Computers, electronic products, and components took the lead as their import turnover amounted to US$9.73 billion, including US$3.22 billion sourced from China, US$2.68 billion from the Republic of Korea, and US$1.53 billion from Taiwan (China).

Machinery, equipment, tools, and spare parts ranked second with a turnover of approximately US$4 billion, of which imports from China hit US$2.54 billion, accounting for 63.64% of the country’s total import turnover and representing a slight increase of nearly US$40 million compared January 2024.

The remaining billion-dollar group of products was garments and textiles with a turnover of roughly US$1.1 billion, down 8% year on year, with imports from China making up 71.48%.

Economic expert Vu Vinh Phu pointed out that the major import proportion from the Chinese market is not a concern as most import items were raw materials for domestic production.

However, he stresses the need to further improve the overall competitiveness of domestic goods in a bid to increase exports to this lucrative market, especially as Vietnam still imports a lot of agricultural products and consumer goods from the northern neighbour.

In addition, local firms are required to improve the product quality to remain competitive with similar products from other countries in the Chinese market.

He also underscores the importance of enhancing transportation capacity and reducing logistics costs to boost the competitiveness of businesses moving forward.

Statistics indicate that Vietnam spent US$30.06 billion on importing goods in January, of which the domestic economic sector spent US$10.89 billion, down 22.2%, while the foreign-invested sector’s imports reached US$19.17 billion, down 8.7%.

Vietnam imposes VAT on low-value imported goods

Goods valued under VND1 million (US$39.18) will no longer qualify for VAT exemption when they are imported into Vietnam via express delivery services under the Prime Minister’s recent decision.