Among the fastest growing economies inside the developing world, Vietnam is a vibrant country undergoing improvement of the company’s infrastructure to help you its future growth plans.

Over the last twenty years, Vietnam may be undergoing a transformation from the centrally planned economy with a market economy as well as over that point, Vietnam has experienced significant growth.

This really is good news for your international freight transport sector and shipping companies associated with have business dealings with Vietnam as their business will grow simultaneously since the Vietnam economy. Last year, export turnovers were over 56 billion US dollars, in line with the General Statistics Office of Vietnam.This reflected a decline of approximately 10% in the previous year.

Vietnam’s single largest export is oil, which landed 11% of earnings from exports in 2009.

Vietnam’s other main exports part from oil are textiles, footwear and garments, rice, coffee, rubber and coal. Aquaculture is also an important way to obtain export business in addition to processed forest products.

At present, the exports from Vietnam are covered with agricultural products but this is set to improve as Vietnam increases its industrial base. Already, 5% of salary is accounted for by electronics. Because country is constantly develop its industrial base, the freight services infrastructure will continue to develop to guide it. The key markets for exports from Vietnam include the U . s ., accounting for nearly 20% of exports, accompanied by Japan, China, Australia and Singapore.

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Economic relations between Vietnam and also the U . s . are improving but impeded by Vietnam’s record in human rights. Nevertheless, there has been great strides forwards in economic relations over the past decade and that is reflected with the current economic amount of freight transport. A landmark bilateral agreement in December 2001 significantly boosted the degree of Vietnam’s exports to the United states of america.

The main imports to Vietnam are commodities, including petroleum products, steel, fertilizer, electronics, machinery and equipment. Most imports result from China, Taiwan, Singapore, Japan, The philipines, Thailand and Malaysia.

Overall, the main trading partners of Vietnam are currently Japan, Hong Kong, Singapore, Korea, Taiwan as well as the Western european. Presently trade with the Asian economies compensates 80% of most Vietnam trade. This actually represents a changed picture as up to 1990, most Vietnam trade was with all the Soviet Union.

Vietnam is now keen to formulate more invest countries from the European and freight services organizations are causeing this to be easier, as freight companies improve their own understanding the Vietnam market. There are now many shipping businesses that might help businesses inside the Eu have business dealings with Vietnam. The diverse nature of the above samples of imports and exports both to and from Vietnam stresses how versatile the freight services companies operating in Vietnam must be in order to service this market. A shipping company or freight company which is acquainted with exporting from Vietnam will be expert at providing the correct transportation mode to ensure that the items reach their destination market in peak condition and within as short a period frame as you can. The freight forwarding market in Vietnam has evolved considerably lately and also the standard of freight services available is extremely high.

Most businesses in Vietnam are medium and small sized enterprises plus trying to embrace the opportunities of globalisation, many utilize freight companies for advice and support. So the freight forwarding sector is itself an essential catalyst in the increase of the Vietnam economy.

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