The Billion-Dollar Boom: Unveiling Vietnam’s Surging Import Markets

According to the General Department of Vietnam Customs, in the first seven months of 2024, there were five markets/regions where Vietnam’s imports increased by over $1 billion compared to the same period last year. Among these, China was the market with the highest increase, reaching $20.96 billion, followed by South Korea with an increase of $3.36 billion, ASEAN with $3.08 billion, Taiwan with $1.98 billion, and Kuwait with $1.06 billion.

Specifically, the total import value from the Chinese market in the past seven months reached $79.62 billion, a significant increase of 35.7%, corresponding to an increase of $20.96 billion compared to the same period last year, accounting for 37% of the total import value of the country.

The major import groups from China included computers, electronic products, and components, reaching $19.38 billion, an increase of 62.7% (corresponding to an increase of $7.47 billion); machinery, equipment, tools, and spare parts reached $15.74 billion, an increase of 29.2% ($3.56 billion); and raw materials for the textile, garment, and footwear industries reached $8.81 billion, an increase of 23.7% ($1.69 billion).

In addition, imports of various types of phones and components increased by $4.62 billion, up 31% (or $1.09 billion); and various types of iron and steel reached $4.15 billion, up 52.4% ($1.43 billion) compared to the same period last year. The total import value of these five groups amounted to $52.71 billion, accounting for 66% of Vietnam’s total imports from the Chinese market.

The import value from South Korea reached $31.87 billion, an increase of 11.8%, corresponding to an increase of $3.36 billion. Imports from ASEAN reached $26.5 billion, an increase of 13.1%, corresponding to an increase of $3.08 billion.

Moreover, Vietnam’s imports of goods in the first seven months of 2024 from many other key markets also increased compared to the same period last year.

Imports from Japan were valued at $12.52 billion, an increase of 5.5% (or $651 million); from Taiwan at $12.37 billion, an increase of 19% ($1.98 billion); from the EU (27 countries) at $9.31 billion, an increase of 10.2% ($861 million); from the US at $8.46 billion, an increase of 5% ($402 million); and from Kuwait at $4.59 billion, an increase of 29.8% ($1.05 billion) compared to the same period last year.

The largest import group in the first seven months of 2024 was computers, electronic products, and components, reaching $59.43 billion, an increase of 29.4% over the same period last year, and accounting for the largest proportion of 28% in the total import value of the country, surpassing the import value of this group for the whole of 2019.

Thus, imports of computers, electronic products, and components have increased by up to $13.52 billion compared to the same period in 2023, the largest increase among all key import groups.

Imports of machinery, equipment, tools, and spare parts reached $26.85 billion, an increase of 16.5%, corresponding to an increase of $3.81 billion.

The fuel group imported 56.56 million tons, an increase of 28.2% over the same period last year, with a value of $16.29 billion, an increase of 13.3%, corresponding to an increase of $1.91 billion.

Imports of raw materials for the textile, garment, and footwear industries (including various types of cotton, fabrics, textile fibers, and accessories) reached $15.67 billion, an increase of 14.4%, corresponding to an increase of $1.69 billion…