Update Vietnam’s import market in 2022

Market Information
icon date25/07/2023

How has Vietnam’s export market been recently? What are the main import groups? Let’s follow us under the in-depth article here!

Popular imported products in Vietnam 2022
Here are some of the main products imported to Vietnam in 2022:

Computers, electronic products and components

The group of computer products, electronic products and components with import value increased rapidly in 2022, up 20.9% over the previous month.

Generally, in the first quarter of 2022, the import rate of this group reached 16.55 billion USD, up 20.2% over the same period last year and accounted for the largest proportion up to 22% in the total import value of the whole country.

Thus, it can be seen that imports of this group of goods in the first quarter of 2022 increased by 2.78 billion USD, this is the largest increase in all key commodity groups of Vietnam.

Over the past three months, this group of Vietnamese imports has mainly increased sharply in large markets such as: China with more than 4.64 billion USD, up 66%, in Taiwan with 2.22 billion USD, up 45% over the same period last year.

Besides, imports from the second largest market, South Korea, decreased again, with a value of USD 4.38 billion, down USD 296 million, equivalent to a decrease of 6%.

Machines, equipment, tools, spare parts

This is the group of items with the second largest export value of Vietnam, reaching 4.02 billion USD, up 38.1% over the previous month. Since then, the import value of this group of goods has increased rapidly to 10.84 billion USD, up 30.9% over the same period last year.

The market supplying Vietnam’s export products is China with a total value of USD 5.33 billion, up 69% and accounting for 49% of the total value of imported machinery, equipment and spare parts of the country.
Followed by Vietnam imported from the Korean market with USD 1.77 billion, up 15%; Japan with 1.09 billion USD, down 4% compared to the same period last year

Group of raw materials for textiles, leather and shoes

Total import turnover of Vietnam in the group of textile, leather and footwear materials and accessories reached US$2.27 billion, a sharp increase of 55.3% over the previous month, equivalent to an increase of US$810 million.

Only in the first quarter of 2022, the import rate of this group increased by 13.1% to reach 5.79 billion USD compared to the same period in 2021.

Currently, China is still the largest market supplying leather footwear and accessories to Vietnam, accounting for a high proportion of 49%, up 25.2% with 2.82 billion USD over the same period last year.
Followed by markets: Taiwan with 609 million USD, up 5.2%; Korea with USD 565 million, 6.4%; US with $ 375 million, down 27.2%

What is the import rate of Vietnam in recent times?
Overall assessment of Vietnam’s import rate in recent years has been increasing rapidly, in the beginning of February 2022 alone, there were 13 imported items with a value of over 1 billion USD, accounting for 71.9% of the total import turnover.

Among those 13 imported items, electronics, computers and components had the largest trade deficit of 5.77 billion USD, followed by plastic materials with 1.7 billion USD, chemical products 1.1 billion USD, petroleum 848 million USD; coal 844 million USD; Common metals are 811 million USD… Most of these items are imported raw materials and fuels to serve the needs of domestic production.

In terms of structure in 2022, the capital goods group accounts for 93.8% of the total turnover at the beginning of 2022. Looking at this data, it shows that the import value of means of production increases and accounts for a large proportion, which is also a sign of the recovery of domestic production.

Future orientation of Vietnam’s import industry

The future direction of Vietnam’s import industry is the rapid increase in human resources and investment linkage model. Therefore, many businesses have abundant employees, rich labor force, and expand the scale of investment in Vietnam.

Human Resources
Thanks to the advantage of abundant human resources, young workers have brought many advantages to Vietnam’s import market, and created potential and golden opportunities to help our country develop in the near future.

Training link model

Vietnam pays special attention to many joint training models or centers, the State’s leading role will be a model that needs to be replicated in the future. This will help Vietnam create high-quality human resources, while also helping businesses save time and training costs.

With the overall picture of the economy growing strongly, Vietnam’s import and export activities will play a pivotal role in the near future and Vietnam’s key products will be increasingly replicated.