The Socialist Republic of Vietnam is Asia’s eighth-richest country behind leading juggernauts China, India and Japan in terms of Gross Domestic Product (GDP). Vietnam was also the world’s fifth-fastest growing economy from 2019 to 2020. These financial accomplishments showcase Vietnam as a promising consumer market for international sellers of imported goods.

The 100 most valuable consumer products imported into Vietnam accumulated a subtotal US$101.1 billion worth of spending on international goods in 2020. That consumer-specific dollar amount represents 36.1% of the overall value of all goods imported into Vietnam. The Southeast Asian nation’s overall amount for imported products totaled an estimated $280.3 billion worth of spending.

Among the most valuable consumer products imported into Vietnam during 2020 were: phones including smartphones; processed petroleum oils; coal including solid fuels made from coal; computer parts or accessories; and corn.

The total dollar amount for the top 100 imported consumer products increased by 18.9% from 2019 to 2020 for the nation nicknamed Nam (means “south” in Chinese). Vietnam’s top 100 consumer metric outpaced the 10.6% gain for all of Vietnam’s imported goods for the year.

Vietnam’s demand for imported consumer products also far exceeded than the global average, which was a decline of -8.2% from 2019 to 2020 for all importing countries.

Among the top 100 consumer products imported by Vietnam, 74 increased in total value from 2019 to 2020 whereas 26 declined.

Changes in Vietnamese consumer demand for essential imports offer future opportunities for international suppliers who correctly anticipate which upward or downward trends will continue.

Consumer Products Defined

Economics educator BoyceWire defines a consumer product as a final good or end product that a business creates for consumers to buy. For example, consumers often purchase refined petroleum oil at the gas station while imported crude oil is an intermediate good subject to further processing before being sold to end users.

Although there may be a few wealthy individual buyers, products like turbojets are excluded from the consumer products targeted by this study. That is because turbojets are usually purchased by corporations. In contrast, it is common for a consumer to buy a motorcycle.

Types of Consumer Products

This article focuses on 3 distinct consumer product types.

Convenience Products are easy to access, non-durable, have relatively lower prices and therefore consumers frequently purchase them. Examples of convenience products are food, alcoholic or non-alcoholic drinks, and soap.

Shopping Products are not as easily available, involve more time to make a buying decision, are durable and are not bought as often as most convenience products. A great example of a shopping product is a mobile phone where buying the wrong model is a much more expensive mistake than buying a disappointing loaf of bread.

Speciality Products describe another consumer product type. This grey area includes infrequently purchased, expensive, durable and sometimes rare items. Consumers may consider the product’s brand image when making their purchase decisions. Some examples of speciality products are gold, silver, diamonds, jewelry, and branded refrigerators and dishwashers.

Vietnam’s Most Valuable Imported Convenience Products

The list below showcases the most valuable imported convenience products on which buyers in Vietnam spent the most. Items were selected at the four-digit Harmonized System tariff classification code level and are presented in descending order.

You can also peruse the greatest increases or decreases in product values from 2019 to 2020 by focusing on the percentages displayed to the right of each product name.

