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Vietnam is burgeoning as the new international trade player from the past few years. The country has followed an export-growth model, blending trade liberalization and policies to allure foreign direct investment to increase the exports.

Vietnam Imports- Strengthening the economy with imports

As per the Vietnam Import Data, the main imports are computers, electrical products and parts, machine, instruments and accessories. Others include telephones, mobile phones and parts thereof, with textile fabrics and iron and steel.

The main import partners of the country are China, South Korea, Japan, Taiwan, Thailand and United States. In long-term the imports of the country is projected to trend across 36.60 USD billion in 2024 and 34 USD billion, as per the authentic Global Import Export Data.

1. Electrical products: Vietnam imports of electrical machinery and equipment registered the highest imports in 2021. The total value of USD 118.14 billion imports of electrical products were made during 2021. The main import partners of Vietnam electronic products are China, South Korea, Japan, and USA. Among the imported products 40% were electrical integrated circuits and micro-assemblies and 17% were electrical apparatus and 6% were semiconductor devices.

2. Machine instruments: Vietnam mainly imports machines from Japan, China and US with well-known brands. In 2022, the total imports of machinery and equipment of Vietnam reached more than USD 18.35 billion. The country has witnessed growth in demand for agricultural machinery. Vietnam is self-sufficient for 30% to 40% of agricultural machinery with the remaining machinery imported mostly from China and Japan.

3. Mobile Phones: The country spent over USD 21.1 billion USD importing mobile phones and parts. The country imported mobile phones of leading brands like Apple, Samsung, Oppo, and Xiaomi phones and the value of imports of these brands accounted for 93.4%. The imports of iPhone saw the significant rise of 46% to 1.16 USD billion. In 2022, the imports of phone parts stood over 17.6 billion USD.

4. Textile fabrics: In 2022, Vietnam imported textile fabrics for value USD 14.7 billion. The domestic production volume of fabrics of all the kinds of Vietnam reached around 2.7 billion sq.mt in same year. It mostly imports cotton and polyester fibers.

Vietnam exports- Exploring global markets for growth and developments

As per Vietnam Export Data, the country’s main exports are telephones, mobile phones, textiles. Others include computers and electronic products, shoes, footwear, and machinery, instruments and accessories.

The main export partners are United States, China, Japan, Korea Rep, and Hong Kong.

1. Textiles: Textiles continuously rank among Vietnam’s leading export industries with over 6000 textiles and garment manufacturing companies employed. The growth of garment industry plays a key role in the economic growth of the country. The country has surpassed Bangladesh to become the world’s second largest exporter of ready- made garments. Within ASEAN, country is the strongest competitor for inheriting low-value added textiles and apparel manufacturing from China.

2. Electronics: Vietnam has emerged as an important electronic exporter with electrical and electronic products overtaking coffee, textiles and rice and becoming the top exporting item. Samsung is the largest exporter and has helped the country achieve trade surplus in exports for first time in many years.

3. Automotive: Vietnam is becoming a key market for auto sales and the Vietnamese automobile market is expected to sell 1.7 to 1.85 million units by 2035. Although the nation’s rate of car ownership per capita is low than other markets in Asia, Vietnam is one of the countries with the fastest growing purchasing power for personal cars over past decades.

4. Coffee: As per the Vietnam shipment data, the country is the second-largest coffee exporter behind Brazil. In 2021, the export value for the Vietnam coffee reached USD 3.1 billion. The coffee industry plays a key role in Vietnam agrarian economy and is an export oriented with more than 90% of production volume exported. The government has promoted the shift from exporting beans to processed coffee to increase its value.

5. Pharmaceuticals: The pharmaceutical market of Vietnam is projected to increase to USD7.7 billion in 2021 and USD 16.1 billion in 2026. The government’s goal of achieving universal health coverage blended with growing market of consumers is driving the growth of this market.

The country relies heavily on imports of intermediate goods like semi-processed products and capital goods from South Korea and China. When planning a trade with Vietnam it is important to know the trade scenario of the country before making informed decision.