Spending more than US$91 billion importing goods from China

Cao Bang Customs officers check imported automobiles from China. Photo: T.Bình

According to the General Department of Vietnam Customs, by the end of September 2022, Vietnam spent up to US$91.16 billion importing goods from China, rising 12.6% over the same period last year and accounting for 33.1 % of the total import turnover of the country.

On average, Vietnam spends more than US$10 billion each month importing goods from this neighboring country.

Not only does holding the number 1 position, but the market shares of import turnover from China also far exceed the remaining markets.

For example, compared with the second largest import market, South Korea, China's market share exceeded 15.6 percentage points, equivalent to more than US$43 billion (South Korean's market reached US$48.12 billion, accounting for nearly 17.5% of the country's import turnover).

With the great advantage mentioned above, China is present in most of Vietnam's imported goods groups, from technology to machinery, equipment or raw materials for production, including consumer goods, with a turnover from hundreds of millions to more than US$10 billion/group.

Additionally, the great advantages that can be mentioned are included: computers, electronic products and components reaching US$18.74 billion, increasing 20.4% over the same period in 2021; machinery, equipment, tools and spare parts US$18.73 billion, declining slightly by 0.3%; raw materials for textiles and garments, leather and footwear accounted for 53% of this group with US$ 11.07 billion, rising 9.3%.