Vietnam is seeing strong growth on multiple fronts. Of particular interest to investors has been the continuing growth of Vietnam’s domestic consumer market, which has been developing by leaps and bounds.
This month’s trade review of 2021 vs 2020 vs 2019 for US imports from the top four countries is harmonized code (HS) code 64, which covers footwear, gaiters and the like. – China $28B, $21B, $28B – Vietnam $12B, $9B, $14B – Indonesia $8B, $7B, $7B – Italy $2B, $1B, $2B
This growth is expected to continue for some time to come – domestic consumption is predicted to increase at a rate of 20 percent per year. With a population of over 100 million and Southeast Asia’s fastest-growing middle class, Vietnam clearly represents an important market for foreign goods.
