Vietnam-India Trade Relations: Top Vietnam Imports from India & Bilateral Trade Data 2024-25

Introduction

Vietnam and India have long enjoyed a strong relationship rooted in history, culture, and political goodwill. In recent decades, the partnership has expanded into economics and trade, with both nations seeking to leverage their complementary strengths. India has emerged as an important source of raw materials, agricultural commodities, industrial inputs, and pharmaceuticals for Vietnam, while Vietnam has become a supplier of electronics, machinery, and consumer goods to India. According to Vietnam import data and Vietnam customs data, the total value of Vietnam imports from India reached $5.83 billion in 2024, a 1% decline from the previous year. According to the Vietnam export data and trade statistics, the total value of Vietnam-India trade reached $15 billion in 2024, representing a 4.5% increase from the previous year. 

Vietnam's imports from India declined slightly in 2024, despite an overall increase in trade turnover between India and Vietnam. In the textile industry, while Vietnam's textile imports to India decreased, India's textile exports to Vietnam increased. While India mostly exported frozen bovine meat, machinery, and vehicle components, Vietnam's top exports to India were electronics, computers, and mobile phones, and their parts. India is Vietnam's 8th-largest trading partner, and Vietnam is India's 15th-largest trade partner, as per the global trade data for 2025. 

This article provides a detailed look at the structure of Vietnam-India bilateral trade, especially Vietnam’s top imports from India, the data for 2024–25, India-Vietnam trade agreement, sectoral trends, and the opportunities and challenges shaping future trade growth.

Bilateral Trade Snapshot 2024

• Total bilateral trade in 2024: around 15 billion USD, up roughly 4.5% from 2023.

• Vietnam’s exports to India: approximately 9.06 billion USD, growing nearly 8% year-on-year.

• Vietnam’s imports from India: about 5.8 billion USD, slightly down by 0.6% compared to 2023.

• Trade balance: Vietnam enjoys a surplus of 3.2–3.3 billion USD in trade with India.

From India’s perspective, during fiscal year 2023–24, exports to Vietnam stood at 5.47 billion USD, while imports from Vietnam reached 9.34 billion USD, creating a bilateral trade value of 15 billion USD. As of 2024, the two countries stand as important trade partners within Asia, with bilateral Vietnam-India trade reaching around 15.76 billion US dollars. While Vietnam consistently enjoys a trade surplus with India, both sides benefit significantly from this economic engagement.

These figures underline a key feature of the relationship: Vietnam exports more to India than it imports, and this surplus is widening year by year.

Historical Context of Vietnam-India Bilateral Trade 

Trade and economic ties between Vietnam and India have been established for a long time and have gradually expanded. According to Vietnamese data, bilateral commerce increased from a pitiful $200 million in 2000 to over $15 billion in 2024. Indian and Vietnamese trade data for April 2024–March 2025 shows that bilateral trade totaled $15.76 billion, representing a 6.40% year-over-year rise. While India's imports from Vietnam increased by 10.59% to $10.33 billion, its exports to Vietnam decreased by 0.75% to $5.43 billion. Vietnam is India's 15th-largest export destination worldwide and its 20th-largest trading partner in FY 2024–2025. India ranks as Vietnam's tenth-largest import source, seventh-largest export market, and eighth-largest trading partner.

Top 10 Vietnam Imports from India: What Does Vietnam Import From India?

Vietnam has been importing a variety of goods from India, with the top 10 imports encompassing items like refined petroleum, phones, frozen meat, pharmaceutical products, cars, rice, and more. These imports play a crucial role in bolstering the trade relationship between Vietnam and India. The increasing demand for Indian products in Vietnam highlights the growing economic ties between the two countries. The top 10 goods that Vietnam imports from India, as per the Vietnam import shipment data and India-Vietnam trade data for 2024-25, include: 

1. Cereals (HS code 10): $619.56 million

Cereals are a staple food item in Vietnam, and India has been a reliable source of quality grains for the Vietnamese market. The demand for Indian cereals has been on the rise due to their superior quality and competitive pricing.

2. Meat and edible meat offal (HS code 02): $524.68 million

The Indian meat industry has been gaining traction in Vietnam, with exports of meat and edible meat offal witnessing a steady increase, as per the customs data on Vietnam meat imports from India by HS code. This highlights the growing demand for Indian meat products in the Vietnamese market.