Processed petroleum oils: US$4,003,867,000 (down -36.9%)
Coal, solid fuels made from coal: $2,991,423,000 (down -14.9%)
Corn: $2,095,072,000 (down -9.4%)
Medications: $1,742,043,000 (down -33.6%)
Miscellaneous plastic items: $1,472,093,000 (down -33.9%)
Other food preparations: $819,404,000 (down -2%)
Plastic packing goods, lids, caps: $784,928,000 (up 37.8%)
Whole fish (frozen): $721,832,000 (down -10.3%)
Soya beans: $716,310,000 (up 4.4%)
Apples, pears (fresh): $668,559,000 (up 329.1%)
Palm oil: $665,568,000 (up 25.4%)
Miscellaneous fruits (fresh): $607,742,000 (up 98.4%)
Fresh or dried citrus fruit: $573,502,000 (up 2151%)
Frozen beef: $570,159,000 (up 73.9%)
Onions, garlic, leeks: $569,367,000 (up 686.8%)
Sugar (cane or beet): $553,104,000 (up 393.8%)
Waters with added sugar: $539,224,000 (up 189.6%)
Cigars/cigarellos, cigarettes: $528,732,000 (up 2033485%)
Other organic cleaning preps: $454,718,000 (up 0.1%)
Sweetened milk, cream: $421,286,000 (up 6.9%)
Malt extract, food preparations: $420,259,000 (down -0.6%)
Grapes (fresh or dried): $412,152,000 (up 252.8%)
Crustaceans (including lobsters): $366,944,000 (up 8.1%)
Swine meat: $358,942,000 (up 550.4%)
Alcohol (including spirits, liqueurs): $354,009,000 (up 1064%)
Miscellaneous nuts: $311,902,000 (up 58.1%)
Poultry meat: $296,805,000 (up 10.4%)
Plastic wares (table, kitchen, bath): $270,510,000 (up 447.6%)
Partially prepared dried vegetables: $266,229,000 (up 22.7%)
Coconuts, Brazil nuts, cashews: $262,129,000 (down -85.4%)
Uncoated paper for writing/print: $258,641,000 (up 1%)
Moluscs: $249,843,000 (up 25.2%)
Cherries/peach/nectarine/plum: $225,143,000 (up 429.8%)
Antibiotics: $215,845,000 (down -16.8%)
Bread, biscuits, cakes, pastries: $204,574,000 (down -2.3%)
Tea (including flavored): $201,701,000 (up 552.4%)

Convenience products led by the products listed above represent the Asian country’s second-most popular import product type attracting Vietnam’s international spending behind shopping products but ahead of speciality goods.

Non-durable consumer products are goods that are not re-used once consumed. Alcoholic beverages and bananas are examples of non-durable goods. Convenience products are uniquely non-durable consumer products.

Vietnam’s Most Valuable Imported Shopping Products

Below, the list highlights the most valuable imported shopping products on which buyers in Vietnam spent the greatest amounts. Items were selected at the four-digit Harmonized System tariff classification code level and are presented from highest to lowest total amounts.

The percentages displayed to the right of each product name reveal the highest increases or decreases in Vietnamese spending on that specific type of shopping product from 2019 to 2020.

Phones: US$21,115,402,000 (up 32.3%)
Lower-voltage switches, fuses: $3,313,960,000 (up 14.3%)
Hot-roll iron/non-alloy steel items: $3,175,190,000 (down -11%)
Electrical converters/power units: $2,640,018,000 (up 48.1%)
Computer parts, accessories: $2,387,928,000 (up 69.8%)
Insulated wire/cable: $2,199,156,000 (up 25.9%)
Automobile parts/accessories: $2,175,539,000 (down -4.4%)
Cars: $2,086,609,000 (up 4.1%)
Microphones/headphones/amps: $1,947,793,000 (up 65.1%)
Printing machinery: $1,507,841,000 (up 48.1%)
Wide knit or crochet fabrics: $1,423,839,000 (up 24.9%)
Computers, optical readers: $1,396,730,000 (down -31.4%)
Insoles, heel cushions: $1,226,653,000 (up 28.7%)
Women’s clothes (unknit): $1,114,069,000 (up 3040%)
Trucks: $860,920,000 (up 16.4%)
Puzzles, miscellaneous toys: $809,657,000 (up 803.7%)
Miscellaneous iron or steel items: $766,204,000 (down -46.8%)
Motorcycle parts/accessories: $708,182,000 (up 154%)
Prepared glues, adhesives: $705,451,000 (up 12%)
Seats (not barber/dentist chairs): $702,827,000 (up 103.1%)
Screws, bolts, washers, hooks, pins: $674,543,000 (up 17.2%)
Miscellaneous furniture: $608,746,000 (up 229.4%)
Packaged insecticides, herbicides: $554,726,000 (down -36%)
Footwear (rubber or plastic): $533,129,000 (up 2151%)
Meat/fish/crustacean flour, pellets: $481,144,000 (down -11.4%)
Rubber tires (new): $451,141,000 (up 16.3%)
Motorcycles: $444,445,000 (up 2.3%)
Paper containers, wadding: $439,741,000 (up 82.3%)
Cases, handbags, wallets: $420,830,000 (up 187.5%)
Iron/steel tables, household items: $354,223,000 (up 567.4%)
Sports equipment: $334,896,000 (up 150.8%)
Orthopedic appliances: $333,569,000 (down -0.2%)
Household porcelain items: $331,394,000 (up 2334%)
Miscellaneous textile items: $298,601,000 (up 373.8%)
Women’s clothing (knit or crochet): $295,265,000 (up 1880%)
Vulcanized rubber items: $289,348,000 (down -42.8%)
Bras, corsets (unknit/non-crochet): $288,631,000 (up 931.8%)
Unrecorded sound media: $279,402,000 (up 23%)
Footwear (textile): $276,981,000 (up 521.5%)
Glass bottles, other containers: $246,359,000 (up 233.3%)
Paints, varnishes: $237,630,000 (down -4%)
Bovine or equine hides, skins: $230,480,000 (down -40.2%)
Miscellaneous aluminum items: $225,166,000 (down -75%)
Household glassware: $222,334,000 (up 176.8%)
Sanitary towels, baby liners: $222,280,000 (up 96.4%)
Sportswear (unknit/non-crochet): $220,606,000 (up 2055%)
Video console games, table games: $220,143,000 (up 623%)
Plastic tile or roll coverings: $207,145,000 (up 265.4%)

