by Flagpictures.org

Vietnam bought US$381.2 billion worth of imported products from around the globe in 2024, up by 45.9% from $325.4 billion five years earlier in 2020.

Year over year, Vietnam’s spending on imports accelerated by 17.1% compared to $325.4 billion starting from one year earlier for 2023.

Based on the average exchange rate for 2024, the Vietnamese dong appreciated by 4.9% against the US dollar from 2023 to 2024. Vietnam’s stronger local currency from 2023 makes Vietnamese imports paid for in weaker US dollars relatively less expensive when converted starting from the Vietnamese dong.

Domestically, Vietnam’s inflation rate for average consumer prices was 3.624% in 2024 up from an average 3.253% for 2023.

The latest available country-specific data from 2023 shows that 83% of products imported by Vietnam were furnished by exporters in: mainland China (34% of the Vietnamese total), South Korea (16.1%), Japan (6.6%), Taiwan (5.7%), United States of America (4.2%), Thailand (3.6%), Indonesia (2.7%), Australia (2.6%), Malaysia (2.4%), India (1.8%), Kuwait (also 1.8%) and Singapore (1.4%).

From continental perspective, Vietnam bought 82.7% of its import purchases from fellow Asian countries. Another 6% was purchased from trade partners in Europe plus 4.8% coming from suppliers in North America.

Smaller percentages originated from Oceania’s Australia and New Zealand (2.9%), Latin America (2.5%) excluding Mexico but including the Caribbean, and Africa (1.2%).

Given Vietnam’s population of 101.3 million people, its total $381.2 billion in 2024 imports translates to roughly $3,750 in yearly product demand from every person in the East Asian country. That dollar metric exceeds the average $3,300 per capita one year earlier in 2023.

Vietnam’s top 10 imports amounted to just over two-thirds (67.7%) of the overall value of the country’s total product purchases from foreign suppliers.

Imported manmade filaments represent the fastest grower among the top 10 import categories, up by 49% from 2023 to 2024.

The second-greatest increase among Vietnam’s leading imports was for vehicles via a 48.6% gain.

Trailing that were imports of machinery including computers recording a 47.2% advance.

Mineral fuels including oil was the laggard among the top 10 Vietnamese import categories, declining by -37.4% year over year.

Please note that the results listed above are at the 2-digit Harmonized Tariff System code level. Information presented below is at the more granular 4-digit level.

Among these import subcategories, Vietnamese purchases of electric storage batteries (up 42.1%), phone devices including smartphones (up 40.6%), then electrical converters or power units (up 33.3%) grew at the fastest pace from 2023 to 2024.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported electronics among businesses and consumers in Vietnam.

Among these import subcategories, Vietnamese purchases of turbo-jets: (up 2,396%), computer parts or accessories (up 340.4%), then taps, valves and similar appliances (up 119.7%) grew at the fastest pace from 2023 to 2024.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported machinery including computers among Vietnamese businesses and consumers.

Among these import subcategories, Vietnamese purchases of plastic packing goods, lids and caps (up 51.5%), vinyl chloride polymers (up 37%), then polyacetal or ether carbonates (up 31.7%) grew at the fastest pace from 2023 to 2024.

These amounts and the percentage gain(s) within parenthesis clearly show where the strongest demand lies for different types of imported plastics and plastic articles among Vietnamese businesses and consumers.

Among these import subcategories, Vietnamese purchases of lignite (up 134.9%) then petroleum jelly and mineral waxes (up 17.7%) grew from 2023 to 2024.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported mineral fuel related products.
 

See also Vietnam’s Top 10 Exports, Vietnam’s Top Trading Partners, Rice Exports by Country, China’s Top 10 Exports and Top Asian Export Countries

Research Sources:
Central Intelligence Agency, The World Factbook report on East Asia/Southeast Asia: Vietnam. Accessed on June 25, 2025

International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on June 25, 2025

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on June 25, 2025

International Trade Centre, Trade Map. Accessed on June 25, 2025