed electronics items for export.

Vietnam's expanding sectors, such as construction, autos, and home appliances, are likely to push steel and iron imports during the next decade.

This rising demand will push imports from partners such as Mainland China, India, and Indonesia.

According to the Ministry of Industry and Trade (MOIT), the entire value of Vietnam's exports and imports in 2022 is expected to be $732 billion, a 10% increase from 2021.