Import and Export Markets in Vietnam (2024/2025)

2024 Review

Vietnam’s import and export landscape remains highly dynamic, reflecting its robust manufacturing capabilities and a strong recovery in global trade activity. According to preliminary trade statistics, the country’s total trade value saw a significant rebound in 2024, maintaining a consistent surplus and returning to an upward trend following the slight dip experienced in 2023.

Vietnam’s Imports (2024)

Some main import products:

• Electronic goods, computers, and their parts: This category remains the cornerstone of Vietnam’s import profile, representing 28% of the total import turnover for the year. The heavy volume of these imports underscores the manufacturing sector’s critical reliance on sophisticated foreign components and high-tech inputs to drive its production lines.
• Machinery, instruments, and accessories: Accounting for 13% of the nation’s total imports, the demand for these goods highlights the continuous scaling of Vietnam’s industrial infrastructure. This consistent procurement of tools and equipment is essential for supporting the country’s expanding assembly and manufacturing capabilities.
• Textile fabrics: The significant inflow of textile fabrics, which constitutes 4% of the total import value, serves as a key indicator of the massive scale of Vietnam’s apparel industry. These materials are vital for maintaining the country’s position as a leading global exporter of finished garments.
• Plastics and Raw Materials: To support a growing domestic plastics industry that often outpaces local production, Vietnam imported a substantial volume of plastic in primary form and plastic products, which together make up approximately 5% of the total import expenditure for 2024.

Vietnam’s top import partner countries

• China continues to be Vietnam’s most vital source of industrial inputs, providing approximately 37.8% of the nation’s total import volume at a value of $144.02 billion. This market is the primary supplier for high-tech components, heavy machinery, iron and steel, and essential raw materials for the textile and footwear sectors.
• Ranking as the second-largest provider, South Korea plays a pivotal role in feeding Vietnam’s production lines, accounting for nearly 15% of all imports with a total value of $55.93 billion. The trade profile is heavily weighted toward the electronics sector, supplemented by significant shipments of machinery and metal products.
• Japan remains a steady and diversified trade partner, with Vietnam’s imports from the country reaching $21.59 billion in 2024. Key procurement categories from this market include sophisticated machinery, technical equipment, and iron and steel products.

Vietnam’s Exports (2024)

Some main export products:

• Electronic goods, computers, phones of all kinds, and their parts: This dominant sector constitutes approximately 31% of the total export turnover.
• Machinery, instruments, and accessories: This category accounts for 13% of the total export value. The sector experienced an expansion in 2024, fueled by heightened international demand for industrial and technical equipment.
• Textiles, sewing products, and footwear: Vietnam remains a premier global manufacturing hub for major international brands. Together, these labor-intensive industries represent 15% of the nation’s total export earnings for the year.

Top export partner countries in Vietnam:

• In 2024, Vietnam exported $119.46 billion worth of goods to the USA, making it the largest export market for Vietnamese products. Key export products for this market include computers, electrical products, spare-parts and components, machines, equipment, tools and instruments, textiles and garments, and telephones, mobile phones and parts.
• China is the 2nd largest export market of Vietnam with a value of $60.89 billion in 2024. The electronics sector remains dominant, led by telephones, mobile phones and parts and computers, electrical products, spare-parts and components, despite those specific categories seeing slight year-on-year decreases.
• The Republic of Korea (South Korea) is a crucial trade partner and the 3rd largest export market, with a total value of $25.55 billion in 2024. The electronics sector is a primary force in this profile, with major exports consisting of computers and electrical products and telephones and parts, followed by machines and equipment and textiles and garments.

2025 Review

Based on the preliminary trade performance data for the full year of 2025, Vietnam’s total export turnover reached $475.06 billion, a 17% increase compared to 2024.

Vietnam’s Import (2025)

In 2025, Vietnam’s total import turnover grew by 19.4% compared to 2024, reaching a total of $455.01 billion. Here is how the main import products compared to the previous year:

• Computers and Electronics: This sector was the primary driver of import growth, surging by 40.7% (an increase of $43.58 billion) over 2024.
• Machinery and Equipment: Demand for industrial tools rose significantly, with imports increasing by 24.8% (up $12.13 billion) compared to the prior year.
• Industrial Raw Materials: Growth in this category was more moderate; textile, leather, and footwear materials grew by 2.3%, while plastics saw a 6.3% increase over 2024 levels.
• Metals and Plastics: Imports of plastic products, iron, steel, and other base metals each saw individual billion-dollar increases compared to their 2024 totals.

