Vietnam’s 5 biggest imported products by total spending are electronic integrated circuits and microassemblies, phone devices including smartphones, television or radio and radar device parts, refined petroleum oils, and hot-rolled iron or non-alloy steel products. Combined, that quintet of major Vietnamese imports accounted for about one-quarter of Vietnam’s spending on imported goods in 2021.
Based on the average exchange rate for 2021, the Vietnamese dong depreciated by -3.5% against the US dollar since 2017 but strengthened by a flatlining 0.2% from 2020 to 2021. Vietnam’s weaker local currency compared to 2017 makes its imports paid for in stronger US dollars relatively more expensive when converted starting from the Vietnamese dong.
Main Countries Supplying Vietnam’s Imports
The latest available country-specific data shows that 84.8% of products imported by Vietnam were furnished by exporters in: mainland China (32.2% of Vietnam’s global total), South Korea (17.9%), Japan (7.8%), Taiwan (6.4%), United States of America (5.3%), Thailand (4.2%), Malaysia (2.5%), Indonesia (2.1%), Australia (1.8%), India (1.7%), Ireland (1.6%) and Singapore (1.4%).
From continental perspective and based on 2020 data, Vietnam bought 80.9% of its import purchases from fellow Asian countries. Another 7.4% was purchased from trade partners in Europe with 6.3% 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 98.3 million people, its total $329.2 billion in 2021 imports translates to roughly $3,350 in yearly product demand from every person in the East Asian country. That dollar metric exceeds the average $2,900 per capita one year earlier in 2020.
Vietnam’s Top 10 Imports
The following product groups represent the highest dollar value in Vietnam’s import purchases during 2021. Also shown is the percentage share each product category represents in terms of overall imports into Vietnam.
- Electrical machinery, equipment: US$111.3 billion (33.8% of total imports)
- Machinery including computers: $28.8 billion (8.8%)
- Plastics, plastic articles: $18.9 billion (5.7%)
- Iron, steel: $14.2 billion (4.3%)
- Optical, technical, medical apparatus: $10.6 billion (3.2%)
- Mineral fuels including oil: $9.8 billion (3%)
- Vehicles: $9.4 billion (2.8%)
- Knit or crochet fabric: $7.6 billion (2.3%)
- Organic chemicals: $5.4 billion (1.6%)
- Cotton: $5 billion (1.5%)
Vietnam’s top 10 imports equal about two-thirds (67.1%) 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 75.9% from 2020 to 2021.
In second place for Vietnam’s expanding import purchases was the knitted or crocheted category (up 46.4%) increase, trailed by iron or steel as materials (up 43.4%) then organic chemicals (up 42.3%).
Mineral fuels-related was the laggard among the top 10 Vietnamese import category dropping -23.9% year over year. That category of imported products was dragged down by Vietnam’s lower spending on imported crude petroleum oils, coal and petroleum gases.
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 2021, Vietnamese importers spent the most on the following 10 subcategories of electrical machinery and equipment.
- Integrated circuits/microassemblies: US$44.6 billion (up 14.1% from 2020)
- Phone devices including smartphones: $25 billion (up 35%)
- TV/radio/radar device parts: $5.4 billion (up 15.8%)
- Solar power diodes/semi-conductors: $4.2 billion (down -33.1%)
- Printed circuits: $4.1 billion (up 0.7%)
- Electric storage batteries: $3.5 billion (up 45.8%)
- Lower-voltage switches, fuses: $3.4 billion (up 6.5%)
- Electrical converters/power units: $2.45 billion (down -1.8%)
- Insulated wire/cable: $2.45 billion (up 16.9%)
- Electric motor parts: $1.9 billion (up 551.3%)
Among these import subcategories, Vietnamese purchases of electric motor parts (up 551.3%), electric storage batteries (up 45.8%) then phone devices including smartphones (up 35%) grew at the fastest pace from 2020 to 2021.
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 2021, Vietnamese importers spent the most on the following 10 subcategories of machinery including computers.
- Miscellaneous machinery: US$2.5 billion (up 56.4% from 2020)
- Computers, optical readers: $2.1 billion (down -0.8%)
- Computer parts, accessories: $1.9 billion (up 3.2%)
- Printing machinery: $1.6 billion (up 68.9%)
- Rubber/plastic article making machines: $1.1 billion (up 34.5%)
- Air conditioners: $977 million (down -7.4%)
- Taps, valves, similar appliances: $898.5 million (up 50.4%)
- Turbo-jets: $884.5 million (up 218.1%)
- Air or vacuum pumps: $823.9 million (up 35.7%)
- Machinery for making semi-conductors: $758.1 million (up 96.4%)
Among these import subcategories, Vietnamese purchases of turbo-jets (up 218.1%), machinery for making semi-conductors (up 96.4%) then printing machinery (up 68.9%) grew at the fastest pace from 2020 to 2021.
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 2021, Vietnamese importers spent the most on the following 10 subcategories of plastics and plastic articles.
- Ethylene polymers: US$3 billion (up 24.5% from 2020)
- Polyacetal/ether/carbonates: $2.3 billion (up 50.2%)
- Plastic plates, sheets, film, tape, strips: $2 billion (up 30.3%)
- Miscellaneous plastic items: $1.81 billion (down -35.9%)
- Propylene/olefin polymers: $1.76 billion (up 18.9%)
- Self-adhesive plastic in rolls: $1.1 billion (up 0.3%)
- Vinyl chloride polymers: $1 billion (up 74.1%)
- Styrene polymers: $988 million (up 50.2%)
- Plastic packing goods, lids, caps: $808.8 million (up 36%)
- Plastic plates, sheets, film, tape, strips: $800.6 million (down -4.6%)
Among these import subcategories, Vietnamese purchases of vinyl chloride polymers (up 74.1%), polyacetal, ether and carbonates (up 50.2%) then styrene polymers (up 50.2%) grew at the fastest pace from 2020 to 2021.
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.
Vietnam’s Top Exports of Iron and Steel
In 2021, Vietnamese importers spent the most on the following 10 subcategories of iron and steel.
- Hot-rolled iron or non-alloy steel products: US$4.3 billion (up 22.6% from 2020)
- Iron or steel scrap: $2.3 billion (up 36.9%)
- Flat-rolled other alloy steel products: $2.2 billion (up 60.6%)
- Flat-rolled stainless steel items: $1.4 billion (up 45.8%)
- Flat-rolled iron or non-alloy steel products (plated/coated): $1.2 billion (up 114.3%)
- Cold-rolled iron or non-alloy steel products: $295.7 million (up 100.6%)
- Iron or non-alloy steel wire: $289.2 million (up 72.8%)
- Alloy steel bars, rods: $256.9 million (up 19.8%)
- Coiled iron or non-alloy steel bars, rods: $237.1 million (up 78.2%)
- Iron ferroalloys: $233.6 million (up 57.1%)
Among these import subcategories, Vietnamese purchases of plated or coated, flat-rolled iron or non-alloy steel products (up 114.3%), cold-rolled iron or non-alloy steel products (up 100.6%) then coiled iron or non-alloy steel bars and rods (up 78.2%) grew at the fastest pace from 2020 to 2021.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported iron and steel as materials.
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 June 6, 2022
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on June 6, 2022
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on June 6, 2022
International Trade Centre, Trade Map. Accessed on June 6, 2022