Focusing on the scope of this analysis, shopping products is Vietnam’s most popular category ahead of both convenience products and speciality items.

Shopping products approached half (48) of the overall top 100 Vietnamese imported consumer goods.

Durable consumer products are goods like cars, refrigerators and furniture that last a relatively long time. Consumers can put durable products to use again and again. Note that shopping products and speciality products are considered as durable consumer products.

Vietnam’s Most Valuable Imported Speciality Products

Speciality products represent the category with the fewest entries among Vietnam’s imports that attracted the country’s spending on imported consumer goods during 2020.

Selected at the four-digit Harmonized System tariff classification code level, the most valuable speciality items are listed in descending order below.

The percentage to the right of each product name reveal highest increases or decreases in 2020 compared to 2019.

Liquid crystal/laser/optical tools: US$2,996,356,000 (up 86.7%)
Electric storage batteries: $2,634,457,000 (up 44.3%)
Air conditioners: $1,115,107,000 (up 3.5%)
Household base metal mountings: $898,200,000 (up 150.7%)
Electric water heaters, hair dryers: $795,665,000 (up 78.4%)
Liquid pumps: $556,390,000 (up 20.5%)
Refrigerators, freezers: $525,558,000 (down -10.9%)
Temperature-change machines: $489,308,000 (up 17.3%)
Fertilizer mixes: $472,800,000 (up 9.9%)
Beauty/makeup/skin care: $472,574,000 (up 163.9%)
Interchangeable hand tools: $395,154,000 (up 43.1%)
Sewing machines, related furniture: $378,226,000 (down -22.5%)
Magnets, electro-magnets: $367,886,000 (up 19.5%)
Electric generating sets, converters: $325,573,000 (down -58.6%)
Dishwash/clean/dry/fill machines: $307,377,000 (down -11.1%)
Washing machines: $226,992,000 (up 6.8%)

Like shopping products, speciality products are considered as durable consumer products.

Based on the product types identified in the sections above, 64 of Vietnam’s 100 highest-value consumer shopper plus speciality products are durable while the remaining 36 convenience products are classified as non-durable.

Vietnam’s Overall Fastest-Growing Consumer Imports

Listed below are the top 10 consumer products imported into Vietnam that experienced the highest percentage increases in spending from 2019 to 2020.

Cigars, cigarellos, cigarettes: Up 2,033,485% ($528.7 million)
Unknitted/non-crocheted women’s clothing: Up 3,040% ($1.1 billion)
Household porcelain items: Up 2,334% ($331.4 million)
Rubber or plastic footwear: Up 2,151% ($533.1 million)
Fresh or dried citrus fruit: Up 2,151% ($573.5 million)
Unknitted/non-crocheted sportswear: Up 2,055% ($220.6 million)
Knitted/crocheted women’s clothing: Up 1,880% ($295.3 million)
Alcoholic beverages including spirits, liqueurs: Up 1,064% ($354 million)
Unknitted/non-crocheted bras, corsets: Up 931.8% ($288.6 million)
Models, puzzles, other miscellaneous toys: Up 803.7% ($809.7 million)

Among the above top 10 gainers, 7 qualify as durable goods that consumers can re-use over time. All 7 of those durable items with accelerating sales to importers in Vietnam are shopping products including women’s clothing, household items made from porcelain, and miscellaneous toys.

