Vietnam Imports recorded $334.99 billion in 2023

Top 10 Imports of Vietnam in 2023- 24

Being one of the top importers in the world, Vietnam has seen a significant increase in its imports in recent times. Vietnam's imports in 2023 amounted to $334.99 billion worldwide. Vietnam ranks 20th in terms of global imports. From January to June 2024, Vietnam's imports reached $178.45 billion, a 17% annual rise from the same time the previous year. Vietnam imports goods from 97 countries with 4,327 varieties of products.

Vietnam's biggest import market, with a value of $138.22 billion in 2023 is China. Vietnam’s major import commodities are electrical machinery (34.79% of total imports), nuclear reactors and machinery (8.69%), plastics (4.92%) mineral fuels and mineral oils (4.79%), and iron and steel (3.65%).

 Vietnam’s major import markets or partners are China (22%) and South Korea (8.75%) in 2023. The remaining countries are Japan (2.80%), Singapore (2.72%), and Hong Kong (2.36%). Vietnam's economy ranks 33rd in the globe in terms of GDP (current US dollars), 120th in terms of GDP per capita (current US dollars), and 55th most complicated in terms of the Economic Complexity Index (ECI). In this article, we will explore Vietnam's top 10 imports in 2023 and delve into the significance of each category.

1. Electrical Machinery and Equipment: $116.54 billion (34.79%)

Electrical machinery and equipment (HS Code 85) are the top imports for Vietnam, with a value of $116.54 billion in 2023, accounting for 34.79% of the country's total imports. This category includes a wide range of products such as computers, telecommunication equipment, and electrical transformers or the major electrical machinery and equipment imports of Vietnam are:

• Electronic integrated circuits (HS Code 8542): $47.77 billion
• Flat panel display modules (HS Code 8524): $18.49 billion
• Telephone sets, smartphones (HS Code 8517): $11.27 billion
• Electric accumulators, incl. separators (HS Code 8507): $4.14 billion
• Parts suitable for use with flat panel display modules (HS Code 8529): $4.05 billion
• Printed circuits (HS Code 8534): $4.04 billion
• Semiconductor devices (HS Code 8541): $3.61 billion
• Electrical apparatus for protecting electrical circuits (HS Code 8536): $3.41 billion
• Electrical transformers and static converters (HS Code 8504): $2.76 billion
• Insulated wires and cables, coaxial cable (HS Code 8544): $2.69 billion

2. Nuclear Reactors and Machinery:  $29.10 billion (8.69%)

Nuclear reactors and machinery (HS Code 84) are the second-largest imports for Vietnam, with a value of $29.10 billion in 2023, making up 8.69% of the country's total imports. This category includes equipment used in the generation of nuclear power and other related machinery. the major import of nuclear reactors and machinery in 2023 include:

• Machines having individual functions (HS Code 8479): $2.68 billion
• Parts and accessories (HS Code 8473): $2.62 billion
• Automatic data-processing machines, magnetic or optical readers (HS Code 8471): $1.99 billion
• Printing machinery used for printing (HS Code 8443): $1.55 billion
• Taps, valves, and similar appliances for pipes (HS Code 8481): $1.33 billion
• Machines used for the manufacture of semiconductors (HS Code 8486): $1.12 billion
• Air or vacuum pumps (HS Code 8414): $1.06 billion
• Air conditioning machines (HS Code 8415): $1.04 billion
• Turbojets, propellers, and other gas turbines (HS Code 8411): $1.04 billion
• Machinery for working rubber, plastics, or the manufacture of products from these materials (HS Code 8477): $930.03 million

3. Plastics and Articles Thereof: $16.48 billion (4.92%)

Plastics and articles (HS Code 39) are the third-largest imports for Vietnam in 2023, with a value of $16.48 billion, accounting for 4.92% of the country's total imports or its main plastic and articles imports includes:

• Polymers of ethylene in primary forms (HS Code 3901): $2.36 billion
• Articles of plastics and other materials (HS Code 3926): $1.99 billion
• Polyacetals and epoxide resins in primary forms (HS Code 3907): $1.95 billion
• Plates, foil, and strips of non-cellular plastics (HS Code 3920): $1.83 billion
• Polymers of propylene or olefins in primary forms (HS Code 3902): $1.09 billion
• Self-adhesive plates, foil, strips, and other flat shapes of plastics (HS Code 3919): $1.07 billion
• Polymers of styrene in primary forms (HS Code 3903): $763.07 million
• Plates, sheets, and strips of plastics, laminated (HS Code 3921): $760.56 million
• Polymers of vinyl chloride or halogenated olefins in primary forms (HS Code 3904): $757.48 million
• Articles for the conveyance or packaging of goods (HS Code 3923): $733.42 million