3. Prepared animal fodder (HS code 23): $507.77 million

Vietnam's import of prepared animal food from India has been flourishing, with Indian suppliers meeting the demand for high-quality animal feed. This underscores the importance of India as a key supplier in the animal feed market.

4. Iron and steel (HS code 72): $354.06 million

The iron and steel industry is a crucial sector in India, and Vietnam's import of these products reflects the robust trade relations between the two countries. Indian iron and steel products are known for their quality and durability.

5. Fish and seafood (HS code 03): $333.41 million

Vietnam is a major consumer of fish and seafood, and India has been a significant supplier of these products to the Vietnamese market. The demand for Indian fish and seafood in Vietnam is driven by their freshness and variety.

6. Nuclear reactors and machinery (HS code 84): $319.04 million

India's expertise in manufacturing nuclear reactors and machinery has made it a preferred supplier for Vietnam. The import of these products underscores the trust that Vietnam places in Indian technology and engineering capabilities.

7. Electrical machinery and equipment (HS code 85): $303.17 million

Vietnam's import of electrical machinery and equipment from India highlights the growing technological partnership between the two countries, as per the data on Vietnam electronics imports from India. Indian electrical products are known for their efficiency and reliability.

8. Pharmaceutical products (HS code 30): $274.99 million

The Indian pharmaceutical industry is renowned for its high-quality medicines and healthcare products. Vietnam's import of pharmaceutical products from India underscores the confidence in Indian pharmaceutical companies and their ability to meet the healthcare needs of the Vietnamese population.

9. Aluminum and articles thereof (HS code 76): $251.85 million

India is a leading producer of aluminum and aluminum products, and Vietnam's import of these items reflects the strong bilateral trade ties between the two countries. Indian aluminum products are valued for their quality and versatility.

10. Oil seeds and oleaginous fruits (HS code 12): $249.57 million

Vietnam's import of oil seeds and oleaginous fruits from India highlights the importance of India as a supplier of essential food items. Indian oil seeds are known for their nutritional value and purity, making them a preferred choice for the Vietnamese market.

Vietnam-India Trade in the Last 10 Years: Historical Vietnam-India Bilateral Trade Data

Vietnam’s Imports from India: Sectoral Breakdown

The import basket that Vietnam sources from India is diverse, but concentrated in a few key areas: agriculture and food products, industrial raw materials, engineering goods, and pharmaceuticals.

1. Agricultural and Food Products

• Cereals: One of the largest categories, valued at over 600 million USD in recent years. Rice, maize, and other grains from India are critical to Vietnam’s food security and feed industries.

• Meat and Edible Meat Offal: Around 500–525 million USD annually, largely buffalo meat, which India exports in bulk.

• Residues and Waste of Food Industry (Animal Fodder): Exceeding 500 million USD, this category supports Vietnam’s livestock and aquaculture industries.

• Fish and Aquatic Products: Roughly 330 million USD, including frozen fish and crustaceans.

Agricultural imports are essential for Vietnam’s domestic processing industries, yet they show volatility. For instance, in 2024, Vietnam reduced imports of aquatic products and animal feed from India significantly due to changes in demand and competition from other suppliers.

2. Industrial Inputs and Metals

• Iron and Steel: Imports from India are valued at about 350 million USD annually, feeding Vietnam’s construction and manufacturing sectors.

• Aluminum and Related Products: Close to 250 million USD, used in manufacturing, automotive, and construction.

• Other Base Metals: Smaller but steady flows of copper, zinc, and related raw materials.

These materials serve as crucial inputs for Vietnam’s booming manufacturing industry, which produces everything from electronics to infrastructure materials.

3. Machinery and Engineering Goods

• Machinery, Boilers, and Reactors: Imports worth over 300 million USD, reflecting Vietnam’s demand for industrial equipment to power its factories.

• Electrical and Electronic Equipment: Roughly 300 million USD, although Vietnam tends to import such goods in much higher volumes from other markets like China and South Korea.

• Engineering Goods Overall: More than 1.3 billion USD when grouped together, making this the single most important Indian export segment to Vietnam.

Vietnam’s industrial expansion requires machinery and tools, and India supplies cost-competitive products that meet this demand.

4. Pharmaceuticals and Chemicals

• Pharmaceutical Products: Valued at about 275 million USD. India is one of the world’s largest producers of generic medicines and active pharmaceutical ingredients (APIs), which makes it a reliable supplier for Vietnam’s healthcare system.

