Year over year, Vietnam’s spending on imports fell by -6.6% compared to $358.8 billion starting from one year earlier for 2022.
Based on the average exchange rate for 2023, the Vietnamese dong depreciated by -3.2% against the US dollar since 2019 and diluted by -2.2% from 2022 to 2023. Vietnam’s weaker local currency from 2019 makes Vietnamese imports paid for in stronger US dollars relatively more expensive when converted starting from the Vietnamese dong.
Domestically, Vietnam’s inflation rate for average consumer prices was 3.253% in 2023 up from an average 3.157% for 2022.
Main Countries Supplying Vietnam’s Imports
The latest available country-specific data shows that 84% of products imported by Vietnam was furnished by exporters in: mainland China (32.8% of Vietnamese total), South Korea (17.3%), Japan (6.5%), Taiwan (6.3%), United States of America (4%), Thailand (3.9%), Australia (2.8%), Indonesia (2.7%), Malaysia (2.5%), India (2%), Kuwait (1.8%) and Singapore (1.3%).
From continental perspective, Vietnam bought 83.3% of its import purchases from fellow Asian countries. Another 5.5% was purchased from trade partners in Europe plus 4.6% coming from North America.
Smaller percentages originated from Oceania’s Australia and New Zealand (3.1%), Latin America (2.7%) excluding Mexico but including the Caribbean, and Africa (0.9%).
Given Vietnam’s population of 100.3 million people, its total $335.1 billion in 2023 imports translates to roughly $3,300 in yearly product demand from every person in the East Asian country. That dollar metric lags the average $3,700 per capita one year earlier in 2022.
Vietnam’s Top 10 Imports
The following product groups represent the highest dollar value in Vietnam’s import purchases during 2023. Also shown is the percentage share each product category represents in terms of overall imports into Vietnam.
- Electrical machinery, equipment: US$116.5 billion (34.8% of total imports)
- Machinery including computers: $29.1 billion (8.7%)
- Plastics, plastic articles: $16.5 billion (4.9%)
- Mineral fuels including oil: $16 billion (4.8%)
- Iron, steel: $12.2 billion (3.6%)
- Vehicles: $7.2 billion (2.2%)
- Optical, technical, medical apparatus: $7.1 billion (2.1%)
- Knit or crochet fabric: $6.7 billion (2%)
- Cereals: $4.8 billion (1.4%)
- Cotton: $4.76 billion (1.4%)
Vietnam’s top 10 imports approached two-thirds (65.9%) of the overall value of the country’s total product purchases from foreign suppliers.
Imported vehicles represent the fastest grower among the top 10 import categories, up by 13.5% from 2022 to 2023.
The other increase among Vietnam’s leading imports was knitted or crocheted fabric via a 6.6% gain.
Mineral fuels including oil was the laggard among the top 10 Vietnamese import categories, declining -40.4% year over year.
Please note that the results listed above are at the 2-digit Harmonized Tariff System code level. Information presented below is at the more granular 4-digit level.
Vietnam’s Top Exports of Electrical Items
In 2023, Vietnamese importers spent the most on the following 10 subcategories of electrical machinery and equipment.
- Integrated circuits/microassemblies: US$47.8 billion (down -12.1% from 2022)
- Flat panel displays: $18.5 billion (up 36768.1%)
- Phone devices including smartphones: $11.3 billion (down -54.6%)
- Electric storage batteries: $4.15 billion (up 1.8%)
- TV/radio/radar device parts: $4.1 billion (down -25.4%)
- Printed circuits: $4 billion (down -29.8%)
- Solar power diodes/semi-conductors: $3.6 billion (down -29.4%)
- Lower-voltage switches, fuses: $3.4 billion (down -10.5%)
- Electrical converters/power units: $2.77 billion (up 9.7%)
- Insulated wire/cable: $2.69 billion (up 5.7%)
Among these import subcategories, Vietnamese purchases of flat panel displays (up 36,768%), electrical converters or power units (up 9.7%) then insulated wire and cable (up 5.7%) grew at the fastest pace from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported electric machinery and products among Vietnamese businesses and consumers.