Vietnam’s top import partner countries:

• China: Remained the dominant supplier with a value of $186.03 billion (up from $144.02 billion), driven by a 52.6% surge in electronics and a 33.2% rise in machinery.
• South Korea: Continued as the second-largest provider at $60.54 billion (up from $55.93 billion), led by an 18.9% increase in high-tech electronic components.
• Taiwan: Reached $33.03 billion (up from $22.74 billion), seeing a massive 71% spike in the procurement of computers and electronic products.
• Japan: Increased to $24.68 billion (up from $21.59 billion), with a notable 21.7% growth in industrial machinery and equipment.

Vietnam’s Export (2025)

In 2025, Vietnam’s total merchandise export turnover reached $475.06 billion, representing a 17% increase compared to 2024. Below is a concise breakdown of the primary export products for 2025 and their performance compared to the previous year:

• Computers and Electronics: This sector was the leading driver of export growth, reaching $107.75 billion. It saw a massive 48.4% surge (an increase of $35.15 billion) over the 2024 figures.
• Machinery and Equipment: This category reached $59.05 billion, marking a 13.2% increase compared to the prior year. It contributed $6.88 billion to the overall export growth in 2025.
• Telephones and Mobile Phones: Export value for this group totaled $56.71 billion, a 5.2% growth from 2024. This sector provided a $2.82 billion increase to the national export total.
• Textiles and Garments: Totaling $39.64 billion, this sector experienced a 7% rise compared to the previous year. The industry grew by $2.60 billion over its 2024 performance.
• Agricultural and Fishery Products: This group saw significant momentum, with fruit and vegetable exports alone reaching over $8 billion, an 18% increase from 2024.

Vietnam’s top export partner countries:

• United States: Solidified its top position at $153.18 billion (up from $119.46 billion), driven by an 81.4% surge in computer and electronic exports.
• China: Reached $70.45 billion (up from $60.89 billion), with strong growth in machinery and electronics offsetting a slight 2.5% dip in phone exports.
• South Korea: Rose to $28.94 billion (up from $25.55 billion), despite an 8.4% decline in the textile and garment sector.
• Japan: Increased to $26.77 billion (up from $24.59 billion), supported by a 6.1% growth in textile exports.
• European Union: Maintained growth in core sectors, with textile and electronic exports rising approximately 10% each over 2024 levels.

Targets and Strategic plans for 2026

The Vietnamese government and the Ministry of Industry and Trade (MoIT) have established ambitious targets and strategic pillars for 2026 to transition toward high-value manufacturing and sustainable growth.

Future Targets for 2026

Building on the record trade performance of 2025, the official targets for 2026 include:

• Export Turnover Growth: An increase of over 8% compared to 2025.
• Trade Surplus: A target of approximately $25 billion.
• Industrial Production Index (IIP): A projected increase of 11%.
• Overall Economic Ambition: Prime Minister Pham Minh Chinh has explicitly challenged the sector to achieve double-digit growth by renewing traditional drivers (exports and consumption) and promoting new growth drivers

Government Strategic Plans and Incentives

The government’s strategy for the 2026–2030 period focuses on institutional reform and deeper global integration through the following initiatives (Sources: 1, 2):

• Industrial Restructuring for High-Value and Sustainable Growth: The government is shifting its focus from raw material exports toward high-tech, high value-added manufacturing. A key priority is increasing the localization rate to enhance economic self-reliance and reduce dependence on imported components, while utilizing digital and green transformations as core growth drivers.
• Global Integration and Market Diversification: Vietnam aims to deepen its international presence by maximizing the benefits of existing and new-generation Free Trade Agreements (FTAs). This includes a strategic shift toward niche markets by studying global demand rather than just domestic supply capabilities.
• Modernizing Logistics and Governance: A major priority is the acceleration of the National Logistics Strategy to lower transportation and warehousing costs. Parallel to this, the government is implementing institutional reforms such as data-driven governance, decentralization, and the expansion of the national single-window mechanism to align with international standards.

Conclusion

Vietnam’s trade performance across 2024 and 2025 reflects a historic surge, with total turnover growing from $786.29 billion to a record $930.07 billion. This growth, supported by a ten-year consecutive trade surplus, has propelled the nation into the world’s top 15 trading economies while shifting its focus toward high-value manufacturing, which now accounts for nearly 89% of export value. Moving forward, the government’s commitment to industrial restructuring and the “Six Pioneering Roles” positions Vietnam to maintain its momentum and navigate global challenges through enhanced localization and digital transformation.