• Organic and Inorganic Chemicals: Approximately 370 million USD annually, supporting Vietnam’s textile, electronics, and food industries.

This segment has steady growth potential as Vietnam’s healthcare sector expands and chemical inputs remain essential to manufacturing.

5. Other Commodities

• Oilseeds and Oleaginous Fruits: Around 250 million USD, including castor seeds and other oil-bearing crops.

• Cotton: India’s cotton exports to Vietnam are significant, feeding Vietnam’s massive textile and garment industry.

• Marine Products and Processed Foods: Smaller in value but consistent, ranging between 200–400 million USD annually.

Vietnam’s Exports to India: Context

For balance, it is useful to look at Vietnam’s major exports to India, as these explain the growing trade surplus Vietnam enjoys.

• Mobile Phones and Components: Nearly 1.7 billion USD in 2024, accounting for over 17% of Vietnam exports to India, as per the customs data on Vietnam mobile phone exports to India by HS code.

• Computers, Electronics, and Components: Around 1.5 billion USD, making up about 16%.

• Machinery and Spare Parts: Roughly 950 million USD.

• Other Goods: Tea, seafood, timber products, rubber, garments, and confectionery.

Vietnam has leveraged its strong role in global electronics supply chains to supply India with finished and intermediate technology goods.

Trade Structure and Complementarity

The trade relationship is highly complementary:

• India supplies agriculture, raw materials, and industrial inputs.

• Vietnam supplies electronics, machinery, and consumer goods.

This creates a natural synergy, but also reveals gaps: India has yet to capture a larger share of Vietnam’s high-value import segments, such as advanced electronics or specialized machinery.

India–Vietnam Trade Agreements and Frameworks

The trade relationship between India and Vietnam is not only driven by market demand but also supported by a web of agreements, institutional dialogues, and regional frameworks. These agreements reduce tariffs, improve market access, and create conditions for long-term economic cooperation.

1. ASEAN–India Free Trade Agreement (AIFTA)

Vietnam, as a member of ASEAN, benefits directly from the ASEAN–India Free Trade Agreement signed in 2009. Under this FTA:

• Tariffs on thousands of product lines have been reduced or eliminated.

• Key sectors such as agriculture, machinery, chemicals, and electronics enjoy preferential treatment.

• Vietnam gains better access to India’s massive consumer market, while India gains a foothold in Vietnam’s fast-growing industrial economy.

This agreement remains the foundation of Vietnam–India trade, encouraging two-way flows of goods and services.

2. Comprehensive Strategic Partnership (2016)

In 2016, Vietnam and India elevated their relationship to a Comprehensive Strategic Partnership, covering defense, investment, science and technology, and trade. The economic component of this partnership emphasized:

• Promoting bilateral trade to reach higher targets (initially 15 billion USD, already achieved by 2024).

• Encouraging investment and joint ventures, especially in manufacturing, renewable energy, and IT.

• Strengthening connectivity through maritime and air routes.

3. Bilateral Trade Committees and Dialogue Mechanisms

• The Joint Sub-Commission on Trade meets regularly to address barriers, review progress, and set new trade targets.

• Both governments also maintain a Joint Commission Meeting at the Foreign Ministers’ level, which discusses trade, investment, and broader strategic cooperation.

• Chambers of commerce, such as the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Vietnam Chamber of Commerce and Industry (VCCI), support B2B exchanges and trade fairs.

4. Regional Comprehensive Economic Partnership (RCEP)

Although India opted out of RCEP in 2019, Vietnam remains an active member. Still, India maintains dialogue with RCEP members, including Vietnam, for future cooperation. While India’s absence limits preferential market access, the ASEAN–India FTA and bilateral arrangements help offset this gap.

5. Investment Promotion Agreements

Beyond goods trade, the two nations have signed multiple agreements to promote investment in energy, infrastructure, textiles, pharmaceuticals, and IT. These agreements provide a framework for Indian companies to expand operations in Vietnam and for Vietnamese firms to enter India.

Impact of Agreements on Vietnam-India Trade Relations

• Tariff Reductions: The ASEAN–India FTA has made Indian agricultural products, metals, and pharmaceuticals more competitive in the Vietnamese market.

• Market Access for Electronics: Vietnam’s electronics exports to India have surged partly due to preferential tariffs and easier market entry under ASEAN frameworks.

