Electric machinery and equipment is currently the top export from Vietnam to the U.S. and is also Vietnams No. ; VIETINBANK DONG ANH BRA accounted for maximum import market share with 0 shipments followed by VIETINBANK TAN BINH with 0 and VIETINBANKBINHTHUAN was at the 3rd spot with 0 shipments. China is Vietnams top export partner, importing $49.1 billion in goods and services from Vietnam in 2017 and accounting for 19% of all Vietnamese exports. Your Vietnam freight forwarder will stay on top of trade documentation and licensing so you dont have to. The total value of Vietnam's export and import in 2022 is expected to reach 732 billion USD, up 10% from last year, reported the Ministry of Industry and Trade (MOIT) at a conference on December 26. . A .gov website belongs to an official government organization in the United States. 1401 Constitution Ave NW In 2018, the U.S. imported $6.2 billion in footwear, with 46.6% being textile footwear (HS Code 6404) and 33.7% being leather footwear (HS Code 6403).4. 12/2018/TT-BCT of the Ministry of Industry and Trade elaborates detailed list of used consumer goods, medical devices and vehicles prohibited from import and HS codes under the management of the Ministry of Industry and Trade. Alloy, steel, cigarettes, and other ores are also imported in Vietnam to a significant extent. Log in, Electrical machinery, equipment: US$111.3 billion (33.8% of total imports), Machinery including computers: $28.8 billion (8.8%), Plastics, plastic articles: $18.9 billion (5.7%), Optical, technical, medical apparatus: $10.6 billion (3.2%), Mineral fuels including oil: $9.8 billion (3%), Knit or crochet fabric: $7.6 billion (2.3%), Integrated circuits/microassemblies: US$44.6 billion (up 14.1% from 2020), Phone devices including smartphones: $25 billion (up 35%), TV/radio/radar device parts: $5.4 billion (up 15.8%), Solar power diodes/semi-conductors: $4.2 billion (down -33.1%), Electric storage batteries: $3.5 billion (up 45.8%), Lower-voltage switches, fuses: $3.4 billion (up 6.5%), Electrical converters/power units: $2.45 billion (down -1.8%), Insulated wire/cable: $2.45 billion (up 16.9%), Electric motor parts: $1.9 billion (up 551.3%), Miscellaneous machinery: US$2.5 billion (up 56.4% from 2020), Computers, optical readers: $2.1 billion (down -0.8%), Computer parts, accessories: $1.9 billion (up 3.2%), Printing machinery: $1.6 billion (up 68.9%), Rubber/plastic article making machines: $1.1 billion (up 34.5%), Air conditioners: $977 million (down -7.4%), Taps, valves, similar appliances: $898.5 million (up 50.4%), Air or vacuum pumps: $823.9 million (up 35.7%), Machinery for making semi-conductors: $758.1 million (up 96.4%), Ethylene polymers: US$3 billion (up 24.5% from 2020), Polyacetal/ether/carbonates: $2.3 billion (up 50.2%), Plastic plates, sheets, film, tape, strips: $2 billion (up 30.3%), Miscellaneous plastic items: $1.81 billion (down -35.9%), Propylene/olefin polymers: $1.76 billion (up 18.9%), Self-adhesive plastic in rolls: $1.1 billion (up 0.3%), Vinyl chloride polymers: $1 billion (up 74.1%), Styrene polymers: $988 million (up 50.2%), Plastic packing goods, lids, caps: $808.8 million (up 36%), Plastic plates, sheets, film, tape, strips: $800.6 million (down -4.6%), Hot-rolled iron or non-alloy steel products: US$4.3 billion (up 22.6% from 2020), Iron or steel scrap: $2.3 billion (up 36.9%), Flat-rolled other alloy steel products: $2.2 billion (up 60.6%), Flat-rolled stainless steel items: $1.4 billion (up 45.8%), Flat-rolled iron or non-alloy steel products (plated/coated): $1.2 billion (up 114.3%), Cold-rolled iron or non-alloy steel products: $295.7 million (up 100.6%), Iron or non-alloy steel wire: $289.2 million (up 72.8%), Alloy steel bars, rods: $256.9 million (up 19.8%), Coiled iron or non-alloy steel bars, rods: $237.1 million (up 78.2%), Iron ferroalloys: $233.6 million (up 57.1%). 1401 Constitution Ave NW Vietnam's top exports are broadcasting equipment, telephones, built-in circuits, coffee, textile, footwear, and leather footwear. Vietnam is the leading exporter of cashews worldwide, accounting for32.7% of global cashew exportsin 2017 with a value of $2.8 billion. Imported machinery from Vietnam included a wide range of products for both home and factory use. Agricultural. Together, the Port of Los Angeles and Port of Long Beach accounted for more than 50% of all ocean freight traded with Vietnam by value. International Trade Administration 1. The most common entity for investors looking to engage in import and export activities, as well as engage in domestic distribution of goods, is to establish a trading company. By value,Chicago OHare International Airport accounted for 27% of all Vietnamese traded goods at a value of $3.5 billion. Hence, Vietnam's export commodities are increasingly replaced by more advanced technical equipment. Goods that meet the minimum standards can be imported upon demand and in unlimited quantity and value. Top Boat Manufacturer in Florida with Reviews, clothing accessories, not knitted, and crocheted, Nuclear reactors, boilers, machinery, and mechanical appliances, Furniture; bedding, mattresses, mattress supports, cushions, and similar stuffed