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

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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

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.