Key Highlights:
Vietnam has become a leader in low-cost manufacturing and exporting its products worldwide. Countries like India get attracted to such a source to get good-quality items at a low cost. Trade between Vietnam and India has increased dramatically in recent years due to mutual benefits, competitive pricing, and complementary industries. Vietnamese goods are becoming increasingly popular in India's vibrant market, ranging from distinctive agricultural products to premium electronics and textiles.
Whether you’re a small business or a large importer, knowing the ins and outs of importing from Vietnam can unlock new opportunities for growth and profitability. This blog will discuss the best products to import from Vietnam to India, how to import from Vietnam to India, and more.
Import data from Vietnam to India
As per Vietnam import data, Vietnam's imports to India totalled US$9.64 billion in 2023, as per the UNCOMTRADE database on international commerce.
In recent years, there has been an increase in the economic, commercial, and strategic relationship between India and Vietnam. India was rated eighth out of Vietnam's top ten trading partners as of 2022.
According to United Nations COMTRAD statistics, Vietnam exported US$7.96 billion to India in 2022, while India exported US$ 7.08 billion to Vietnam.
Now let’s explore the import from Vietnam to India!
Here are the best products to import from Vietnam to India:
|
S.no. |
Top products imported from Vietnam to India |
Vietnam import data Import value |
|
1 |
Electrical, electronic equipment |
$4.09 billion |
|
2 |
Machinery, nuclear reactors, boilers |
$897.60 million |
|
3 |
Iron and steel |
$876.68 million |
|
4 |
Copper |
$584.80 million |
|
5 |
Plastics |
$301.07 million |
|
6 |
Coffee, tea, mate and spices |
$269.66 million |
|
7 |
Footwear and gaiters |
$262.48 million |
|
8 |
Rubbers |
$262.48 million |
|
9 |
Articles of iron or steel |
$179.92 million |
|
10 |
Silk |
$110.17 million |
Here is an overview of the list of the top products imported from Vietnam to India based on import data:
Electrical and electronic equipment: Vietnam's competitive advantages include a skilled workforce, a favourable business environment, and incentives for foreign investors, making importing electronics from Vietnam a competitive venture.
Machinery, nuclear reactors, and boilers: India imports a vast array of machinery, nuclear reactors, and boilers. This gives access to affordable alternatives and state-of-the-art technologies.
Iron and steel: As India is more focused on construction and development, the demand for iron and steel is very high. To cater to the demand, India imports iron and steel in huge quantities.
Copper: Copper demand in India is growing due to demand in the infrastructure sector as a result of affordable housing schemes, rural electrification, and more urbanisation.
Plastics: A wide range of consumer items, including packaging materials, building materials, home goods, medical gadgets, and more, maybe manufactured in Canada using imported plastics from India.
Coffee, tea, mate, and spices: The significant import value of these goods shows the importance of India as a key supplier and the need for these goods in India.
Footwear and gaiters: Vietnam has a strong manufacturing industry and invests in sustainable practices, making it a viable option for importing high-quality furniture at a competitive price.
Rubbers: Vietnam is one of the world's leading producers and exporters of natural rubber. The top destinations for Vietnam's crude rubber exports include India, China, and Indonesia.
Articles of iron or steel: To obtain certain kinds, quantities, and maybe lower costs, India imports steel pipes, tools, construction supplies, and machinery parts.
Silk: India imports large quantities of raw silk to meet the domestic demand. It was the 10th largest commodity imported into India from Vietnam.
Thus, these are the top things that India import from Vietnam. Use our Vietnam importers database to remain current on import data from Vietnam.
To start an import business in India, you may require several documents, such as a GSTIN, a Business Identification Number (BIN), an importer-exporter code (IEC), pro forma invoices, bills of lading, etc.
Here are the major steps to import goods from Vietnam to India:
Step 1: Business Plan: The first and foremost step for import in India is creating an overall blueprint path for the future, which includes a management plan, financial plan, transportation options, etc. First and foremost, market research is done to determine the best market to import as per product.
Step 2: Choose a warehouse: The next stage is to choose a warehouse to keep the imported goods in the first instance. It should be close to all ports, meet the needs of your clients, and be in a well-connected area where you can keep your inventories and stocks. Security should also be a priority because dealing with a few items is a risky endeavour.
Step 3: Obtain the necessary licenses and permits. For goods import in India from Vietnam, the next step is to obtain the necessary licenses and permits. The licences required to start a goods import business in India include GSTIN, a Business Identification Number (BIN), an importer-exporter code (IEC), insurance, /airway bill, commercial invoice, packing list, certificate of origin, and any other documents required by customs and the authorities and business registration.
Step 4: Locate Suppliers in Vietnam: It is time to look for suppliers abroad after establishing a profitable business. You can locate suppliers who meet your import requirements in terms of quantity, quality and cost with the aid of India's goods import data. Eximpedia.app is a great platform to get a detailed list of the most recent Vietnam exporters and updated Vietnam customs data.
Step 5: Inspection and Clearance: Here is the last step of goods import in India. The goods must be inspected by the Indian Customs authorities and cleared for entry into India after the payment of customs duty, value-added tax (VAT), and other taxes and fees.
The Final Words!
By now, you should have an understanding of which products were most popular in 2023 in the market of imported goods in India from Vietnam. As one of the world's largest manufacturing hubs, Vietnam boasts highly skilled workers and competitive manufacturing costs, making it a great alternative for producing and exporting quality products.
To import goods from Vietnam successfully, leverage the keen insights on Eximpedia.app. It provides Vietnam import data, export-import data of 130+ countries where one can have the list of exports and imports countrywide, HS Code products, and more.
As per Vietnam import data, Vietnam's imports to India totalled US$9.64 billion in 2023.
In order to access other ASEAN markets, Vietnam is also a perfect export hub. In the developing markets of the region, Vietnam is unquestionably a leader in low-cost sourcing and a good source for importing goods into India.
To import goods from Vietnam to India, you need to obtain the following licenses and permits: Import Export Code (IEC), GSTIN, Business Identification Number (BIN), and Export Import License.
You can easily obtain reliable suppliers in Vietnam from EximPedia.app. Here on our dashboard, you can easily access global trade data for 130+ countries.
Here are some key documents needed for customs clearance when importing from Vietnam to India: commercial invoice, certificate of origin, import licence, insurance certificate, bill of lading, etc.
Due to the ASEAN-India Free Trade Area (AIFTA), which removes tariffs on more than 80% of the goods traded between the two nations, electrical and electronic equipment is one of Vietnam's top imports to India.
Major import from Vietnam to India: electronic equipment
Major import from Vietnam to India: Copper
Major import from Vietnam to India: Rubbers
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