furnishings, Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments, and apparatus, Electronic integrated circuits and micro assemblies: 12.1% $30 billion, Electrical apparatus, telephone sets, and videophones. Bulk Vietnam Desiccated Coconut Fine Grade High Fat with Lowest Price/ Karina +84 399794665. The most popular products were sweaters, pullovers and sweatshirts (HS Code 6110) at 32.8%, and womens suits and ensembles (HS Code 6104) at 23.2%.3, Vietnam is the second-largest exporter of footwear (HS Code 64) worldwide and accounted for12.9% of global footwear exportsand21.3% of U.S. imported footwearin 2017. U.S. total imports of agricultural products from Vietnam totaled $2.1 billion in 2020, our 20th largest supplier of agricultural imports. The country imports represent 1.4% of total global imports. container, container carriers, container shipping, Container Shipping & Transport, containers, International Shipping, ocean freight, ocean shipping, shipping companies, Shipping Container, shipping containers, shifting their manufacturing from China to Vietnam. Rescuers in Vietnam were desperately trying to free a 10-year boy on Monday two days after he fell into the narrow open shaft of a concrete pile at a construction site on New Year's Eve. Washington, DC 20230. All Rights Reserved. In the agriculture industry, Vietnam exports primarily nuts, coffee, rice, fish and crustaceans. Although China is still the leading exporter of footwear worldwide, Vietnam has gained momentum as a global footwear manufacturer and has attracted several well-known brands over the past few years. The 2022 data revealed that the Vietnam imports figure is 27.77 billion USD that is less than 2.4% as compared to the last year. ; These facts are updated till 26 Dec 2021, and are based . Foreign Direct Investment Attraction Events, Services for U.S. Companies New to Exporting, Services for U.S. Companies Currently Exporting, Leading Sectors for US Exports & Investments, Information and Communication Technologies, Power Generation, Transmission, and Distribution, Licensing Requirements for Professional Services. With2,140 miles of coastlinealong the South China Sea and the Gulf of Thailand, Vietnam boasts a thriving fishing industry. Universal Cargo Management has over 30 years of experience as a freight forwarder. The pandemic has changed how many businesses operate. It provides relevant information to the customers regarding shipping, thus making their life easier. This site contains PDF documents. After choosing ocean or air freight for business shipping with Vietnam, U.S. importers and exporters must then select the right U.S. trading port depending on their business location and type of goods they are trading. 2,086 $ / TON FOB. According to Article 16 of the Law No. Vietnam imports a variety of products from its neighboring countries via the air and seaways. Rated 5.00 out of 5. Required fields are marked *. In the first four months of 2021, the import value of computers, electronic products, and components were USD 22.23 billion, 25.8% higher than in the corresponding period for 2020. However, foreign invested enterprises can import materials, equipment, and machinery only for establishing production lines and producing goods in accordance with their investment licenses. Cloud services and digital communication systems such as Zoom, Skype, and Slack are . Electric equipment and machinery has also shown the most rapid growth among Vietnams primary exports to the U.S., increasing from $2 billion in 2013 to more than $11 billion in 2018 a five-year increase of nearly 463%.1. Shipping times and costs will also vary based on the chosen trading port. When combined with exports of woven clothing, total apparel and accessories imports account for 24.8% of all U.S. imports from Vietnam.1Many popular U.S. fashion brands have manufacturing bases in Vietnam, including Nike, Under Armour and Lacoste. APDF readeris available from Adobe Systems Incorporated. Any required paperwork must be presented at the port of entry by the importer or his agent. U.S. footwear importers can benefit from low-cost manufacturing in Vietnam. The current trend towards employee outsourcing and remote working will have a lasting impact, driving investment in new technology. Specialization is measured using RCA, an index that takes the ratio between Vietnam observed and expected exports in each product. Due to the heavy demand from the manufacturing companies, Vietnam exports its wide range of products to foreign countries. Due to Vietnams unique weather, it also exports edible fruits and nuts to the middle eastern countries. The top two imports were clad flat-rolled iron and nonalloy steel (HS Code 7210) at 59.3% and not clad flat-rolled iron and nonalloy steel (HS Code 7209) at 24%.10By importing resources like iron and steel, U.S. manufacturers can increase their production capacity and boost their profits. While shipping goods by air may take only a few weeks, shipping via ocean freight may take several months. Washington, DC 20230. While trade between the U.S. and Vietnam faces few hurdles, U.S. importers may need to acquire licenses and permits when trading certain products, such as edible goods like nuts