Vietnamese SMEs are optimistic about export and import prospects
Up to 57 percent of surveyed small- and medium-sized enterprises (SMEs) in Vietnam believe that they will continue to enjoy growing export in markets outside the Asia-Pacific region, especially the US, India and Germany, according to a research recently conducted by Harris Interactive.
The research of export and import was conducted based on interviews with 4,543 senior executives of SMEs held online and by telephone in nine markets in Asia Pacific including: China, Hong Kong, Japan, Malaysia, Philippines, Singapore, the Republic of Korea, Taiwan, Thailand and Vietnam.
Entitled “Global is the New Local: The Changing International Trade Patterns of Small Businesses in Asia Pacific”, the research shows that 80 percent of Vietnamese businesses have exported products to markets beyond the Asia-Pacific region, higher than the average level of 71 percent of the Asia-Pacific Economic Cooperation (APEC).
The research revealed that 87 percent of the Vietnamese SMEs had stable or increased shipments over the past year, generating an average of 23.65 trillion VND (1.04 billion USD) in revenue. Earnings from export accounted for 48 percent of total revenues of Vietnamese SMEs, with top exports being completed products, raw materials, and spare parts.
In the research, half of Vietnamese SMEs were importing from other markets. Great product variety and superior product quality are two of the most cited benefits of importing goods. In 2017, the average import value was estimated at 467 million USD and major import markets of Vietnamese SMEs included the Europe (30 percent), North America (18 percent), Asia (17 percent), and Latin America (10 percent). As shown in the research, the strong optimism from SMEs in Vietnam demonstrates that they are looking to drive further growth of exports and imports within the local and global economies.