Polish exports to and investments in Vietnam are growing
In 2024, Poland is recording a dynamic increase in exports to Vietnam. In addition to the growing trade turnover, Polish companies are also starting to invest in this Asian country, seeing great potential for development there.
It is worth noting that the Vietnamese market is over 98 million consumers, with a natural increase of 1 percent, which means that every year there are about 1 million new potential of Polish products in Vietnam.
Export in 2024 was driven by the agri-food sector and technologies
In the first half of 2024, the value of Polish export to Vietnam amounted to EUR 270 million, which means an increase of 8% compared to the same period in the previous year.
The largest share in exports is held by agri-food products (30 per cent) and machinery and equipment (25 per cent). Vietnam, due to its growing demand for meat, has become one of the main recipients of Polish pork and poultry. In this field our country effectively competes with Brazil, Australia and New Zealand.
In addition to the agri-food sector, Polish companies are developing sales in industries such as IT, digital technologies, construction, renewable energy and tourism.
Polish exports to Vietnam in 2022-2023
2023 was also a very successful year for Polish exporters of goods to Vietnam. Exports increased by 19.5 percent compared to 2022.
The success of the export expansion of Polish goods to Vietnam in 2023 was the sale of goods worth USD 581.67 million.
The direction of export to this part of Southeast Asia has been growing steadily since 2018 (EUR 2.86 million), accelerating strongly in 2021 – to EUR 349 million, and in 2022 reaching over EUR 462 million.
Adamed Pharma’s investments as an example of a long-term strategy
An example of a company actively operating on the Vietnamese market is the Polish pharmaceutical company Adamed Pharma, which acquired 100% of the shares in the local company Davipharm. The purchase of the Vietnamese company is expected to allow Adamed Pharma to increase its competitiveness and better adapt its products to the local market. This is an example of the long-term approach of our domestic companies, which are increasingly choosing to start production or set up companies in Vietnam.
Vietnam as a strategic partner
Vietnam enjoys a reputation in Poland as a stable country open to cooperation. The country has the potential to become the new Asian tiger – it is gaining more and more importance in the region and opening up to the world.
Historical relations, such as the student exchange initiated in the 50s of the twentieth century, contribute to the good perception of Polish brands among the Vietnamese. Poland is associated as a supplier of high-quality products and a reliable business partner. This is always confirmed by the great interest that our domestic stands enjoy at international trade fairs and trade meetings held in Southeast Asia.
Future prospects
Experts indicate that Vietnam may become a hub for Polish companies throughout Southeast Asia. A booming economy, especially in cities like Ho Chi Minh City, creates opportunities for both exports and investment.
Cooperation with Vietnam is an example of the effective building of trade and investment relations in one of the most promising markets in the region. The increase in exports and the growing number of Polish companies interested in this country, as well as good knowledge of the business culture, indicate that Poland is beginning to effectively make use of the potential in Southeast Asia.
Sources:
- wnp.pl – economic portal „Aspirują do grona azjatyckich tygrysów. To może być kierunek dla polskich firm”, 11.2024
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