As per the UPS industry study, the value of Vietnam's trade with 11 other significant Asian markets could more than double by 2030, rising from $326 billion to $465 billion.
The study urged companies with trade interests in the region to diversify their supply chains, go fully digital, and incorporate micro, small, and medium-sized enterprises (MSMEs) into local supply chains.
The report, titled "Clearing the Runway for Intra-Asian Trade," stated that the country's inability to serve demand centres in quickly rising countries may be hampered by its lack of development on logistical infrastructure.
88 percent of intra-Asian trade is conducted in just 12 major markets, known as the Asia 12, which include Australia, China, Hong Kong, Indonesia, Japan, Malaysia, the Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The value of this trade could more than double from $6.4 trillion in 2020 to $13.5 trillion in 2030.
The increase in commerce among the Asia 12 has been driven by four industries: retail, high-tech, industrial manufacturing and automotive, and healthcare. In 2020, these sectors made up 82% of commerce between Vietnam and the rest of Asia.
82% of Vietnam's gross domestic product was derived from exports. The fact that SMEs, who depend on working capital as a major barrier to their growth objectives, account for 35% of exports is particularly notable, the survey revealed.