The country possesses the shape of the letter S and is spread over 331,699 square kilometers. The ancient and architectural sites capture the attention of visitors and represent its enchanting history dating back thousands of years. The fertile lands of the nation promote the production of tropical fruits leading to the formation of its paradise, it is the second largest coffee trader and manufacturer at a global rate and is also home to some largest caves in the world.

The country holds a population of around 97 million people which practices Vietnamese as their official and native language followed by some other 110 officially recognized languages like Tay, Muong, Cham, Khmer, etc. Due to its strategic location and low labor costs supporting its global trade business, Vietnam has recorded its name as one of the fastest-growing economies of the Southeast Asian nations. With an annual growth rate of 7.08%, the GDP of Vietnam is expected to reach a value of 79.7 billion US dollars in Q1 of 2024, and an estimated import trade value of 400 billion US dollars.

Top 10 Imports of Vietnam 2024

As per the Vietnam Import Data, the top ten products that contribute to the economic stability of the nation are as follows with its import value in the Q1 of 2024,

• Electronics and Electrical equipment (HS code – 85) – Import value –12 billion US dollars.

• Machinery and mechanical appliances (HS code – 84) – Import value – 6 billion US dollars.

• Mineral fuels and oils (HS code – 27) – Import value –5 billion US dollars.

• Plastics and Plastic products (HS code – 95) – Import value – 3 billion US dollars.

• Iron and steel (HS code – 72) – Import value – 2.5 billion US dollars.

• Vehicles (HS code – 87) – Import value – 2 billion US dollars.

• Pharmaceutical products (HS code – 29) – Import value – 1.5 billion US dollars.

• Textiles and Textile articles (HS code – 59) – Import value – 1.3 billion US dollars.

• Cereals (HS code – 11) – Import value – 1.2 billion US dollars.

• Organic chemicals (HS code – 29) – Import value – 1 billion US dollars

Vietnam Import Trade Growth Rate (2021-2024)

As per the information given by the Vietnam Customs Data, the import trade growth of the nation has seen a significant spike in the past few years. The annual revenue generation of 2021 – 2024 with growth rate is mentioned below,

The growth rate of each year is 7%

• Annual generated revenue of the year 2021 – 300 billion US dollars.

• Annual generated revenue of the year 2022 – 330 billion US dollars.

• Annual generated revenue of the year 2023 – 360 billion US dollars.

• Annual generated revenue of the year 2024 – Estimated 390 billion US dollars.

Top 10 Import Trade Partners of Vietnam 2024

The Vietnam Trade Data has enlisted the below-mentioned countries as the top ten import destinations of Vietnam accounting for a major share in the economic growth projections in 2024,

• China – The South Asian nation with its vast trading sources tops the list of the top trade import destinations of Vietnam. The country mainly used to export mechanical appliances and electronic goods to Vietnam accounting for an estimated import trade value of 98 billion US dollars in 2024.

• South Korea – The East Asian nation South Korea trades products like electronics and automobiles with Vietnam. The increased import trade rate is mainly because of the country’s strategic location and great transport resources, the total import trade value of the imported products to Vietnam is estimated 46 billion US dollars in 2024.

• Japan – Japan for the past few years has been extensively investing in the exported products to Vietnam for stabilizing its economy. The trade rate of the country has recorded a sudden spike in the past few years and has achieved an estimated import trade value of 21 billion US dollars in the year 2024.

• United States – Minerals, fuels, and pharmaceutical goods are some of the top products imported by Vietnam from the United States. All these products play a significant role in economic growth because of their high demand; the import trade value of such products in the year 2024 is estimated as 20 billion US dollars.

• Thailand – Thailand transports materials like staple food products and textile articles to Vietnam, beyond this great trade between these two nations is the closed geographical proximity and great trade services. The total import trade value of the products imported from Thailand in the year 2024 is estimated to be 18 billion US dollars.

• Singapore – Singapore in maritime Southeast Asia anticipated an import trade value of 15 billion US dollars in the year 2024. The main imported products from Singapore to Vietnam include organic chemicals and iron metals for industrial sectors.

• Malaysia – Malaysia occupying the Malay Peninsula and Borneo Island is a significant trade partner of Vietnam. The main imports from Malaysia to Vietnam include textiles and machinery, the total import trade value of these products in 2024 is expected to reach 13 billion US dollars.

• Taiwan – The Republic of China Taiwan captures the eighth position of the top import destinations of Vietnam with an estimated import trade value of 12 billion US dollars. The main imports from Taiwan to Vietnam include minerals, fuels, and agricultural goods.

• Indonesia – As per the Vietnam Import Export Data, Indonesia is in the top 9th position of importers list of Vietnam. Electrical machinery and mechanical equipment are imported mainly from Indonesia to Vietnam with an expected import trade value of 11 billion US dollars in 2024.

• India – The Divergent Nation India comes in the top tenth position of the importer's list, because of its huge production of agricultural goods the nation used to export staple food products and agricultural goods at a major rate to Vietnam with an estimated import trade value of 9 billion US dollars in 2024.

FAQ’s

Que. Name the top Import trade partner of Vietnam.
Ans. The top Import trade partner of Vietnam is China.

Que. Mention the GDP of Vietnam in 2024.
Ans. The GDP of Vietnam in Q1 of 2024 is 79.7 billion US dollars.

Que. Does Vietnam Import Statistics show foreign supplier details?
Ans. Yes, Vietnam Import Statistics contain importers and foreign supplier details.

Que. What are the top imported products of Vietnam in 2024?
Ans. Electronics and electrical equipment are the top imported products of Vietnam in 2024.

Que. Where to get detailed information about Vietnam Import Projections?
Ans. At Import Globals, you can get detailed information about Vietnam Import projections.

www.importglobals.com ; info@importglobals.com