According to the Vietnam Import Data, Vietnam has been experiencing remarkable growth in its economy and import-export trade sector in the recent years. Vietnam is currently ranked as the 22nd largest importing country in the world. In 2021, the total import value was recorded $313 billion, which has been increased further in 2022. Vietnam noteworthy economic growth is a attribute of various factors such as Vietnam's rapid industrialization and increasing in the demand of consumer goods.
Vietnam’s impressive growth in imports had a positive impact on its Gross Domestic Product. In the past few years it is continuously been above 6% and in the year of 2022 it has been increased and reached around 7% in 2022. The notable growth in the economy of Vietnam is a result of government policies, foreign investments, increasing domestic consumption and a large workforce which enables economic growth through increasing productivity.
Vietnam Top importing products of 2022 includes high import for machinery and equipment which used in various industries – manufacturing and technology. Apart from machinery other significant goods imported by Vietnam are electronics, electrical equipment, mineral fuels and oils, iron and steel products, plastics, organic chemicals, medical equipment, vehicles and spare parts. Interestingly, the demand for luxury goods, cosmetics, and fashion accessories has been raised in Vietnam in the recent years.
China remains Vietnam's largest trading partner by importing almost a one-third of total import all alone. Other major trading partners include South Korea, Japan, Thailand, and Singapore.
