Türkiye-Vietnam Economic and Trade Relations

Economy of Vietnam

GDP (billion USD)

340,6

Inflation Rate (%)

3,2

Real GDP Growth Rate (%)

2,58

Unemployment Rate (%)

2,4

Population (million)

97,3

Exports (fob-billion USD)

336,25

Population Growth Rate (%)

0,9

Imports (fob-billion USD)

332,25

GDP Per Capita (USD)

2.785

Number of Turkish Firms in the Country

20

Source: Turkish Embassy in Hanoi

Main Trade Partners: USA, PRC, Japan, Republic of Korea, EU.

Main Export Items: Telephone, textile products, computer and electronic products, machinery and equipment, shoes, wooden products.

Main Import Items: Computers and electronic products, machinery and parts, telephone and parts, threads, iron-steel, plastic products.

Bilateral Economic and Commercial Relations:

(in USD)

Export

Import

Volume

Balance

2018

308.640.620

1.844.611.937

2.153.252.557

-1.535.971.317

2019

338.936.021

1.529.424.607

1.868.360.628

-1.190.488.586

2020

232.340.549

1.313.328.706

1.545.669.255

-1.080.988.157

2021

274.453.359

1.365.331.191

1.639.784.550

-1.090.877.832

Source: Turkish Statistical Institute

Main Export Items of Türkiye: Machinery and equipment, cotton and cotton fabrics, woven fabrics from synthetic fibers, inorganic chemicals, pharmaceutical products, fish, crustaceans, parts of motor vehicles, natural stones.

Main Import Items of Türkiye: Telephones, television/monitor accents and parts, footwear, machinery and equipment, synthetic fibers/yarns, cotton yarn, non-woven/knitted clothing, natural rubber, plastics and articles thereof, aluminum articles and cashews.

A total of seven Joint Economic Commission (JEC) meetings have been held between the two countries to date. The last JEC Meeting was held in Hanoi on 13 July 2017.

Türkiye-Vietnam Business Council was constituted by Foreign Economic Relations Board of Türkiye (DEİK) and Chamber of Industry and Commerce of Vietnam in 2009. On the occasion of the visit of the Speaker of the Vietnamese Parliament, Nguyen Thi Kim Ngan to our country, a Türkiye-Vietnam Business and Investment Forum was held in Istanbul on October 8, 2018.

Vietnam has not any foreign direct investment (FDI) in Türkiye.

Nonetheless, according to the data of Vietnam Ministry of Planning and Investment, Türkiye has 29 investment projects in Vietnam with a total value of 791.48 million Dollars.

There are 20 companies with Turkish capital actively operating in Vietnam. These companies operate in the fields of textile, electronics, electrical appliances, tourism, agricultural products, restaurants, construction materials, mining, logistics and jewelry.

Türkiye’s Official Development Assistance in Vietnam between years 2004-2013 was amounted to 770.000 USD in total.

Türkiye, through Turkish Cooperation and Coordination Agency, contributed financial support for the development of mother child health activities in Bac Ninh province of Vietnam, in 2009.

In 2018, Türkiye’s humanitarian aid contribution of US$50,000 was conveyed to Vietnam through the UN Hanoi Office in order to provide support against the losses caused by natural disasters and Typhoon Damrey. In addition, within the context of "Regional Workshop on Prevention Strategies to Combat Trafficking in Persons, Especially for Women and Children: Enhancing Access to Information and Community-based Protection System" organized by ASEAN Intergovernmental Commission on Human Rights (AICHR) on 21-22 June 2018 in Hanoi, Türkiye contribution of US$6,965 was delivered to the Vietnam Ministry of Foreign Affairs and AICHR Representative.

As part of the fight against Covid-19, Türkiye provided medical supplies and equipment, including ventilator, bedside monitor, mask and PCR test kit to Vietnam on January 2, 2022.

In addition, Turkish Cooperation and Coordination Agency (TIKA) held training programs for the Vietnam General Statistics Office.