Vietnam has established itself as one of the swift-growing requests in Asia, with a strong demand for imported food products. As the 10th largest trade partner of the US and the 16th largest of the EU, Vietnam offers ample openings for businesses looking to expand their presence in the region. The food product imports and processing sector in Vietnam expanded by 2.9% in 2022 compared to 2021 according to the Vietnam import data. Product in the food and libation assiduity is valued at $33.6 billion, or roughly 8% of the nation's total product. In this comprehensive companion, we will explore the crucial food import products in demand in Vietnam, the import process, and the import duties associated with these products.
What Food Products Are in Demand for Imports in Vietnam?
Vietnam, with its population of nearly 100 million people and a fast-growing middle and high-income group, demonstrates a significant appetite for imported food products. While the country is a major patron of food products, there are certain orders that witness a strong demand for imports.
According to the Vietnam import data for 2022, the agricultural, forestry, and fisheries sectors all saw positive growth in the first half of 2022, adding 2.31%, 4.97%, and 2.31% respectively, with the retail sale of imported goods reaching $212 billion. Top culinary imports and exports from Vietnam include:
· Seafood is similar to squid, fish, and shrimp.
· Colorful fruits and vegetables, including tropical fruits like rambutan, durian, and dragon fruit.
· Cinnamon and black pepper in spices.
· Reused food is another import from Vietnam. For case, canned food, delicacies, and seafood in barrels.
Fresh Fruits and Vegetables
Fresh fruits and fresh vegetables are among the most imported food products in Vietnam. As one of the largest consumers of fruits and vegetables encyclopedically, Vietnamese consumers are decreasingly paying attention to the quality of these products. While tropical fruits have traditionally dominated the request, there's now a growing amenability to spend further on other types of fruits. The EU is a major exporter of fruits to Vietnam, furnishing apples, catches, peaches, grapes, cherries, and olives.
Fresh and Reused Meat
Meat consumption in Vietnam has surged in the once decade, with pork account for around 70% of the total consumption. Vietnam is the alternate-largest pork consumer encyclopedically, after China, and has spent over $600 million on pork imports in 2022. With the growth of the Vietnamese middle class, the demand for fresh beef has also risen sprucely. Imported beef is primarily used in luxury restaurants, eateries, high-end outlets, and meat-acquainted chains. Reused meat products similar to bacon, and ham are also extensively consumed, with German bangers enjoying a strong character in the request.
Vietnam's domestic product of dairy products meets only about 30 of the consumption, leading to a significant need for imports. Factors similar to the country's climate, which isn't suitable for dairy cow parenting, and the influence of Western culture contribute to the demand for imported dairy products. rubbish, adulation, and baby formula are particularly popular among Vietnamese consumers.
As Vietnamese consumers become more health-conscious, there's a growing demand for vegetable products, including olive oil painting. Olive oil painting is one of the most popular options in the request, and Vietnam heavily relies on imports from countries like Spain, Italy, and Greece.
The process when Importing Food Products to Vietnam
Importing food products to Vietnam requires compliance with colorful regulations and procedures. Understanding the import process is pivotal for businesses looking to enter the Vietnamese request.
1. Check the Import List
Before considering importing food products to Vietnam, it's essential to check if the country allows imports of your specific products from the country of origin. The Plant Protection Department's website provides precious information regarding the import regulations for fruits and vegetables.
2. Apply for a Phytosanitary License (if needed)
Certain food products, similar to tubers, fruits, and seeds, bear a phytosanitary permit before being imported. indirect 24/ 2017/ TT- BNNPTNT provides a list of particulars that bear a phytosanitary license.
3. Product Registration and Quarantine at the Border Gate
After icing compliance with the necessary permits and licenses, the products must be registered with the customs authorities. Also, the products will suffer counterblockade procedures to ensure they meet the needed norms.
4. Quarantine of the Sample goods
Upon the appearance of the goods at the field or seaport, the importer or a designated service company coordinates a visit to the storehouse with the counterblockade officer. During this visit, the goods are collected, and samples are taken for further testing.
5. Import Customs Procedures
The import customs procedures for reused and packaged food products involve product exposure or tone-protestation, with applying for an instrument of food safety eligibility and completing the applicable customs procedures. The imported food products may also suffer examination by a government-appointed authority.
Import Duties for Food Products in Vietnam
Import duties play a significant part in determining the cost of imported food products in Vietnam. It's pivotal for businesses to understand the applicable import duties to effectively plan their pricing and request strategies.
Under the European Union- Vietnam Free Trade Agreement (EVFTA) enforced in 2020, the import duties for colorful products will be gradationally removed by 2027. This agreement benefits EU exporters, furnishing them with a competitive advantage in terms of pricing. To determine the applicable import duties, businesses should relate to the Harmonized System (HS) canons associated with their specific products.
Vietnam Import Data and Trade Analysis
Analyzing Vietnam's import data and trade patterns can offer precious perceptivity for businesses seeking to enter the Vietnamese request. By understanding the trends and preferences of Vietnamese consumers, companies can make informed opinions and knitter their strategies consequently.
Vietnam's growing population, along with its addition of middle and high-income groups, has created a strong demand for imported food products. Understanding the crucial food orders in demand, the import process and the import duties associated with Vietnam is pivotal for businesses looking to expand their presence in this economic request. By using the European Union- Vietnam Free Trade Agreement and staying informed about Vietnam import data and trade analysis, businesses can place themselves strategically and tap into the growing openings in the Vietnamese food import request.