Spending US$380 billion for imports, China accounts for 38% of country's imports

VCN - In 2024, the total import turnover of the whole country reached US$380.76 billion, an increase of 16.7% year-on-year (or US$54.41 billion), according to statistics of the General Department of Customs.
Vietnam-China trade hits record of US$200 billion Vietnam-China trade hits record of US$200 billion
Việt Nam, China exchange congratulatory messages on 75th anniversary of diplomatic ties Việt Nam, China exchange congratulatory messages on 75th anniversary of diplomatic ties
Việt Nam-China trade exceeded $205 billion in 2024 Việt Nam-China trade exceeded $205 billion in 2024
Goods imported from China through Kim Thanh International Road Border Gate No. II (Lao Cai). Photo: N.Linh.
Goods imported from China through Kim Thanh International Road Border Gate No. II (Lao Cai). Photo: N.Linh.

Imports from China are over US$144 billion

Notably, in terms of import markets, China has a huge advantage. In 2024, the import turnover of goods from this country alone reached US$144.02 billion, a sharp increase of 30.2% year-on-year (or US$33.39 billion) compared to the previous year.

The Chinese market alone accounted for 38% of the country's total import turnover. In 2024, all five largest import groups from China saw a sharp rise.

Specifically, computers, electronic products and components rose 47.7% or US$11.17 billion year-on-year to US$34.59 billion; machinery, equipment, tools and spare parts rose 28.7% to US$28.96 billion; Raw materials for the textile, garment, leather and footwear industry rose 22.3% to US$15.59 billion; phones of all kinds and components rose 24% to US$9.05 billion; iron and steel of all kinds rose 32.5% to US$7.49 billion.

Thus, the above 5 groups alone had a turnover of up to US$95.67 billion, accounting for 66% of Vietnam's total import turnover from the Chinese market.

South Korea is the second largest import market for Vietnam with 55.93 billion USD, up 6.6% (equivalent to an increase of 3.46 billion USD) compared to the previous year.

South Korea is the second largest importer for Vietnam with US$55.93 billion, up 6.6% (or US$3.46 billion) compared to the previous year.

The largest import group from South Korea is computers, electronic products and components with US$%31.89 billion, up 10.9%.

The ASEAN bloc is the third largest import market with US$47.06 billion, up 15% (or US$6.15 billion) compared to the previous year.

Of which, imports of computers, electronic products and components reached US$8.01 billion, up 0.8%; petroleum products of all kinds reached US$4.75 billion, up 11.4); machinery, equipment, tools and other spare parts reached US$2.94 billion, up 13.3%...

In addition to the top three above, the large importers for Vietnam include: Taiwan (China) reached US$22.74 billion, up 23.5%; Japan reached US$21.59 billion, down 0.2%; EU reached US$16.73 billion, up 12%; United States reached US$15.1 billion, up 9.3% year-on-year.

For the first time, Vietnam spent more than US$100 billion to import computers

Regarding imported goods, the group of computers, electronic products and components continues to maintain its leading position.

In particular, in 2024, imports of this group exceeded US$100 billion for the first time, up 21.7% (or US$19.09 billion) compared to the previous year.

Of which, the import turnover of FDI was US$97.49 billion, up 21.3% (or US$17.09 billion) and domestic enterprises was US$9.6 billion, up 26.3% (or nearly US$2 billion).

Vietnam mainly imported this group of goods from the following markets: China reached US$34.59 billion, up 47.7%; South Korea reached US$31.89 billion, up 10.9%; Taiwan (China) reached US$13.86 billion, up 36.1%...

The group of machinery, equipment, tools and spare parts ranked second with US$48.89 billion, up 17.6% over the previous year (or US$7.31 billion).

China is the largest market supplying machinery, equipment, tools and spare parts to Vietnam with US$28.96 billion, up 28.7%; followed by South Korea with US$5.26 billion, down 3.2%; Japan with US$4.01 billion, nearly similar to 2023...

Vietnam-China trade hits record of US$200 billion Vietnam-China trade hits record of US$200 billion

Other major import groups such as: fabric reached US$26.37 billion; iron and steel reached US$19.65 billion; plastic raw materials reached US$17.58 billion.

In general, import groups all had high growth compared to 2023, especially key groups.

By Thai Binh/ Huyen Trang

Related News

Vietnam kicked off the year with a strong start in trade, exceeding US$63 billion in the first month

Vietnam kicked off the year with a strong start in trade, exceeding US$63 billion in the first month

VCN - Data from the General Department of Vietnam Customs indicates a softening of both exports and imports in January 2025, relative to the same month in 2024.
US or China: Who will lead in Vietnamese Tra fish imports?

US or China: Who will lead in Vietnamese Tra fish imports?

VCN - Given that tra fish is a key export commodity for Vietnam's seafood industry, the question arises whether the United States will surpass China as the leading importer of this product in 2025.
Hai Phong Customs processes more than 1,500 declarations during 2025 Lunar New Year holiday

Hai Phong Customs processes more than 1,500 declarations during 2025 Lunar New Year holiday

VCN - During the 2025 Lunar New Year holiday, Hai Phong Customs Department processed 1,547 declarations.
In the first 15 days of 2025, total import-export turnover reached more than US$34 billion

In the first 15 days of 2025, total import-export turnover reached more than US$34 billion

VCN - Total import-export turnover in the first half of January 2025 reached more than US$34 billion, the trade balance had a deficit of nearly US$2 billion.