• Stability and Predictability: Regular trade dialogues ensure that disputes are managed and new opportunities are identified.

• Investment Growth: Agreements also encourage Indian investment in Vietnam’s manufacturing, while Vietnam is exploring opportunities in India’s renewable energy and technology sectors.

Trends and Developments

1. Agricultural Volatility: Imports of food items like animal feed and seafood from India have declined, reflecting shifting consumption trends, domestic production in Vietnam, and competition from other countries.

2. Growth in Engineering Goods: India’s engineering exports to Vietnam remain robust and show opportunities for growth as Vietnam continues industrial expansion.

3. Pharmaceuticals Hold Steady: With Vietnam’s rising healthcare needs, pharmaceuticals and chemicals from India will likely continue to grow steadily.

4. Electronics Gap: India’s exports of electronics to Vietnam remain modest compared to Vietnam’s exports to India. This gap underlines the need for India to boost its high-tech manufacturing capacity.

Challenges in India-Vietnam Trade Relations

• Non-Tariff Barriers: Sanitary and phytosanitary measures, certification requirements, and technical standards often slow agricultural and food trade.

• Infrastructure and Logistics: Shipping times and costs remain high, limiting the competitiveness of certain exports.

• Competition from Other Countries: Vietnam imports many goods from China, ASEAN partners, and developed economies, putting pressure on Indian exporters.

• Policy Instability: India’s occasional export restrictions on food items, such as rice or onions, create uncertainty for Vietnamese buyers.

Opportunities for Growth

1. Electronics and Components: If India increases domestic electronics production, it can supply Vietnam with components and raw materials, complementing Vietnam’s role as an assembly hub.

2. Pharmaceuticals and Healthcare: Vietnam’s growing healthcare market opens doors for Indian pharmaceutical companies to expand exports and invest in local partnerships.

3. Agriculture and Processed Foods: While raw food imports fluctuate, there is growing demand for processed foods, spices, and high-value agricultural exports, where India is competitive.

4. Machinery and Infrastructure Support: As Vietnam invests in infrastructure, India can position itself as a supplier of affordable machinery, construction materials, and engineering solutions.

5. Renewable Energy and Green Technology: Both countries are investing in renewables, and cooperation in solar panels, wind energy equipment, and green technology could be a future growth driver.

Policy Recommendations

To deepen bilateral trade, the following measures would be effective:

1. Streamline Customs and Standards: Reduce non-tariff barriers and harmonize quality standards to encourage smoother flows of goods.

2. Promote Joint Ventures: Especially in electronics, pharmaceuticals, and machinery, joint ventures can integrate supply chains and overall trade data. 

3. Diversify Export Baskets: Both nations should avoid over-reliance on a few commodities and expand into higher-value goods.

4. Enhance Connectivity: Better shipping routes, logistics hubs, and direct air links can cut costs and boost trade volumes.

5. Stable Trade Policies: Avoid sudden export bans or restrictions that disrupt supply chains and investor confidence.

Conclusion and Final Thoughts 

In conclusion, Vietnam and India’s trade relations in 2024–25 show a dynamic and evolving partnership. With over 15 billion USD in trade value, Vietnam remains a net exporter to India, driven by its strong performance in electronics and machinery. India, in turn, supplies Vietnam with crucial cereals, meat, animal feed, metals, machinery, chemicals, and pharmaceuticals. The relationship is mutually beneficial but still has untapped potential. India’s exports remain concentrated in traditional goods, while Vietnam is capturing value in high-technology products. 

For the partnership to evolve, India must diversify into higher-value exports and address challenges like logistics, policy uncertainty, and compliance with standards. Looking ahead, areas like electronics, pharmaceuticals, machinery, agriculture, and renewable energy hold promise for deeper cooperation. If both nations build on their complementary strengths, Vietnam and India can raise bilateral trade beyond current levels, creating a more balanced and sustainable trade relationship.

We hope that you liked our data-driven and insightful blog report on Vietnam-India trade relations, covering the India-Vietnam trade agreements, Vietnam imports from India, and Bilateral trade data 2024-25. For more information on the latest Vietnam trade data or to search live data on Vietnam import-export data by country, product, or HS code, visit VietnamExportdata. Contact us at info@tradeimex.in for customized trade reports, market insights, and an exclusive Vietnam customs database on our platform.