and fish and wooden products like furniture. Vietnam - Import Tariffs Import Tariffs Includes information on average tariff rates and types that U.S. firms should be aware of when exporting to the market. The Port ofLos Angeles is currently the top trading port for all freight shipping to and from Vietnam. Womens and mens suits were the top imported products, accounting for 27.8% and 18.1% of all woven apparel imports, respectively.5. Traders that wish to import or export goods subject to import or export permits must obtain permits of related ministries or sectors. Netherlands and India also count as the export countries with a value of 6.88 and 6.67 billion USD respectively. U.S. fish and crustacean (HS Code 03) imports from Vietnam totaled $1 billion in 2018, with 68.8% being fish fillets and 25.8% being crustaceans.9Shrimp were the most commonly imported crustaceans, followed by crab. "The Ministry of Agriculture and Rural Development is considering sending an official document . Manufacturer from Ho Chi Minh, Vietnam Product/Service: Rattan Webbing, Bamboo, Sea Moss, Wooden Toys, Seashell, Coconut Atl Global Co., Ltd. Secure .gov websites use HTTPS Your email address will not be published. A locked padlock ) or https:// means youve safely connected to the .gov website. Important notice: As claimed by the Vietnam import regulations, with each specific goods, there are specific tax rates. Many of the largest footwear brands in the world - Nike, Adidas and Puma, among others - all have factories in Vietnam. Click here for instructions on how to enable JavaScript in your browser. according to decree no. It is also noteworthy that 2022 witnessed Vietnam produce a trade surplus of more than US$11 billion, marking the . 100 booths showcase OCOP and agricultural products ahead of New Year Forestry exports approximate 17 billion USD in 2022 Number of newly . This has led to the development of new airports and seaports via which the products are imported from foreign countries to Vietnam. Next to that Vietnam exports footwear and gaiters in large quantities followed by apparel and clothing accessories for men and women of different age groups. A lock ( Apple is moving production of its MacBooks from China into Vietnam with the assistance of its top supplier, Foxconn. In 2021, Vietnamese importers spent the most on the following 10 subcategories of plastics and plastic articles. Ethylene polymers: US$3 billion (up 24.5% from 2020) Polyacetal/ether/carbonates: $2.3 billion (up 50.2%) Plastic plates, sheets, film, tape, strips: $2 billion (up 30.3%) Miscellaneous plastic items: $1.81 billion (down -35.9%) The primary reason many U.S. businesses choose ocean freight for trading with Vietnam is likely the lower shipping costs. This has helped to increased production from the manufacturing companies and the demands for their products have increased worldwide in recent years. Under Vietnams WTO commitments, trading rights are now open to all foreign invested enterprises. Currently you have JavaScript disabled. The second largest U.S. port for shipping to and from Vietnam is the Port of Long Beach, which accounted for 7.2% of Vietnamese traded goods by value and 9.2% by tonnage. Vietnam does not require a company to have a separate import or export license to engage in import and export activities in the country. Analysis of Vietnam import data shows other key imported products to the country are optical and medical apparatus, mineral fuel . Vietnamese traders are entitled to (I) export goods of all kinds, except goods on the list of those banned from export, and (II) import goods according to the business lines stated in their business registration certificates. Vietnam facilitates an automatic import licensing system that requires importers of a wide category of goods to obtain a license from MOIT to get their goods through customs. By value, ocean freight accounted for 77% and air freight accounted for 22% of all traded goods. (See Trade Barriers section for further details.). This is an all-time record high in Vietnam's trade activities, demonstrating the continuous efforts of the Government, ministries . Secure .gov websites use HTTPS For imported or exported products where expedient shipping is necessary, air freight may be the better choice. Most of these countries have well-connected routes and transport system that has improved economic activities in Vietnam in the last few years. 1. The U.S. remains the top importer of Vietnamese-made knit clothing, with U.S. imports of knit and crochet apparel totaling $7.2 billion in 2018 and $1.8 billion for quarter one (Q1) 2019. Vietnam will cease importing buffaloes and cattle from certain neighboring countries if they do not end their illegal trade of livestock, an official has said. Cashews, coconuts and Brazil nuts made up an overwhelming majority, accounting for 96.5% of U.S. imports of fruit and nuts from Vietnam with a value of $1.2 billion. Distribution rights for these entities are opened to joint venture investment with no limit on capital contribution, and since 2009 have been opened to wholly foreign invested enterprises. The U.S. was Vietnams No. In 2018, the U.S. imported $1.1 billion in leather articles (HS Code 42) from Vietnam, with the top import being leather trucks and cases (HS Code 4202) at 92.8%. Seven ministries and agencies are responsible for overseeing a system of minimum quality/performance standards for animal and plant protection, health safety, local network compatibility (in the case of telecommunications), money security, and cultural sensitivity. Fresh fruit followed at $20 million, and frozen fruit and nuts at $19.6 million.7. Learn About U.S. Customs and Tariffs on Vietnam Products Prepare U.S. customs licensing paperwork if it is necessary for your imports. This also has provided a great opportunity for employment and business development all over Vietnam. Iron and steel (HS Code 72) imports from Vietnam to the U.S. totaled $722.6 million in 2018 and $134.9 million for Q1 2019. Fruit and nut (HS Code 08) imports from Vietnam totaled $1.3 billion in 2018 and $201.7 billion for Q1 2019. Step 1: Check for banned products . As per the Volza's Vietnam Soybean meal Buyers & importers directory, there are 105 active Soybean meal Importers in Vietnam Importing from 74 Suppliers. Our otherfreight forwarding servicesinclude warehousing, cargo insurance, trucking delivery services and more. Business entities, including foreign invested enterprises with a legally registered business license, may be engaged in direct import and export activities. In 2018,$19.4 billion in Vietnamese traded goodsmoved through the Port of Los Angeles, accounting for 33% of U.S. goods exchanged with Vietnam by value and 23% by tonnage. |, Top 10 Imports For Indonesia to U.S. Importing from Vietnam allows U.S. businesses to benefit from lower manufacturing costs for a range of high-quality products. Television, cameras, video recorders, and other household electrical appliances have also imported that account for about 3.6 billion USD. Universal Cargo is a trusted freight forwarding company that is conveniently headquartered in Los Angeles to manage all your Vietnam-to-United States shipping. The top U.S. imports of industrial machinery from Vietnam were: As with electric machinery and equipment, Vietnam is continuing to produce and export more complex and diversified industrial machinery. Good Quality Raw Green coffee Arabica and Robusta With Best Price For Import From Vietnam - Vinahugo company. Integrated circuits, phones, refined oil, electrical parts and light rubberized knitted fabric are its top imports. Product Information. The U.S. imported $11 billion in electric machinery and equipment (HS Code 85) from Vietnam in 2018, accounting for 22.4% of all U.S. imports from Vietnam.1The top imported products were: As Vietnam continues to diversify into more complex segments of the electronics sector, U.S. businesses can benefit from improved product quality and affordable prices for imported electronic goods. Indoor wooden furniture is a popular import from Vietnam and is affordable and well-made. In Q1 2019, the U.S. imported $1.5 billion in furniture.1U.S. furniture companies typically send design specifications to Vietnamese furniture manufacturers who then build and export the goods. Vietnam imports a variety of products from its neighboring countries via the air and seaways. In 2018, imported and exported goods shipped by ocean freight between Vietnam and the U.S. accounted for99.1% of all traded productsby tonnage. For foreign-invested enterprises in Vietnam, Circular No. The Vietnamese economy is projected to grow by at least6% annually through 2027, ranking it as one of the fastest-growing economies in the world. 107/2016/QH13 on export and import duty, there are many other products which are also on the . Located in southeastern Europe, this is one of the most developing and fast-growing countries in , Your email address will not be published. And with the Trans-Pacific Partnership (TPP), this market will continue to grow. Knit apparel has shown a steady increase over the last five years, from $4.7 billion in 2013 to $7.2 billion in 2018. Last published date: 2022-12-15 In addition to significant drops in tariff rates when Vietnam first joined the WTO in January 2007, tariffs have decreased steadily over the ensuing years. Also, most products imported to Vietnam will be duty-free thanks to several free trade agreements, one of which is the current EVFTA (Vietnam-EU Free Trade Agreement) which allows EU countries to import into Vietnam with almost 50% tariff line exemption. Imports and exports must comply with relevant regulations on quarantine, food safety, and quality standards and regulations, and must be inspected by competent and appropriate agencies before customs clearance. However, shipping from Vietnam to the U.S. by ocean freight takes significantly longer than shipping goods via air freight. These items include handbags, wallets, leather cases for jewelry, suitcases, briefcases and more. A locked padlock ) or https:// means youve safely connected to the .gov website. Vietnam imports data showed the country imported approximately 255.8 billion dollars from around the world. Share sensitive information only on official, secure websites. TOP VIETNAM EXPORT PRODUCTS Coffee According to Decree No. Electronic integrated circuits (HS Code 8542) at 12.5%, Transmission apparatuses forradio, telephone and television (HS Code 8525) at 3.5%, Printers and copiers (HS Code 8443) at 36.9%, Appliances for thermostatically controlled valves (HS Code 8481) at 5.7%. In 2021, the export value for Vietnam's coffee reached US$3.1 billion. This has led to the development of new industrial towns in this area and has allowed the Vietnamese economy to flourish. The USA accounts for 6 percent of Vietnams imports and Malaysia, Thailand and Indonesia also import products to Thailand in bulk quantities via the air and seaways. Click here for instructions on how to enable JavaScript in your browser. Read on for an overview of the top imports from Vietnam and other essential tips for importing from Vietnam to the U.S. A lock ( Impact of Covid-19 on demand for importing cryptography products in Vietnam. Ocean freight shipping to Vietnam is typically less expensive than air freight, especially for larger and heavier shipments. Contact us today for a freight rate request on your next shipment! 187/2013/nd-cp, vietnam currently prohibits the importation of a few products, including: weaponry, ammunition, explosive (excluding industrial explosives), military technical equipment (the ministry of national defense shall publish a list of goods with hs codes in the import and export tariffs), assorted fireworks Vietnams diverse economy and the recent boom in electronics production have positioned the Southeastern Asian country for economic growth in the coming years. Official websites use .gov In 2018, Vietnam was the 12th-largest supplier of imported goods to the U.S., with atotal value of $49.2 billion. External links to other Internet sites should not be construed as an endorsement of the views or privacy policies contained therein. Import Tax exemption in Vietnam. Andy May 13, 2021 Export Leave a comment 242 Views. Tariff lines are projected to be eliminated by 91.8% by 2025. Nuclear reactors are also shipped and exported to few European countries that account for 5 percent of Vietnams export with a value of 1.2 billion USD. Just as well, your products could get stuck at Vietnamese customs and never get close to your warehouse at all. Witha total value of $17.2 billion, Japanese imports from Vietnam were less than half the value of U.S. imports from Vietnam. Knit apparel and accessories are the second-largest U.S. import from Vietnam and have only recently gotten surpassed as the No. The import tax rates range depending on the type of product, for example, consumer products and luxury goods are highly taxed while machinery, equipment, and raw materials, tend to receive lower taxes and even tax exemptions. Electronics and gadgets are imported in high quantities that account for 12.2 percent of the import goods. Air freight may also be an affordable option for lightweight products and smaller shipments. The top U.S. imports from Vietnam are electric machinery and equipment, apparel and footwear, furniture, industrial machinery, fruits and nuts, leather goods, fish and iron and steel. : 5.25% $13.3 billion, Petroleum oils, bituminous minerals, and waste oils: 2.5% $6.34 billion, Diodes, transistors, photosensitive semiconductor devices, photovoltaic cells light emitting diodes, and mounted piezo-electric crystals: 1.79% $4.55 billion, TV, Sound recording television cameras, video cameras, and digital cameras: 1.42% $3.6 billion, Flat-rolled products of iron, non-alloy steel, hot-rolled, and clad plated or coated: 1.4% $3.56 billion, Coal, briquettes, ovoids and solid fuels: 1.38% $3.51 billion. Petroleum and fine minerals are also imported that are required by the industries and factories on a large scale. We specialize in ocean, air, warehousing, trucking, and other logistical services. In order to post comments, please make sure JavaScript and Cookies are enabled, and reload the page. TheInternational Trade Administration,U.S. Department of Commerce, manages this global trade site to provide access to ITA information on promoting trade and investment, strengthening the competitiveness of U.S. industry, and ensuring fair trade and compliance with trade laws and agreements. TheInternational Trade Administration,U.S. Department of Commerce, manages this global trade site to provide access to ITA information on promoting trade and investment, strengthening the competitiveness of U.S. industry, and ensuring fair trade and compliance with trade laws and agreements. Import and export turnover exceeded USD 700 billion. Order) Viet Delta Industrial Co., LTD. 69/2018 / ND-CP, it can be imported into Vietnam. Facing a Foreign Trade AD/CVD or Safeguard Investigation? As is it near to the sea, it also exports a variety of fishes and crustaceans huge quantities. Here is an infographic that explained the Vietnams Export figure beautifully: Vietnam exports a large quantity of electrical and electronic machinery to foreign and neighboring countries accounting for 36% of exports with a value of 96 billion USD. Contact us to learn moreabout importing from Vietnam with Universal Cargo. Shipping, export, exporter, exporters, exports, Freight Forwarder, import, importer, importers, importing, Imports, International Shipping, International Shipping Company, international shipping resources. External links to other Internet sites should not be construed as an endorsement of the views or privacy policies contained therein. This site contains PDF documents. The United States imports Vietnamese goods and products across a range of industries from agriculture to textiles to machinery. Coffee Powder Arabica In Bag From Vietnam. These are the top 10 imports from Vietnam to the U.S. based on thelatest trade datafrom theInternational Trade Administration. Merchandise trade and tariff data for Vietnam (VNM) Food Products import from all countries (trading partner) including Trade Value, Product Share, MFN and Effectively applied tariffs, count of duty free and dutiable products for 2020 Vietnam's import-export revenue is likely to hit a record of 728.9 billion USD in 2022, according to the General Department of Vietnam Customs. With the China Tariffs, Vietnam is the fastest growing import trade partner with the US! Combined, those products accounted for 37.4% of Vietnam's overall revenues from exports. The company is moving forward with its plan to eventually end its reliance on . Revenue of Per Capita Product Exports in 2019: Revenue of Per Capita Product Imports in 2019. If your business needs fast and cost-effective freight shipping from Vietnam to the U.S., choose Universal Cargo as your freight forwarding partner. Garment and textile products have been a strength . China ranks at the top holding 29 percent of Vietnams imports with a value of approximately 75 billion USD. The legendary fourteenth-century hero and savior of Vietnam has evolved as a key symbol of the nation as well as an efficacious deity in its spiritual pantheon. Includes a list of goods that are prohibited from being exported to the country or are otherwise restricted. With a growing economy and strong manufacturing base, Vietnam is a valuable trade partner for U.S. businesses in a variety of industries. In this article, we'll break down how to import from Vietnam and everything you need to know about duties from importing from Vietnam as taxes when importing from Vietnam. Electronics and gadgets are imported in high quantities that account for 12.2 percent of the import goods. U.S. exporters may also face sometrade barriers with Vietnam, such as inefficiency and red tape in customs clearance processes. Next to that, we have China and Japan who are leading in terms of Vietnams export countries. Take into account that consumer goods, especially luxury goods such as cars, alcohol, and cigarettes face higher import duties than raw materials, equipment, and machinery that are used for manufacturing. Most goods imported into Vietnam are subject to duty. The United States imports Vietnamese goods and products across a range of industries from agriculture to textiles to machinery. USA.gov|FOIA|Privacy Program|EEO Policy|Disclaimer|Information Quality Guidelines |Accessibility, Official Website of the International Trade Administration, Vietnam - Prohibited & Restricted Imports, Comply with U.S. and Foreign Export Regulations. It is one of the fast-growing and developed cities in Asia that is well connected by road, air, and the seaways. As of mid-December 2022, Vietnam's import-export turnover officially reached USD 700 billion, and it is estimated to reach USD 730 billion for the whole year. However, to make the most of trade opportunities with Vietnam,U.S. importers must also determine the most efficient and cost-effective method for shipping their goods from Vietnam to the U.S. Vietnam is an Asian country located on the Indochinese peninsula that is subdivided into 58 provinces. The major imported products of Vietnam are:-. A .gov website belongs to an official government organization in the United States. Wholesaler from Ho Chi Minh, Vietnam Product/Service: Fresh Food, Frozen Food, Powder, Spices, Dried Food, Seaweed, Canned Food Hanpak Joint Stock Company Manufacturer from Hanoi, Vietnam When importing or exporting from Vietnam to the U.S., companies can work with a freight partner to help them determine the best option for business shipping to Vietnam. As per the 2022 record, the total exports of Vietnam are 26.55 billion USD which is about 10.5% less than last years figure. Foreign-invested enterprises and business cooperation parties, apart from the exportation of their own products, may export goods of other kinds, except those on the list of goods banned from export and several goods categories restricted by MOIT. Rated 5.00 out of 5. Should you need any assistance regarding tax rates of merchandise, drop us a question at service@bbcincorp.com. Official websites use .gov And with the help of a Vietnam freight forwarder, shipping from Vietnam to the USA can be efficient and straightforward. According to data from the General Department of Vietnam Customs, the importation of telecommunication equipment is on the rise in Vietnam. The U.S. is currently Vietnams second-largest export partner, accounting for17.7% of Vietnams global exportsin 2017, with a total value of $45.6 billion. Few parts of Europe including Germany and the United Kingdom are also included in the list. Deputy Minister of Industry and Trade Tran Quoc Khanh said that the export turnover for last year is set to rise by 10.5% to US$371.5 billion, while the import turnover of goods is expected to climb by about 8.5% compared to 2021. Leading categories include: tree nuts ($1.1 billion), unroasted coffee ($275 million), spices ($203 million), sugars, sweeteners, beverages bases ($71 million), and dog and cat food ($70 million). Vietnam imports huge quantities of products that are required by the population and the industries on a daily basis. Vietnam has a high level of specialization in Metal-Clad Products (43.1), Coconuts, Brazil Nuts, and Cashews (19.8), Cinnamon (15), Non-Retail Mixed Cotton Yarn (14.8), and Textile Footwear (13.9). (See Prohibited and Restricted Imports section for further details.) Mind the Laws and Regulations for Importing From Vietnam 4,347 $ / TON FOB. Of all U.S. air freight shipments with Vietnam in 2018, Los Angeles International Airport processed 21% of all traded goods by tonnage. USA.gov|FOIA|Privacy Program|EEO Policy|Disclaimer|Information Quality Guidelines |Accessibility, Official Website of the International Trade Administration, Vietnam - Import Requirements and Documentation, Comply with U.S. and Foreign Export Regulations. When you work with a trusted freight partner, Vietnam-to-United States shipping becomes streamlined and simplified. US$ 1.9~4 / Kilogram. 34/2013/TT-BCT stipulates in detail the list of goods not for import. Footwear companies that import from Vietnam can enjoy low manufacturing and labor costs to increase their profit margins. If the product is not listed under prohibited imports and exports under Decree No. How can smart containers help shipping companies? Imports of electric machinery and equipment accounted for24% of U.S. importsfrom Vietnam and37.6% of Vietnams global exportsin 2017. That shift in the . In 2017,53.1% of global Vietnamese exportsof knit apparel and accessories were to the United States. These documents are available online in English and Vietnamese. A trusted freight forwarder, like Universal Cargo, will know the best trade routes and most reliable carriers to move your cargo across the globe as quickly and affordably as possible. The press briefing on December 30 about the agriculture sector's performance in 2022. Circular No. Facing a Foreign Trade AD/CVD or Safeguard Investigation? As industries in Vietnam continue to expand, so do the trade opportunities for U.S. importers. Vietnam imposes a tax on almost every type of product that is imported into the country. Freight forwarders also keep up the latest trade restrictions and regulations to keep your freight and your business in compliance with local laws both in the U.S. and in the country you are trading with. Tax rates vary, depending on the type of the product you want to import. The Tracking Docket is a one stop website to find leading Shipping Company contact detail and track the goods in real time. They can also manage the logistics of choosing the right air or ocean port and arranging cost-effective ground transportation to your facility. Foreign Direct Investment Attraction Events, Services for U.S. Companies New to Exporting, Services for U.S. Companies Currently Exporting, Leading Sectors for US Exports & Investments, Information and Communication Technologies, Power Generation, Transmission, and Distribution, Licensing Requirements for Professional Services. The footwear industry in Vietnam also shows promise for growth and opportunity for U.S. importers. Vietnam's 3rd most imported product is plastics, which shared 4.83% value to country's total imports in 2016. As a full-service freight forwarder, Universal Cargo offers bothocean freightandair freight, as well asexpress air freightfor even faster shipping to the U.S. from Vietnam or from anywhere else in the world. In the year 2019, the profits earned from exports and imports were 280 billion and 263 billion US dollars respectively. Share sensitive information only on official, secure websites. 1 import in 2015, when imports of electric machinery and equipment nearly doubled from $3.7 billion in 2014 to $8.3 billion in 2015. Step 2: Check for products that require a Medical Equipment Import Permit.. International Trade Administration 1000 Kilogram (Min. Last published date: 2022-12-15 Authorized Importers Vietnamese traders are entitled to (I) export goods of all kinds, except goods on the list of those banned from export, and (II) import goods according to the business lines stated in their business registration certificates. All products below fall into categories based on theirtwo- or four-digit HS Code. The top U.S. imports from Vietnam are electric machinery and equipment, apparel and footwear, furniture, industrial machinery, fruits and nuts, leather goods, fish and iron and steel. 