Export and Import in Vietnam

Vietnam’s export and import landscape is diverse, reflecting its growing economy and manufacturing capabilities. According to Vietnam’s General Statistic Office, Vietnam’s export and import value has been on the rise year-on-year, except for a slight drop in 2023.

Quick Facts and Figures about Vietnam’s Export and Import Landscape

Export value in 2023: approximately 355 billion USD
Top 3 Export Countries: USA, China, South Korea
Import value in 2023: approximately 326 billion USD
Top 3 Import Countries: China, South Korea, Japan

Exporting from Vietnam

The total export value of Vietnam in 2023 was estimated to be around 355 billion USD. Manufacturing activities accounted for 93% of the total export value. Exports by the foreign direct invested sector made up 73% of the total export value, and the remaining 27% is by the domestic economic sector.

Top 4 economic activities by export value

Some main export products

Product	2023 Pre (mil USD)	% of total export
Electronic goods, computers, and their parts	57,325	16%
Phones of all kinds and their parts	52,376	15%
Machinery, instruments, accessories	43,127	12%
Textile, sewing products	33,321	9%
Footwear	20,236	6%
Means of transport and components	14,157	4%
Wood and wooden products	13,469	4%
Fishery products	8,970	3%
Iron, steel	8,347	2%
Cameras, camcorders, and their components	7,619	2%

Electronic goods, computers, phones of all kinds, and their parts: this sector accounts for 31% of the total export value and has seen significant growth.
Machinery, instruments, and accessories: this category accounted for 12% of the total export value, driven by the demand for industrial machinery.
Textile, sewing products, and footwear: Vietnam is one of the world’s largest footwear and textile products exporters, supplying major global brands.

Vietnam’s top export partner countries

In 2023, Vietnam exported approximately 97 billion USD worth of goods to the USA, making it the largest export market for Vietnamese products. The key export products include electrical machinery and equipment, furniture, textiles and garments, footwear, computers and electronic products, agricultural products.
China is the 2^nd largest export market of Vietnam with a value of 61 billion USD in 2023. The electronics sector, particularly mobile phones and components, dominates Vietnam’s exports to China.
South Korea is a crucial trade partner of Vietnam. In recent years, while overall exports to South Korea have seen fluctuations, the electronics sector remains a dominant force in Vietnam’s export profile.

Importing to Vietnam

In 2023, Vietnam recorded total imports of approximately 326 billion USD, with 85% of which from manufacturing activities, 6% from agriculture, forestry, and fishing activities, and 6% from mining and quarrying activities.

Top 4 economic activities by import value

Some main import products

Product	2023 Prel (mil USD)	% of total import
Electronic goods, computers, and their parts	87,965	27%
Machinery, instruments, accessories	41,575	13%
Textile fabrics	13,020	4%
Iron, steel	10,430	3%
Plastic in primary form	9,759	3%
Phones of all kinds and their parts	8,748	3%
Petroleum, refined	8,366	3%
Chemicals	7,725	2%
Chemical products	7,606	2%
Product of plastics	7,508	2%
Coal	7,162	2%
Crude oil	7,080	2%
Auxiliary materials for textiles, footwear	5,993	2%
Iron, steel products	5,339	2%
Cattle feed and supplies	4,952	2%

Electronic goods, computers, and their parts: This category alone constituted a significant portion (27%) of Vietnam’s total imports, highlighting the country’s reliance on advanced technology and components for its manufacturing sector.
Machinery, instruments, accessories: The demand for machinery reflects Vietnam’s industrial growth, particularly in manufacturing and assembly processes
Textile fabrics: The considerable share of textile fabric import shows the strength of the country’s clothing manufacturing capability.
Plastics and Raw Materials: With a growing plastic industry, Vietnam imports substantial amounts of plastic materials to meet domestic demand, which exceeds local production capabilities

Vietnam’s top import partner countries

China is the primary supplier of essential raw materials and components for Vietnam’s manufacturing sectors, particularly electronics, textiles, and machinery. In 2023, about 34% of Vietnam’s total imports came from China, amounting to approximately $111 billion. Major imports include computers and electronic products, machinery and equipment, textile raw materials.
South Korea is the 2^nd largest supplier of Vietnam, accounting for around 16% of the country’s total import value in 2023. Major imports from S. Korea include electrical machinery and electronics, mineral fuels and oils, plastics, vehicles and parts, etc.
Vietnam imports a diverse range of products from Japan, including electrical and electronic equipment, machinery, plastics, technical and medical apparatus, vehicles, basic metals, chemicals and chemical products, etc.

Frequently Asked Questions about Import and Export Markets in Vietnam

What are the key factors driving Vietnam’s export/import growth?

The key factors driving Vietnam’s export growth are manufacturing and processing sector expansion, increased global demand, FTAs and improved trade relations, diverse export markets, and government support and policy reforms. The key factors driving Vietnam’s import growth are FDI in advanced technology, foreign raw materials, which accounted for a significant portion of total imports, consumer demands, and strategic import policies.

What role does the FDI sector play in Vietnam’s export/import growth

Foreign Direct Investment (FDI) plays a pivotal role in Vietnam’s export and import growth, significantly influencing the country’s economic landscape. FDI helps enhance the country’s export capacity by allowing Vietnamese products to penetrate various international markets, reducing reliance on a limited number of export destinations. FDI brings advanced technology and management practices into Vietnam, improving productivity and efficiency, and enabling production of higher-quality products. As Vietnam’s manufacturing sector grows due to FDI, there is an increased demand for imported raw materials and components necessary for production. The influx of FDI contributes significantly to Vietnam’s GDP growth, enhancing overall economic stability, and boosting domestic consumption while helping the development of a skilled workforce.

Interested to learn more about the Vietnam for your business?

Here at GLOBAL ANGLE, we offer Vietnam market research. Our local Vietnamese partner, team members, and local researchers are based in the country for fieldwork and comprehensive market research and business consulting services. We can provide insights and analysis on Vietnam’s Import and Export landscape according to your needs.