The fastest-growing convenience products imported into Vietnam are cigars, cigarellos and cigarettes, fresh or dried citrus fruit, and alcoholic drinks including spirits and liqueurs. Consumers consider these items as non-durable products, commonly referred to as disposable goods that normally are used only once.

Vietnam’s Overall Worst-Declining Consumer Imports

Spending by buyers in Vietnam on the following 10 items decreased in value at the severest rate from 2019 to 2020.

Miscellaneous items made from aluminum: Down -75% ($225.2 million)
Electric generating sets, converters: Down -58.6% ($325.6 million)
Miscellaneous items made from iron or steel: Down -46.8% ($766.2 million)
Vulcanized rubber items: Down -42.8% ($289.3 million)
Bovine or equine hides, skins: Down -40.2% ($230.5 million)
Processed petroleum oils: Down -36.9% ($4 billion)
Packaged insecticides, herbicides: Down -36% ($554.7 million)
Miscellaneous items made from plastic: Down -33.9% ($1.5 billion)
Medications: Down -33.6% ($1.7 billion)
Computers including optical readers: Down -31.4% ($1.4 billion)

Three among Vietnam’s top 10 declining imports are non-durable convenience products consumed one time. These are processed petroleum oils, miscellaneous items made from plastic, and medications.

Six among the remaining major import decliners are shopping products that normally require more time for consumers to make buying decisions. Purchases under the shopping products category are more likely to be deferred than convenience products. Examples of these shopping goods range from insecticides to computers.

The one speciality product category among Vietnam’s severest decliners were electric generating sets or converters.

Key Suppliers by Country

This analysis reveals competitive suppliers that target demand for 5 of Vietnam’s top consumer import products.

For Vietnam, the biggest imported consumer product by value is phones including smartphones. The 4 other leading consumer products imported into Vietnam are refined petroleum oils, coal and similar fuels made from coal, computer parts or accessories, and corn.

Below, you will find major supplying countries for Vietnam’s imported:

Phones: China (55.1% of total), South Korea (38.2%), Japan (1.7%), Thailand (1.2%), Hong Kong (1%), Philippines (0.5%), Finland (0.4%), Taiwan (0.3%), United States (0.3%), and Mexico (also 0.3%).

Refined petroleum oils: South Korea (31.3% of total), Malaysia (21.7%), Singapore (20.9%), China (15.7%), Thailand (6.8%), Taiwan (0.8%), Russia (0.7%), Japan (0.6%), United States (0.3%), and Belgium (0.2%).

Coal: Australia (44.6% of total), Indonesia (24.8%), Russia (17.9%), Canada (5.9%), South Africa (4.9%), Mozambique (1.5%) and China (0.4%).

Computer parts or accessories: China (80.1% of total), Taiwan (4.4%), Hong Kong (3.9%), South Korea (3.3%), Philippines (3.2%), Japan (2.1%), Malaysia (1.4%), Thailand (0.6%), United States (0.2%), and Singapore (0.1%).

Corn: Argentina (63.1% of total), Brazil (35.0%), Thailand (0.8%), United States (0.7%), China (0.2%), India (0.1%), Philippines (0.1%), Canada (0.03%), South Africa (0.02%), and Myanmar (0.01%).

References

Independent insights and analysis presented in this article are based on researched facts and statistics sourced from the following educational portals.

BoyceWire, Consumer Goods Definition.

Central Intelligence Agency, The World Factbook: Vietnam Economy.

International Trade Centre, Trade Map.

Investopedia, Consumer Goods, Consumer Staples Definition, Fast-Moving Consumer Goods (FMCG).

Richest Country Reports, Top 100 Richest Countries by GDP.

Trading Economics, Vietnam Consumer Spending.

Wikipedia, List of largest consumer markets.

World’s Top Exports, Vietnam’s Top 10 Imports.