With remarkable trade figures provided by Import Globals on Vietnam Import Data that demonstrated a solid recovery and ongoing industrial momentum, Vietnam came out stronger in 2024. In order to get necessary resources, fortify manufacturing chains, and bolster its export-focused economy, Vietnam, one of Southeast Asia’s fastest-growing countries, took advantage of international trade routes.
Vietnam’s Import Turnover in 2024
According to Vietnam Import Data Provided by Import Globals, in 2024, Vietnam’s total import revenue was $380.76 billion, a notable 16.7% rise over 2023. This strong result highlights the expansion of domestic consumption as well as the growing need for raw materials in the nation’s manufacturing sector.
Sector-wise Import Data:
- Domestic Sector: $140.11 billion in imported products, a 19.5% rise from the previous year.
- FDI: The sector of foreign direct investment contributed $240.65 billion, a 15.1% rise.
Vietnam’s Import Composition
As per the report by Import Globals on Vietnam Global Trade Data, in 2024, Vietnam’s import composition continued to be significantly skewed toward high-value goods and minerals used in production. Production Materials amounted to $261.5 billion in the first nine months of 2024, accounting for 93.8% of all imports. Whereas the high-value goods and services’ import value of 46 distinct product categories surpassed $1 billion.
Major Import Partners of Vietnam
Maintaining the flow of intermediate goods necessary for Vietnam’s export-oriented sectors depends on these trade partnerships. A report by Import Globals on Vietnam Import Export Customs Data, in 2024, Vietnam’s strategic trade alliances remained strong, and its major trade partners are:
- China: With $105 billion in trade value over nine months, China continued to be the biggest import supplier.
- South Korea: In just the first four months, South Korea’s imports totaled $17.1 billion.
- ASEAN countries: Strong regional commercial links are demonstrated by the $15.6 billion contributed by ASEAN countries.
Key Factors Behind Vietnam’s Trade Surplus
Vietnam maintained a goods trade surplus of $24.77 billion in 2024, down somewhat from $28.4 billion in 2023, despite the increase in imports. As per the study by Import Globals on Vietnam Import Data, the domestic sector reported a $25.52 billion trade imbalance. Crude oil and the FDI sector had a $50.29 billion trade surplus. This trade pattern demonstrates how the nation’s export-driven sectors remain its mainstay.
Economic Implications for Vietnam’s Growth
Positive tendencies are shown in Vietnam’s robust import growth in 2024. Imports of raw materials and equipment complement domestic production targets and infrastructure. Bilateral trade agreements and involvement in the Regional Comprehensive Economic Partnership (RCEP) have reduced import costs and increased trade flows. A research by Import Globals on Vietnam Import Data suggests that a noticeable shift toward high-tech, high-efficiency industrial inputs can be seen in import trends. Growing domestic consumption also played a major role in 2024’s import activity. Imported consumer electronics, luxury products, and processed foods are in greater demand due to the expanding middle class and urban population. Vietnam’s shifting socioeconomic dynamics are reflected in this move from imports that are solely focused on production to imports that are partially focused on consumption.
Vietnam’s Trade Forecast
Vietnam is anticipated to simplify customs processes even more. Improve digital logistics to accommodate increasing import quantities. To reduce geopolitical risks, concentrate on diversifying your import sources. Additionally, Vietnam is probably going to give green and sustainable trading practices more importance. Vietnam may import more eco-friendly equipment, renewable energy components, and products that promote the circular economy as international environmental restrictions tighten. Import Globals’ Report on Vietnam Global Trade Data suggests that this could encourage the growth of new industries in the nation and is consistent with the government’s long-term climate goals.
The digitization of the import-export procedure is another new trend. AI-assisted trade monitoring, digital customs declarations, and e-invoicing are becoming more popular. These technologies improve transparency for international investors and trading partners while also cutting down on processing time and corruption.
To effectively manage growing cargo volumes, the Vietnamese government has also announced measures to enhance the logistical infrastructure, especially at important ports like Hai Phong and Cat Lai. As per the report by Import Globals on Vietnam Import Data, these upgrades will guarantee cheaper and quicker delivery of imported commodities to industrial zones.
Furthermore, supply chain diversification has become a topic of controversy due to Vietnam’s reliance on a small number of major markets, including China and South Korea. Vietnam will be better protected by import diversification against shocks like pandemics, trade conflicts, and political unrest. Strategic dialogues with countries in the EU, India, and Latin America are already underway to expand trade partnerships and open new avenues for import sourcing.
According to research by Import Globals on Vietnam Global Trade Data, in 2025, Vietnam’s import regulations might change to provide further incentives for businesses using digital and sustainable energy technologies. Favorable tariff treatments are anticipated for imports that contribute to the growth of smart cities, smart agriculture, and digital health.
Conclusion
In 2024, Vietnam’s import experience was characterized by expansion, effectiveness, and a calculated approach to international markets. The nation came out stronger, smarter, and more connected than ever despite the world’s worries. Vietnam is positioned to play a major role in international trade in the years to come by utilizing its trade advantages and mitigating its weaknesses.
If you are looking for detailed and up-to-date Vietnam Import Data, you can contact IMPORT GLOBALS. Visit www.importglobals.com or email [email protected] for more information.
FAQs
Q. How much did Vietnam import overall in 2024?
A. USD 380.76 billion, an increase of 16.7% over 2023.
Q. Which import partners were the most important?
A. Vietnam’s top importers were South Korea, China, and ASEAN nations.
Q. Which foreign goods were the most popular?
A. Crude oil, textiles, plastics, computers, machines, and electronic parts.
Q. Was there a trade surplus in Vietnam?
A. According to The Import Globals study on Vietnam Export Data, yes, FDI-led exports are responsible for the $24.77 billion excess.
Q. What may we anticipate in 2025?
A. Improved logistics, diverse sourcing, greener imports, and increased digital trade.
Q. Where to obtain detailed VIETNAM IMPORT DATA?
A. Visit www.importglobals.com or email [email protected] for more information on up-to-date Vietnam Import Data.