4. Mineral Fuels and Mineral Oils: $16.03 billion (4.79%)

Mineral fuels and mineral oils (HS Code 27) are another significant import category for Vietnam, with a value of $16.03 billion, making up 4.79% of the country's total imports in 2023. This category includes products such as petroleum, natural gas, and coal.  Vietnam’s major mineral fuels and mineral oil imports are:

• Petroleum oils obtained from bituminous minerals (HS Code 2710): $9.15 billion
• Coal, briquettes, and similar fuels manufactured from coal (HS Code 2701): $4.68 billion
• Petroleum oils and crude oils (HS Code 2709): $707.05 million
• Petroleum gas and other gaseous hydrocarbons (HS Code 2711): $470.16 million
• Petroleum coke, petroleum bitumen, and other residues of petroleum oil (HS Code 2713): $444.34 million
• Coke and semi-coke of coal, of lignite or peat (HS Code 2704): $209.97 million
• Oils and other products of the distillation of high-temperature coal tar (HS Code 2707): $161.81 million
• Petroleum jelly, paraffin wax, microcrystalline petroleum wax (HS Code 2712):  $93.47 million
• Electrical energy (HS Code 2716): $75.59 million
• Lignite, whether or not agglomerated (HS Code 2702): $13.07 million

5. Iron and Steel: $12.21 billion (3.65%)

Iron and steel (HS Code 72) are essential imports for Vietnam, with a value of $12.21 billion, accounting for 3.65% of the country's total imports in 2023. These products are used in various industries, including construction and manufacturing. Vietnam’s iron and steel imports include:

• Flat-rolled products of iron or nonalloy steel (HS Code 7208): $5.45 billion
• Flat-rolled products of stainless steel (HS Code 7219): $1.62 billion
• Ferrous waste, remelting scrap ingots of iron or steel (HS Code 7204): $1.36 billion
• Flat-rolled products of iron or nonalloy steel (HS Code 7210): $831.03 million
• Flat-rolled products of alloy steel other than stainless (HS Code 7225): $529.64 million
• Bars and rods of iron or non-alloy steel, hot-rolled (HS Code 7213): $247.08 million
• Wire of iron or nonalloy steel in coils (HS Code 7217): $213.92 million
• Ferroalloys (HS Code 7202): $204.44 million
• Flat-rolled products of iron or nonalloy steel, cold-rolled (HS Code 7209): $170.80 million
• Other bars and rods of alloy steel other than stainless (HS Code 7228): $168.86 million

6. Vehicles: $7.22 billion (2.16%)

Vehicles (HS Code 87), including cars, trucks, and motorcycles, are significant imports for Vietnam, with a value of $7.22 billion, making up 2.16% of the country's total imports. The demand for vehicles in Vietnam has been increasing rapidly in recent years. Vietnam’s major vehicle imports includes:

• Parts and accessories for tractors (HS Code 8708): $2.49 billion
• Motor cars and other motor vehicles (HS Code 8703): $2.22 billion
• Parts and accessories for motorcycles and bicycles (HS Code 8714): $662.36 million
• Motor vehicles for the transport of goods (HS Code 8704): $608.50 million
• Tractors (HS Code 8701): $284.72 million
• Motorcycles (HS Code 8711): $270.70 million
• Bicycles (HS Code 8712): $204.07 million
• Trailers and semi-trailers (HS Code 8716): $168.89 million
• Motor vehicles for the transport of >= 10 persons (HS Code 8702): $127.24 million
• Special purpose motor vehicles (HS Code 8705): $92.33 million

7. Optical, Medical, or Surgical Instruments: $7.12 billion (2.13%)

Optical, measuring, medical, or surgical instruments (HS Code 90) are important imports for Vietnam, costing $7.12 billion, and accounting for 2.13% of the nation's overall imports. Vietnam’s major imports of Optical, measuring, medical, or surgical instruments are:

• Measuring or checking instruments (HS Code 9031): $1.34 billion
• Optical fibers and optical fiber bundles and cables (HS Code 9001): $1.20 billion
• Lenses, prisms, mirrors, and other optical elements (HS Code 9002): $1.04 billion
• Instruments and appliances used in medical, surgical, and dental sciences (HS Code 9018): $728.42 million
• Oscilloscopes, spectrum analyzers, and other instruments (HS Code 9030): $607.26 million
• Instruments and apparatus for physical or chemical analysis (HS Code 9027): $316.58 million
• Orthopedic appliances (HS Code 9021): $305.64 million
• Regulating or controlling instruments and apparatus (HS Code 9032): $253.66 million
• Mechano-therapy appliances; massage apparatus; psychological aptitude-testing apparatus (HS Code 9019): $200.56 million
• Instruments and apparatus for measuring or checking the flow, level, or pressure (HS Code 9026): $158.14 million

