Synthetic Fibers Import of Vietnam: The Trades and Updates of 2024

Synthetic fibers, the man-made fibers crafted through chemical processes derived from petroleum-based products, are being traded globally due to their wide industrial use. The higher global demand, concentrated production, widespread consumption, and ease of transport have made it a top choice for global traders. Vietnam Export Data says that the country in Southeast Asia, bordered by China and Cambodia in the north and west direction, has been importing a wide amount due to the strong textile and garment industry. In order to introduce better quality or lower cost of synthetic fibers in the consumer base, the country has adopted the import of this specific essential.

The diversification of the supply and the export-driven demand has made it a continuous source of foreign exchange earnings. The shift in the industry from natural fibers towards blends and synthetics, along with the strategic plans including development of the manufacturing units, has resulted in an export trade value of synthetic fibers from Vietnam worth 1.65 billion US dollars in 2024. The supply chain disruptions abroad and the major supplier's integration with the services have made synthetic fibers a major source of foreign attraction. This has made importing synthetic fibers more convenient for vertical manufacturers. Subscribe to Import Globals, the leading Vietnam importexport trade provider, to stay updated with the latest information regarding the import of synthetic fibers into the nation via the Vietnam trade data.

GOVERNMENT INITIATIVES SUPPORTING THE IMPORT OF SYNTHETIC FIBERS IN VIETNAM IN 2024

The textile garment and footwear industry development strategy has explicitly prioritized the expansion of export-oriented textile manufacturing. It has pushed the capacity of production via imported synthetic yarns. The preferential tariff schedules and FTA implementation have lowered the duty exposure for some raw materials, while promoting certain synthetic fiber imports as cheaper or more predictable. The Customs Digitalization and 2024 Customs Procedural Guidance have reduced the lead time and paperwork risk for imported inputs. It has lowered the inventory buffer needs and transactional costs.

The Investment Tax Incentives and Import Duty Exemptions for Manufacturing Projects have supported the industry projects with proper import of more synthetic fibers with lower landed costs. The green policy changes, enabling broader renewable procurement for manufacturers, have improved access to cheaper, cleaner power. The government authorities have helped lower the operation cost while promoting sustainability for the strong demand for imported synthetic fibers.

THE LEADING VARIANTS OF SYNTHETIC FIBERS IMPORTED IN VIETNAM

Vietnam, due to its advancement of cutting-edge technologies in the textile industry, has actively reported a diversity of synthetic fibers imported from foreign traders. According to the Vietnam Import Data, the top 10 leading variants of synthetic fibers imported in the nation in 2024 are,

Polyester staple fiber – The annual valuation of Polyester staple fiber imported in Vietnam in 2024 – 453 million US dollars
Nylon (polyamide) staple fiber– The annual valuation of Nylon (polyamide) staple fiber imported in Vietnam in 2024 – 345 million US dollars
Acrylic staple fiber– The annual valuation of Acrylic staple fiber imported in Vietnam in 2024 – 276 million US dollars
Synthetic filament yarn– The annual valuation of Synthetic filament yarn imported in Vietnam in 2024 – 224 million US dollars
Woven polyester fabric– The annual valuation of Woven polyester fabric imported in Vietnam in 2024 – 187 million US dollars
Blended synthetic–cotton fabric– The annual valuation of Blended synthetic–cotton fabric imported in Vietnam in 2024 – 165 million US dollars
Knitted synthetic fabric– The annual valuation of Knitted synthetic fabric imported in Vietnam in 2024 – 124 million US dollars
Polyester blended yarn– The annual valuation of Polyester blended yarn imported in Vietnam in 2024 – 108 million US dollars
Colored woven synthetic fabric– The annual valuation of Colored woven synthetic fabric imported in Vietnam in 2024 – 92 million US dollars
Dyed synthetic filament fabric– The annual valuation of Dyed synthetic filament fabric imported in Vietnam in 2024 – 84 million US dollars

TOP 10 IMPORT TRADE PARTNERS OF VIETNAM IN 2024

The continuous rise in the synthetic fiber needs of the consumer base, along with the proper tariff barriers initiated by the government, has attracted different tradeholders worldwide. As per the Vietnam Customs Data, the top 10 import trade partners of the nation for synthetic fibers imports in 2024 are,

China – The total value of synthetic fibers imported in Vietnam from China in 2024 – million US dollars