Based on the average exchange rate for 2019, the Vietnamese dong depreciated by -6.2% against the US dollar since 2015 and slipped by -2% from 2018 to 2019. Vietnam’s weaker local currency makes its imports paid for in stronger US dollars relatively more expensive when converted starting from the Vietnamese dong.
From continental perspective and based on 2018 data, Vietnam bought about 80% of its import purchases from fellow Asian countries. Another 7.3% was purchased from trade partners in Europe with 6.2% coming from North America. Smaller percentages originated from Latin America (2.3%) excluding Mexico but including the Caribbean, Oceania (1.8%) led by Australia, and Africa (1.3%).
Given Vietnam’s population of 95.5 million people, its total $263.3 billion in 2019 imports translates to roughly $2,800 in yearly product demand from every person in the East Asian country.
Vietnam’s Top 10 Imports
Top 10
The following product groups represent the highest dollar value in Vietnam’s import purchases during 2019. Also shown is the percentage share each product category represents in terms of overall imports into Vietnam.
- Electrical machinery, equipment: US$77.8 billion (29.5% of total imports)
- Machinery including computers: $26.8 billion (10.2%)
- Plastics, plastic articles: $14.6 billion (5.5%)
- Mineral fuels including oil: $11.2 billion (4.2%)
- Iron, steel: $10.5 billion (4%)
- Optical, technical, medical apparatus: $9.3 billion (3.5%)
- Vehicles: $6.9 billion (2.6%)
- Knit or crochet fabric: $6.5 billion (2.5%)
- Cotton: $4.7 billion (1.8%)
- Manmade filaments: $3.9 billion (1.5%)
Vietnam’s top 10 imports approach two-thirds (65.4%) 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 52.2% from 2018 to 2019. In second place for Vietnam’s expanding import purchases were manmade filaments via a 31.1% increase, trailed by knitted or crocheted fabric (up 30.9%).
Mineral fuels-related products made that category the laggard among the top 10 Vietnamese import category, posting a -25.6% drop. That decline was weighed down by Vietnam’s reduced spending on imported petroleum oils, petroleum gases, electrical energy and petroleum jelly.
Please note that the results listed above are at the 2-digit Harmonized Tariff System code level. Information presented under other virtual folder tabs is at the more granular 4-digit level.
Electronics
In 2019, Vietnamese importers spent the most on the following 10 subcategories of electrical machinery and equipment.
- Integrated circuits/microassemblies: US$28.9 billion (up 19.5% from 2018)
- Phone system devices including smartphones: $18.3 billion (up 5.4%)
- Solar power diodes/semi-conductors: $4.6 billion (up 53.6%)
- TV/radio/radar device parts: $3.9 billion (up 39.8%)
- Printed circuits: $3 billion (down -9.9%)
- Lower-voltage switches, fuses: $2.7 billion (up 5.6%)
- Electrical converters/power units: $2.1 billion (up 64%)
- Electric storage batteries: $1.9 billion (up 31.6%)
- Insulated wire/cable: $1.9 billion (up 32.6%)
- Microphones/headphones/amps: $1.5 billion (up 39.8%)
Among these import subcategories, Vietnamese purchases of electrical converters and power units (up 64%), solar power diodes and semi-conductors (up 53.6%) then television, radio or radar device parts (up 39.8%) grew at the fastest pace from 2018 to 2019.
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.
Machinery
In 2019, Vietnamese importers spent the most on the following 10 subcategories of machinery including computers.
- Miscellaneous machinery: US$2.7 billion (up 54.4% from 2018)
- Printing machinery: $1.7 billion (up 67.3%)
- Computer parts, accessories: $1.6 billion (up 48.3%)
- Computers, optical readers: $1.4 billion (up 0.2%)
- Rubber/plastic article making machines: $1.1 billion (up 37%)
- Air conditioners: $1.1 billion (up 15.5%)
- Taps, valves, similar appliances: $782.8 million (up 48.3%)
- Air or vacuum pumps: $767.9 million (up 35.9%)
- Lifting/loading machinery: $742.4 million (up 28.6%)
- Machinery for making semi-conductors: $742.2 million (up 36.5%)
Among these import subcategories, Vietnamese purchases of printing machinery (up 67.3%), miscellaneous machinery (up 54.4%) then taps, valves and similar appliances (up 48.3%) grew at the fastest pace from 2018 to 2019.
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.
Plastics
In 2019, Vietnamese importers spent the most on the following 10 subcategories of plastics and plastic articles.
- Ethylene polymers: US$2.5 billion (down -6.9% from 2018)
- Polyacetal/ether/carbonates: $1.7 billion (down -3.5%)
- Non-cellular plastic plates, sheets, film, tape, strips: $1.6 billion (up 22.1%)
- Propylene/olefin polymers: $1.6 billion (down -8.7%)
- Miscellaneous plastic items: $1.2 billion (down -38.7%)
- Self-adhesive plastic in rolls: $988.5 million (down -14.9%)
- Cellular plastic plates, sheets, film, tape, strips: $751.4 million (up 3.8%)
- Styrene polymers: $644.4 million (down -14.7%)
- Amino-resins: $613.5 million (down -2.2%)
- Plastic packing goods, lids, caps: $610.2 million (up 18.8%)
Among these import subcategories, Vietnamese purchases of non-cellular plastic plates, sheets, film, tape and strips (up 22.1%), plastic packing goods, lids and caps (up 18.8%) then cellular plastic plates, sheets, film, tape and strips (up 3.8%) grew from 2018 to 2019.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported plastics and plastic articles among Vietnamese businesses and consumers.
Fuel
In 2019, Vietnamese importers spent the most on the following 10 subcategories of mineral fuel-related products.
- Processed petroleum oils: US$7.2 billion (down -10.7% from 2018)
- Coal, solid fuels made from coal: $2.2 billion (up 0.3%)
- Crude oil: $452.7 million (down -84.5%)
- Petroleum gases: $420.7 million (down -50.2%)
- Petroleum oil residues: $300.4 million (up 7%)
- Coke, semi-coke: $273.5 million (down -14.2%)
- Electrical energy: $127.5 million (down -25.4%)
- Coal tar oils (high temperature distillation): $77.3 million (down -16.7%)
- Petroleum jelly, mineral waxes: $60.7 million (down -7.8%)
- Lignite: $9.6 million (up 143.7%)
Among these import subcategories, Vietnamese purchases of lignite (up 143.7%), petroleum oil residues (up 7%) then coal including solid fuels made from coal (up 0.3%) grew from 2018 to 2019.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported mineral fuels-related products among Vietnamese businesses and consumers.
See also Vietnam’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 April 21, 2020
International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on April 21, 2020
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 21, 2020
International Trade Centre, Trade Map. Accessed on April 21, 2020