INTRODUCTORY FACTS

According to the global trading pattern, Vietnam is considered one of the low-middle-income countries in the world. The country is open to trade and welcomes collaborations from almost all the nations in the world. This blog is going to focus on the import trends of the nation with respect to the last 5 years (2017-2021). These insights derived from the web are researched, formulated, and created by official authorities, government bodies, and other related agencies and companies.

Due to the friendly nature of the nation, the trade statistics are going up every year with a significant amount of difference which clearly explains the point that why Vietnam is one of the most rapidly growing and developing nations in the world. Although overseas trade saw a decline during the pandemic time, after everything got normal, the trade of Vietnam with international countries is boosting and crossing new benchmarks. Some of the biggest import partners of Vietnam as mentioned in Vietnam Import Data are China, Korea, Japan, Taipei, and the USA. We will discuss the numbers and statistics in more detail in this blog later.

IMPORTS TO VIETNAM – INSIGHTFUL TRENDS (2017-2021)

VIETNAM IMPORTS (2017-21)

YEAR

IMPORTS WORTH

REMARKS

2017

USD 213.21 billion

+22.4%

2018

USD 236.86 billion

+11.26%

2019

USD 253.44 billion

+7.20%

2020

USD 261.30 billion

+3.11%

2021

USD 330.75 billion

+26.4%

From the above Vietnam Trade Data table of the past 5 years, we can clearly observe that imports of goods are rising every year. After a slow increase in the year 2020 due to the pandemic, the imports to Vietnam as per Vietnam Import Data 2021, shot up by 26% which is the highest in 5 years.

TOP 10 IMPORTS TO VIETNAM – 2021

Based on Vietnam Import Data for the year 2021, the top 10 items that are imported the most by Vietnam from the world are as follows:

·        Electric machines and equipment (USD 118.14 billion)

·        Mechanical tools and appliances (USD 24.11 billion)

·        Plastic items (USD 19.98 billion)

·        Mineral fuels, oil, and other ground substances (USD 16.39 billion)

·        Iron & steel (USD 14.74 billion)

·        Optical and precision tools (USD 7.96 billion)

·        Light automotive (USD 7.44 billion)

·        Knitted fabrics (USD 6.62 billion)

·        Organic chemicals (USD 5.56 billion)

·        Cereals (USD 5.15 billion)

It has been observed from Vietnam Import Data that Vietnam Imports electric machines the most, i.e., almost 35.7% of total imports from the world. This is then followed by imports of mechanical machines and tools which contributed 7.2% of total imports in Turkey in the year 2021.

TOP 10 IMPORT PARTNERS OF VIETNAM – 2021

Just like Vietnam Import Data maintains the list of top imports to the nation, similarly, it also maintains a list of the top 10 import partners, i.e., the countries from whom Vietnam Imports the most. The list for the year 2021 is as follows:

·        China (USD 109.85 billion)

·        Korea (USD 56.11 billion)

·        Japan (USD 22.60 billion)

·        Taipei (USD 20.75 billion)

·        The United States (USD 15.17 billion)

·        Thailand (USD 12.55 billion)

·        Malaysia (USD 8.13 billion)

·        Australia (USD 7.94 billion)

·        India (USD 7.60 billion)

·        Kuwait (USD 6.94 billion)

China is the major source of imports which accounts for almost 33% of total imports. This is followed by imports from Korea which is 17% of total imports.

Other countries that are on this list as per Vietnam Import Data 2021 are Cambodia, Ireland, and Singapore.

FINAL OPINION OF TRADEIMEX INFO SOLUTION PVT. LTD.

In our view, the Vietnamese market is the best market if any trader wants to expand his market and customer base. The country is an idle spot to discover new opportunities and avenues as it is a rapidly developing nation and new changes and amendments are coming every now and then. We recommend every trader explore the Vietnamese market if not done yet.

GENERAL ADVICE TO ALL OUR READERS

We truly want to know your thoughts on this elaborative and descriptive analysis of the Vietnamese market with regard to its Imports presented by us after high research and fact-checking from Vietnam Export Data 2021 records. Also, if you are reading our blog for the first time, then we recommend you visit our blog site and go through our blogs as per your preference chart. Also, if you are interested in buying any of our products, get in touch with us today.

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