1 export worldwide. Furniture (HS Code 94) imports accounted for 10.3% of total U.S. imports from Vietnam in 2018, with a value of $5.1 billion. The second most popular leather import was leather apparel (HS Code 4203), including leather gloves and belts.8Vietnam produces custom-made leather pieces that are popular among U.S. consumers for their stylish designs and high-quality construction. Hero and Deity is an eloquent and fascinating journey into the world of the worshippers and the cult of Tran Hung Dao. Quick View. 187/2013/ND-CP, Vietnam currently prohibits the importation of a few products, including: weaponry, ammunition, explosive (excluding industrial explosives), military technical equipment (The Ministry of National Defense shall publish a list of goods with HS codes in the Import and Export Tariffs), assorted fireworks (excluding signal fires used for navigational safety under the guidance of the Ministry of Transport), sky lanterns, assorted devices causing interference to vehicle speedometers, used consumer goods, assorted publications banned from dissemination and circulation in Vietnam, postage stamps banned from trading, exchange, display and dissemination in accordance with the Law on Post, radio equipment and radio-wave appliances which do not comply with radio frequency master plans and relevant technical regulations in accordance with the Law on Radio Frequencies, and others. Next to that other Asian countries like Korea and Japan are also included in the list with a value of 46 billion and 19.5 billion USD respectively. Industrial machinery accounted for 5.7% of all U.S. imports from Vietnam in 2018 with a total value of $2.8 billion. Our team is dedicated to providing excellent services for every import and export that we handle. U.S. Department of Commerce Vietnam is currently, the world's second-largest coffee exporter, behind only Brazil. Copyright 2022, All Rights Reserved Trackingdocket.com. In Q1 2019, the Port of Los Angeles processed$5.3 billionin Vietnamese imports and exports via ocean freight. The 5 most valuable exports from Vietnam are phone devices including smartphones, integrated circuits and microassemblies, television or radio and radar device partners, textile footwear, and miscellaneous furniture. Today he is a ubiquitous, multivalent symbol . U.S. imports from Vietnam of apparel and accessories that are not knit and not crochet (HS Code 62) totaled $5 billion in 2018 and $1.4 billion for Q1 2019. Includes import documentation and other requirements for both the U.S. exporter and foreign importer. Petroleum and fine minerals are also imported that are required by the industries and factories on a large scale. They will even communicate with customs officials on your behalf to move your freight through customs smoothly. U.S. Department of Commerce Quick View. In fact, Vietnam is the fourth largest producer of footwear in the world. USA holds the top position accounting for 23 % of the export with a value of 61 billion USD. Chicago OHare International Airport was the second-largest port for Vietnamese air freight by tonnage, accounting for 20% of all traded goods. In this respect, the 5 most common Vietnamese imports into EU were telephone sets & components (9.76 %), footwear (4.6 %), textiles & garments (3.42 %), electronics-computers accessories (2.78 %) and coffee (1.15 %). https://www.universalcargo.com/wp-content/uploads/logo-white.png, https://www.universalcargo.com/wp-content/uploads/01-vietnam-importing-to-the-u.s.-1.jpg, 2019 Universal Cargo Management. It imported plastic goods worth USD 9737 million from countries around the world, in which South Korea supplied maximum plastic products worth USD 2249 million in the said year. 1 export partner from 2002 until 2017, when China surpassed it. Then, calculate your tariff payments. APDF readeris available from Adobe Systems Incorporated. This has also led to the establishment of friendly relations with the neighboring countries and has helped to increase trade activity worldwide. Popular sneaker brands Adidas and Nike have begunshifting their manufacturing from China to Vietnam, with Vietnam supplying44% of Adidas footwearby volume in 2017 and China supplying just 19%. Importing from Vietnam can allow U.S. businesses to expand their product offerings with high-quality goods or increase their inventory volume with cost-effective products to boost their profits. Only China, India and Brazil make more. Vietnams third-largest export partner in 2017 was Japan. The industry plays an important role in Vietnam's agriculture economy and is an export oriented industry with more than 90 percent of production volume exported. If the product is under list of appendix 1- Circular 30/2015/TT-BYT, It needs to attain a medical equipment import Permit. The U.S. also imported more fish from Vietnam than any other country, accounting for17.1% of all Vietnamese fish exports. The U.S. was the largest importer of cashews from Vietnam with atotal value of $1.1 billion. With representation in all major U.S. and international ports, Universal Cargo can provide safe, affordable and efficient international shipping for all of your Vietnamese imports and exports. The goods imported by foreign-invested enterprises and business cooperation parties must comply with the provisions of their granted investment licenses, the Law on Foreign Investment in Vietnam, and other relevant legal requirements. Check the Germany export and import goods data. Air freight accounted for just under 0.9% of U.S. traded goods with Vietnam by tonnage.
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