Vietnam's daily import expenditure surpasses VND25,000 billion

Officials of Lao Bao Border Gate Customs Branch (Quang Tri Customs Department) supervise import and export activities of goods through Lao Bao international border gate. Photo: Thai Binh.

According to preliminary statistics released by the General Department of Vietnam Customs, Vietnam's total import turnover in the first half of October (October 1-15, 2024) reached US$15.78 billion, a decrease of 5.8% (equivalent to a drop of US$968 million) compared to the second half of September 2024.

Several product groups experienced significant declines, including computers, electronic products, and components, which decreased by US$481 million, or 10%; machinery, equipment, tools, and spare parts decreased by US$156 million, or 7.2%.

Despite these declines in the first half of October, the overall import turnover for the first nine months of the year remains high compared to the same period last year.

From the beginning of the year to October 15, 2024, the total import turnover reached US$294.66 billion, an increase of 17.5% (equivalent to a rise of US$43.93 billion) compared to the same period in 2023.

On average, Vietnam spends over US$1 billion (equivalent to over VND 25 trillion) per day on imports.

Several product groups have seen strong growth, including computers, electronic products, and components, which increased by US$16.82 billion, or 25.2%; machinery, equipment, tools, and spare parts increased by US$5.5 billion, or 17.2%; iron and steel increased by US$1.76 billion, or 22.1%; and textiles increased by US$1.48 billion, or 14.7%.

Specifically, the total import turnover of foreign-invested enterprises reached US$187.72 billion, an increase of 16.7% (equivalent to an increase of US$26.8 billion) compared to the same period in 2023, accounting for 63.7% of the total import turnover of the country.