Latest News

Exchange rate risks need attention in near future

Exchange rate risks need attention in near future

VCN - Exchange rate developments in 2025 are considered to be quite complicated due to US policies related to trade and investment.
Import and export turnover reaches about US$29 billion in the second half of January 2025

Import and export turnover reaches about US$29 billion in the second half of January 2025

VCN - Vietnam's total import and export turnover in the second half of January 2025 (January 16-31, 2025) reached US$28.9 billion, the latest preliminary statistics of the General Department of Vietnam Customs reported.
Market edges up slightly as liquidity remains low

Market edges up slightly as liquidity remains low

Market breadth remained positive, with 161 gainers outnumbering 144 decliners.
Business regulations must be trimmed for development of enterprises: Experts

Business regulations must be trimmed for development of enterprises: Experts

The General Statistics Office (GSO)'s socio-economic report for January 2025 reveals that while over 33,400 newly established or resumed businesses entered the market - marking a 15% increase compared to January 2024 - more than 58,300 businesses withdrew from the market, representing a growth of 8.1% on year.

More News

Vietnam's agricultural product exports shine in 2024

Vietnam's agricultural product exports shine in 2024

The agricultural sector wrapped up 2024 with 62.4 billion USD in export turnover, marking an 18.5% increase against 2023, while achieving a record trade surplus of 18.6 billion USD, surging 53.1%.
Aiming for 16% credit growth and removing credit room allocation

Aiming for 16% credit growth and removing credit room allocation

VCN - A representative of the State Bank of Vietnam (SBV) said that the SBV is gradually innovating its credit management methods, aiming to remove the mechanism of allocating credit room to each credit institution.
Malaysia initiates anti-dumping investigation on galvanised sheets from Việt Nam

Malaysia initiates anti-dumping investigation on galvanised sheets from Việt Nam

Malaysia has announced it will initiate an anti-dumping duty investigation on the imports of galvanised iron coils/sheets or galvanised steel coils/sheets originating from or imported from Việt Nam, China and South Korea.
Coffee prices hit record highs, heightening speculation risks

Coffee prices hit record highs, heightening speculation risks

Phan Minh Thông, Chairman of Phúc Sinh JSC, called the price surge "insane," warning of continued increases as businesses are compelled to trade at elevated prices instead of following pre-set contracts.
Exports witness a rise of US$1 billion in the first 15 days of 2025

Exports witness a rise of US$1 billion in the first 15 days of 2025

VCN - Compared to the same period in 2024, exports in the first half of January 2025 increased by more than 6%, equivalent to nearly USS$1 billion.
Central industrial hub sets ambitious growth target in 2025

Central industrial hub sets ambitious growth target in 2025

The central province has targeted ambitious growth of up to 10 per cent with some key strategic industrial investment projects in 2025, contributing VNĐ25 trillion (US$1 billion) to the State budget.
Demand for dragon fruit in Tiền Giang Province continues to increase

Demand for dragon fruit in Tiền Giang Province continues to increase

Dragon fruit prices in Tiền Giang Province remain high after the Lunar New Year due to increased demand from China and domestic consumption.
Data centres are attracting investors in Asia

Data centres are attracting investors in Asia

The global data centre market reached new heights in 2024, driven by the growing demand for generative AI, which has triggered a new wave of investment.
Sustainable fashion presents promising niche market for textile manufacturers

Sustainable fashion presents promising niche market for textile manufacturers

The combination of sustainability and culture will open up more opportunities for Vietnamese textile enterprises to strengthen their position in the global market and capture the promising Nordic fashion market.
Read More

Your care

Latest Most read
Exchange rate risks need attention in near future

Exchange rate risks need attention in near future

VCN - Exchange rate developments in 2025 are considered to be quite complicated due to US policies related to trade and investment.
Vietnam kicked off the year with a strong start in trade, exceeding US$63 billion in the first month

Vietnam kicked off the year with a strong start in trade, exceeding US$63 billion in the first month

Data from the General Department of Vietnam Customs indicates a softening of both exports and imports in January 2025, relative to the same month in 2024.
Import and export turnover reaches about US$29 billion in the second half of January 2025

Import and export turnover reaches about US$29 billion in the second half of January 2025

VCN - The figure decreased by 15.6% (equivalent to a decrease of US$5.33 billion) compared to the figure in the first half of January 2025.
Market edges up slightly as liquidity remains low

Market edges up slightly as liquidity remains low

Market breadth remained positive, with 161 gainers outnumbering 144 decliners.
Business regulations must be trimmed for development of enterprises: Experts

Business regulations must be trimmed for development of enterprises: Experts

The General Statistics Office (GSO)'s socio-economic report for January 2025 reveals that while over 33,400 newly established or resumed businesses entered the market - marking a 15% increase compared to January 2024 - more than 58,300 businesses withdrew from the market, representing a growth of 8.1% on year.
Mobile Version