8. Knitted or Crocheted Fabrics: $6.68 billion (2%)

Knitted or crocheted fabric (HS Code 60) is another great import category for Vietnam, with a cost of $6.68 billion, making up 2% of the country's general imports. Its main imports of knitted or crocheted fabrics include:

• Fabrics, knitted or crocheted (HS Code 6006): $3.36 billion
• Knitted or crocheted fabrics of a width > 30 cm (HS Code 6004): $1.83 billion
• Pile fabrics knitted or crocheted (HS Code 6001): $963.93 million
• Warp knit fabrics (HS Code 6005):  $462.84 million
• Knitted or crocheted fabrics, of a width <= 30 cm (HS Code 6002): $40.75 million

9. Cereals: $4.79 billion (1.43%)

Cereals (HS Code 10) are crucial imports for Vietnam, with a price of $4.79 billion, accounting for 1.43% of Vietnam's general imports. This category consists of products including rice, wheat, and corn. Vietnam’s major cereal import products are:

• Maize or corn (HS Code 1005): $2.57 billion
• Wheat and Meslin (HS Code 1001): $1.29 billion
• Rice (HS Code 1006): $743.39 million
• Barley (HS Code 1003): $177.84 million
• Buckwheat, millet, canary seed, and other cereals (HS Code 1008): $2.14 million
• Sorghum (HS Code 1007):  $915K
• Oats (HS Code 1004): $537K

10. Cotton: $4.75 billion (1.42%)

Cotton (HS Code 52) is another big import for Vietnam, with a fee of $4.75 billion, making up 1.42% of the nation's general imports. Cotton is an important uncooked fabric for Vietnam's fabric and garment industries. Vietnam’s major  varieties of cotton includes:

• Cotton, neither carded nor combed (HS Code 5201): $2.49 billion
• Woven fabrics of cotton containing >= 85% cotton by weight (HS Code 5208): $707.80 million
• Woven fabrics of cotton containing weighing > 200 g/m² (HS Code 5209): $469.99 million
• Woven fabrics of cotton, containing < 85% cotton by weight (HS Code 5211): $343.71 million
• Cotton yarn other than sewing thread (HS Code 5205): $283.90 million
• Woven cotton, containing predominantly < 85% cotton by weight (HS Code 5210): $220.95 million
• Cotton yarn containing < 85% cotton by weight (HS Code 5206): $59.69 million
• Cotton, carded or combed (HS Code 5203): $58.12 million
• Woven fabrics of cotton containing < 85% cotton by weight (HS Code 5212): $42.40 million
• Cotton waste, incl. yarn waste, and garnetted stock (HS Code 5202): $33.03 million

Who are Vietnam’s top 10 import partners?

Vietnam’s top 10 import partners in 2023 include:

1. China: $138.22 billion (22%)
2. South Korea: $53.46 billion (8.75%)
3. Japan: $17.13 billion (2.80%)
4. Singapore: $16.64 billion (2.72%)
5. Hong Kong: $14.42 billion (2.36%)
6. Taiwan: $11.69 billion (1.91%)
7. Malaysia: $11.34 billion (1.85%)
8. Thailand: $11 billion (1.80%)
9. USA: $9.79 billion (1.60%)
10. Indonesia: $7.52 billion (1.23%)

Vietnam’s Import Statistics in the last 10 years

Latest Key Trends on Vietnam Imports

• Vietnam's total export-import turnover increased by 15.7% year over year to $368.53 billion in the first quarter of 2024. 

• Vietnam’s total imports amounted to $178.4 billion in the first 6 months of 2024, a 17% boost as compared to 2023.

• Vietnam’s Imports rose by 17%. There was a $11.63 billion surplus in the trade balance.

• Vietnam guarantees investors there won't be any more power cuts, so it increases coal imports by 61% from the previous year.

• In 2024 Q1, Vietnam imports 766,000 tons of cotton worth $1.53 billion.

• Ten markets provide cotton imports to Vietnam. These include the United States ($400 million, down 18% YoY), Australia ($196 million, down 23%), India ($85 million, up 116% YoY), and Brazil ($443 million in H1 2024, up 111% YoY).
• Vietnam Imported 716,000 Tonnes of meat products such as meat offal, poultry, pigs, frozen pork & beef totaling $1.43 billion in 2023. 

Conclusion

In conclusion, Vietnam's top 10 imports reflect the country's vast economic landscape and its reliance on a wide variety of imported products to electricity growth and development in the course of numerous sectors. With a strategic consciousness of era, strength, healthcare, and agriculture, Vietnam keeps reinforcing its role in the global marketplace as a key player in international trade.

Also read about :-

Vietnam Rice Exports Statistics

Vietnam’s Electronics Exports Statistics

US & Vietnam Trade Relations & Statistics of 2023

What are the top 10 exports of Vietnam?