1. Sector Overview
2. Recent Happings

A. Sector Overview

Vietnam imported chemical products worth $636.21 million in October 2024, marking a 7% increase in value compared to the previous month but a 1.8% decline compared to October 2023.

Import Trends for 2024 (First 10 Months)

• Total Imports: Vietnam's total chemical imports in the first ten months of 2024 reached nearly $6.32 billion, reflecting a 1.2% increase year-on-year.
• China: As Vietnam's largest supplier, imports from China amounted to $2.5 billion (39.5% share), a 11% decline compared to the same period in 2023.
• South Korea: Ranked second with imports valued at $768.49 million (12.2% share), a 13.4% increase year-on-year.
• Japan: Japan followed with $517.05 million (8.2% share), up 11.7% year-on-year.
• Taiwan (China): Imports from Taiwan reached $435.8 million (6.9% share), growing by 13.31% year-on-year.
• Thailand: Imports from Thailand were valued at $309.4 million (4.9% share), a 6.21% increase year-on-year.
• European Union: Imports from the EU surged by 13.5% year-on-year, totaling $582.51 million (9.2% share).

Key Drivers of Imports

Vietnam’s reliance on imports is fueled by strong domestic demand in industries like textiles, footwear, plastics, rubber, fertilizers, and steel production. Despite local production, imports remain critical to meet growing needs, with chemicals ranking among the top imported products annually.

Applications

Imported chemicals are widely used in:

• Industrial sectors: Plastics, fertilizers, dyeing, and steel production.
• Construction: Glass and building materials.
• Agriculture and healthcare: Pesticides and veterinary medicines.

As industrialization accelerates, Vietnam’s chemical imports are expected to continue rising, underpinning the nation’s economic growth.