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Vietnam’s top machinery, equipment, tools and spare parts importers 2021

Vietnam’s top machinery, equipment, tools and spare parts importers 2021

Friday 14, 01 2022
Trung Nam Construction and Engineering Corporation, IPC Group Joint Stock Company, and Samsung Electronics Vietnam Company Limited are among the names that top the list of Vietnam’s top machinery, equipment, tools and spare parts importers in eleven months of 2021.

Vietnam's machinery, equipment, tools and spare parts imports in 2021

In December 2021, machinery, equipment, tools and spare parts import to Vietnam was estimated to have reached 3.9 billion USD, down 5.4% compared to December 2020. For the whole year of 2021, the import turnover of machinery, equipment, tools and spare parts reached 46.2 billion USD, up 24.1% compared to 2020.

According to the General Department of Customs statistics, machinery, equipment, tools and spare parts imports to Vietnam in November 2021 reached 3.98 billion USD, up 11.9% compared to October 2021; 16.8% compared to November 2020. In the first 11 months of 2021, imports of other machinery, equipment, tools, and spare parts reached 42.33 billion USD, up 27.8% over the same period in 2020.

General Department of Customs

Import of machinery, equipment, tools and spare parts of FDI enterprises in November 2021 accounted for 70% of the total import turnover of this item of Vietnam, reaching 2.77 billion USD, up 13.6% compared to October 2021; up 23.9% compared to November 2020. In the first 11 months of 2021, imports of this product by FDI enterprises reached 18.10 billion USD, up 34.0% over the same period in 2020.

In November 2021, Vietnam's import of machinery, equipment, tools and spare parts from most major markets increased sharply compared to October 2021 and November 2020. China, South Korea, and Japan were the three largest supplying markets.

In November 2021, imports of machinery, equipment, tools and spare parts from the Chinese market reached 2.19 billion USD, up 18.7% compared to October 2021, up 21.9% over the same month in 2020. In the first 11 months of 2021, imports of other machinery, equipment, tools, and spare parts from China reached 22.81 billion USD, up 53.0% over the same period in 2020, accounting for 53.9% of the total import turnover of this product of Vietnam.

Imports of machinery, equipment, tools and spare parts from the South Korean market in November 2021 reached 494.36 million USD, up 23.4% compared to October 2021, up 6.8% over the same month in 2020. In the first 11 months of 2021, imports of other machinery, equipment, tools and spare parts from South Korea reached 5.59 billion USD, up 3.7% over the same period in 2020.

Import outlook

It is forecast that in 2022, Vietnam’s import of machinery, equipment, tools and spare parts will continue to increase sharply, thanks to the production and business activities of enterprises that have adapted to the new situation, will expand production to meet the demand. Domestic demand for goods has gradually recovered, while commodity exports have a positive growth prospect. In addition, many foreign investors will continue to be interested in investing in Vietnam to take advantage of the incentives from the effective free trade agreements, which will also boost the demand for imported machinery, equipment, tools and spare parts.

Foreign Investment Department

According to the Foreign Investment Department, Ministry of Planning and Investment, the total registered FDI capital into Vietnam as of December 20, 2021, including newly registered capital, adjusted registered capital and capital contribution value, share purchase by foreign investors, reached 31.15 billion USD, up 9.2% compared to 2020. Realized foreign direct investment capital in Vietnam in 2021 is estimated at 19.74 billion USD.

Specifically, the processing and manufacturing industry takes the top spot with a total investment of over 18.1 billion USD, accounting for 58.2% of the total registered investment capital. Ranks second is the electricity production and distribution industry, with a total investment capital of over 5.7 billion USD, accounting for 18.3% of total registered investment capital. Next are the real estate, wholesale and retail businesses with a total registered capital of over 2.6 billion USD and over 1.4 billion USD, respectively.

In terms of the number of new projects, processing and manufacturing, wholesale and retail, and science and technology are the industries that attract the most projects, accounting for 30.7%, 28.1%, and 16.7% of total projects.

Vietnam’s top 10 machinery, equipment, tools, and spare parts importers

(Eleven months of 2021)

top 10 machinery, equipment, tools, and spare parts

Source: The Ministry of Industry and Trade

Compiled by VietnamCredit

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