Vietnam’s Foreign Trade in the Context of ASEAN and the Asia-Pacific Region: A Gravity Approach

Abstract

The aim of this article is to examine the major factors influencing Vietnam's trade with the Association of Southeast Asian Nations (ASEAN) and other Asia-Pacific countries. To assess these trading relationships, we estimate a gravity model incorporating Vietnam and 17 Asia Pacific Economic Cooperation (APEC) countries. Our results show that Vietnam has turned from being an under-performer in terms of intraregional trade in 1989 to being at least average in 1994. This indicates that the determinants of Vietnam/Asia-Pacific trade are now the same factors which are important in determining the intraregional trade levels of other Asia-Pacific countries, namely GNP, GNP per capita, and geographical distance. In other words, artificial barriers to trade, which seriously hindered Vietnam's trade before 1990, appear at present to affect it no more than they do other Asia-Pacific countries. Never theless, there is room for growth in trade between Vietnam and some Asia-Pacific countries.

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