Vietnam: Machinery Electrical Parts Market 2025

Machinery Electrical Parts Market Size in Vietnam

After two years of growth, the Vietnamese machinery electrical parts market decreased by -6.5% to $X in 2022. Over the period under review, consumption recorded a drastic downturn. Machinery electrical parts consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Machinery Electrical Parts Production in Vietnam

In value terms, machinery electrical parts production shrank to $X in 2022 estimated in export price. Over the period under review, production saw a deep contraction. The most prominent rate of growth was recorded in 2016 when the production volume increased by 48%. Machinery electrical parts production peaked at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Machinery Electrical Parts Exports

Exports from Vietnam

Machinery electrical parts exports from Vietnam dropped to X tons in 2022, falling by -12.3% compared with 2021. Overall, exports, however, posted a significant expansion. The growth pace was the most rapid in 2013 when exports increased by 342%. Over the period under review, the exports attained the peak figure at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, machinery electrical parts exports contracted notably to $X in 2022. In general, exports, however, recorded significant growth. The growth pace was the most rapid in 2019 with an increase of 274%. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

India (X tons) was the main destination for machinery electrical parts exports from Vietnam, accounting for a 59% share of total exports. Moreover, machinery electrical parts exports to India exceeded the volume sent to the second major destination, South Korea (X tons), threefold. Hong Kong SAR (X tons) ranked third in terms of total exports with a 9.5% share.

From 2012 to 2022, the average annual growth rate of volume to India stood at +158.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+71.5% per year) and Hong Kong SAR (+24.8% per year).

In value terms, Hong Kong SAR ($X), South Korea ($X) and India ($X) appeared to be the largest markets for machinery electrical parts exported from Vietnam worldwide, with a combined 65% share of total exports.

Among the main countries of destination, India, with a CAGR of +101.0%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average machinery electrical parts export price stood at $X per ton in 2022, which is down by -4.4% against the previous year. In general, the export price saw a abrupt curtailment. The pace of growth was the most pronounced in 2017 when the average export price increased by 21% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+12.7%), while the prices for the other major destinations experienced more modest paces of growth.

Machinery Electrical Parts Imports

Imports into Vietnam

In 2022, after two years of growth, there was decline in supplies from abroad of electrical parts of machinery or apparatus, when their volume decreased by -3.3% to X tons. Overall, imports, however, showed a significant increase. The pace of growth appeared the most rapid in 2017 with an increase of 18,423% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, machinery electrical parts imports reduced to $X in 2022. In general, imports, however, saw a prominent expansion. The pace of growth appeared the most rapid in 2017 when imports increased by 12,882%. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports failed to regain momentum.

Imports by Country

China (X tons), South Korea (X tons) and Singapore (X tons) were the main suppliers of machinery electrical parts imports to Vietnam, with a combined 89% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Singapore (with a CAGR of +60.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), South Korea ($X) and China ($X) appeared to be the largest machinery electrical parts suppliers to Vietnam, with a combined 85% share of total imports. Singapore, Taiwan (Chinese), Mexico and Hong Kong SAR lagged somewhat behind, together comprising a further 11%.

Among the main suppliers, Singapore, with a CAGR of +46.3%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average machinery electrical parts import price amounted to $X per ton, declining by -6.2% against the previous year. In general, the import price continues to indicate a abrupt shrinkage. The pace of growth appeared the most rapid in 2014 when the average import price increased by 90%. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+26.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :