Based on the average exchange rate for 2022, the Vietnamese dong depreciated by -3% against the US dollar since 2018 and diluted by a flatlining -0.5% from 2021 to 2022. Vietnam’s weaker local currency compared to 2018 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 3.191% in 2022 up from an average 1.833% for 2021.
Main Countries Supplying Vietnam’s Imports
The latest available country-specific data from 2021 shows that 83.8% of products imported by Vietnam were furnished by exporters in: mainland China (33.2% of Vietnam’s global total), South Korea (17%), Japan (6.8%), Taiwan (6.3%), United States of America (4.6%), Thailand (3.8%), Malaysia (2.5%), Australia (2.4%), Indonesia (2.3%), India (2.1%), Kuwait (1.43%) and Cambodia (1.42%).
From continental perspective, Vietnam bought 82.1% of its import purchases from fellow Asian countries. Another 6.6% was purchased from trade partners in Europe plus 5% coming from North America.
Smaller percentages originated from Oceania’s Australia and New Zealand (2.63%), Latin America (2.56%) excluding Mexico but including the Caribbean, and Africa (1.1%).
Given Vietnam’s population of 99.5 million people, its total $364.1 billion in 2022 imports translates to roughly $3,700 in yearly product demand from every person in the East Asian country. That dollar metric exceeds the average $3,400 per capita one year earlier in 2021.
Vietnam’s Top 10 Imports
The following product groups represent the highest dollar value in Vietnam’s import purchases during 2022. Also shown is the percentage share each product category represents in terms of overall imports into Vietnam.
- Electrical machinery, equipment: US$124.3 billion (34.1% of total imports)
- Machinery including computers: $30.4 billion (8.4%)
- Plastics, plastic articles: $19.2 billion (5.3%)
- Mineral fuels including oil: $17.7 billion (4.9%)
- Iron, steel: $13.6 billion (3.7%)
- Vehicles: $10.5 billion (2.9%)
- Knit or crochet fabric: $8 billion (2.2%)
- Optical, technical, medical apparatus: $7.4 billion (2%)
- Organic chemicals: $5.7 billion (1.6%)
- Cotton: $5.6 billion (1.5%)
Vietnam’s top 10 imports equal two-thirds (66.6%) 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 41.3% from 2021 to 2022.
In second place for Vietnam’s expanding import purchases was the machinery including computers category (up 26.2%) increase, trailed by imported knitted or crocheted fabric (up 20.7%) then cotton (up 14%).
Iron and steel was the laggard among the top 10 Vietnamese import categories dropping -8.1% 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 2022, Vietnamese importers spent the most on the following 10 subcategories of electrical machinery and equipment.
- Integrated circuits/microassemblies: US$50.4 billion (up 5.3% from 2021)
- Flat panel displays: $18 billion (2021 data unavailable)
- Phone devices including smartphones: $12.7 billion (down -47.4%)
- Printed circuits: $4.7 billion (down -13.9%)
- Solar power diodes/semi-conductors: $4.2 billion (down -8.1%)
- Electric storage batteries: $4.1 billion (up 4.4%)
- TV/radio/radar device parts: $4 billion (down -43.2%)
- Lower-voltage switches, fuses: $3.6 billion (down -0.8%)
- Electrical converters/power units: $2.9 billion (up 21.9%)
- Insulated wire/cable: $2.7 billion (up 10.6%)
Among these import subcategories, Vietnamese purchases of electrical converters and power units (up 21.9%), insulated wire or cable (up 10.6%) then integrated circuits and microassemblies (up 5.3%) grew at the fastest pace from 2021 to 2022.
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 2022, Vietnamese importers spent the most on the following 10 subcategories of machinery including computers.
- Miscellaneous machinery: US$2.7 billion (up 51.4% from 2021)
- Computers, optical readers: $2.4 billion (down -26.7%)
- Printing machinery: $1.8 billion (up 93.8%)
- Computer parts, accessories: $1.7 billion (up 13.6%)
- Heavy machinery (bulldozers, excavators, road rollers): $1.12 billion (up 148.1%)
- Rubber/plastic article making machines: $1.09 billion (up 9.9%)
- Air conditioners: $1.05 billion (up 11.1%)
- Turbo-jets: $1 billion (up 259.1%)
- Taps, valves, similar appliances: $972.7 million (up 39.5%)
- Air or vacuum pumps: $905 million (up 26.8%)
Among these import subcategories, Vietnamese purchases of turbo-jets (up 259.1%), heavy machinery including bulldozers, excavators and road rollers (up 148.1%) then printing machinery (up 93.8%) grew at the fastest pace from 2021 to 2022.
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 2022, Vietnamese importers spent the most on the following 10 subcategories of plastics and plastic articles.
- Ethylene polymers: US$3 billion (down -14.2% from 2021)
- Polyacetal/ether/carbonates: $2.3 billion (up 5.1%)
- Plastic plates, sheets, film, tape, strips: $2.1 billion (up 15.7%)
- Miscellaneous plastic items: $1.8 billion (down -41.2%)
- Propylene/olefin polymers: $1.5 billion (down -19.4%)
- Self-adhesive plastic in rolls: $1.13 billion (down -1.4%)
- Vinyl chloride polymers: $1.08 billion (up 15.9%)
- Styrene polymers: $933 million (down -3.5%)
- Plastic plates, sheets, film, tape, strips: $868 million (down -5.2%)
- Amino-resins: $801.7 million (up 6.6%)
Among these import subcategories, Vietnamese purchases of vinyl chloride polymers (up 15.9%), plastic plates, sheets, film, tape and strips (up 15.7%) then amino-resins (up 6.6%) grew at the fastest pace from 2021 to 2022.
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 Mineral Fuels
In 2022, Vietnamese importers spent the most on the following 10 subcategories of mineral fuels including oil.
- Processed petroleum oils: US$10.1 billion (up 110.6% from 2021)
- Coal, solid fuels made from coal: $5 billion (up 26%)
- Crude oil: $710.8 million (down -85.9%)
- Petroleum gases: $704.2 million (down -48.6%)
- Petroleum oil residues: $484.3 million (up 43.1%)
- Coke, semi-coke: $437.2 million (down -18.7%)
- Coal tar oils (high temperature distillation): $181.6 million (up 37.7%)
- Petroleum jelly, mineral waxes: $100.2 million (down -24.4%)
- Electrical energy: $32.7 million (down -63.6%)
- Asphalt/petroleum bitumen mixes: $19.6 million (up 372.1%)
Among these import subcategories, Vietnamese purchases of asphalt or petroleum bitumen mixes (up 372.1%), processed petroleum oils (up 110.6%) then petroleum oil residues (up 43.1%) grew at the fastest pace from 2021 to 2022.
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 August 21, 2023
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on August 21, 2023
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on August 21, 2023
International Trade Centre, Trade Map. Accessed on August 21, 2023