Vietnam’s Top Exports of Machinery Including Computers
In 2023, Vietnamese importers spent the most on the following 10 subcategories of machinery including computers.
- Miscellaneous machinery: US$2.7 billion (up 22.5% from 2022)
- Lifting/loading machinery: $2.6 billion (up 92.9%)
- Computers, optical readers: $2 billion (down -48.5%)
- Printing machinery: $1.6 billion (up 56.1%)
- Taps, valves, similar appliances: $1.3 billion (up 95.6%)
- Machinery for making semi-conductors: $1.13 billion (up 219.5%)
- Air or vacuum pumps: $1.06 billion (up 43.4%)
- Turbo-jets: $1.05 billion (up 2293.9%)
- Air conditioners: $1.05 billion (up 4.4%)
- Rubber/plastic article making machines: $930 million (down -7.5%)
Among these import subcategories, Vietnamese purchases of turbo-jets (up 2,294%), machinery for making semi-conductors (up 219.5%), then taps, valves and similar appliances (up 95.6%) grew at the fastest pace from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported machinery including computers among Vietnamese businesses and consumers.
Vietnam’s Top Exports of Plastics
In 2023, Vietnamese importers spent the most on the following 10 subcategories of plastics and plastic articles.
- Ethylene polymers: US$2.4 billion (down -37.8% from 2022)
- Amino-resins: $1.99 billion (down -38%)
- Polyacetal/ether/carbonates: $1.95 billion (down -10.9%)
- Plastic plates, sheets, film, tape, strips: $1.8 billion (down -1.5%)
- Propylene/olefin polymers: $1.1 billion (down -36%)
- Self-adhesive plastic in rolls: $1.08 billion (down -6.3%)
- Styrene polymers: $763.1 million (down -19.9%)
- Plastic plates, sheets, film, tape, strips: $760.6 million (down -21.4%)
- Vinyl chloride polymers: $757.8 million (down -30.2%)
- Plastic packing goods, lids, caps: $733.5 million (up 32.6%)
Among these import subcategories, Vietnamese purchases of plastic packing goods, lids and caps was the sole gainer from 2022 to 2023 posting a 32.6% advance.
These amounts and the percentage gain(s) within parenthesis clearly show where the strongest demand lies for different types of imported plastics and plastic articles among Vietnamese businesses and consumers.
Vietnam’s Top Exports of Mineral Fuels
In 2023, Vietnamese importers spent the most on the following 10 subcategories of mineral fuels including oil.
- Processed petroleum oils: US$9.2 billion (down -6.3% from 2022)
- Asphalt/petroleum bitumen mixes: $4.7 billion (down -29.3%)
- Crude oil: $707.1 million (down -90.3%)
- Petroleum gases: $470.2 million (down -69.4%)
- Petroleum oil residues: $444.3 million (down -15.2%)
- Coke, semi-coke: $210 million (down -56.6%)
- Coal tar oils (high temperature distillation): $161.8 million (down -51.3%)
- Petroleum jelly, mineral waxes: $93.5 million (down -21.8%)
- Electrical energy: $75.6 million (down -56%)
- Lignite: $13.1 million (up 145155.6%)
Among these import subcategories, Vietnamese purchases of lignite was the lone gainer via a 145,156% acceleration from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported mineral fuel related products.
See also Vietnam’s Top 10 Exports, Vietnam’s Top Trading Partners, Rice Exports by Country, China’s Top 10 Exports and Top Asian Export Countries
Research Sources:
Central Intelligence Agency, The World Factbook report on East Asia/Southeast Asia: Vietnam. Accessed on September 3, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on September 3, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on September 3, 2024
International Trade Centre, Trade Map. Accessed on September 3, 2024
