Vietnam on track to top $1 trillion in trade for first time

Vietnam on track to top $1 trillion in trade for first time

With total import-export turnover reaching approximately $445 billion in the first five months of 2026, Vietnam is on track to surpass the $1 trillion trade milestone for the first time.

Speaking at the seminar on export trends on June 17, Nguyen Tuan Viet, CEO of VIETGO, a company specialising in export consultancy and international trade matching, said exports continue to be one of the brightest spots of the economy and are making an important contribution to the government’s double-digit growth target.

Photo: Baodautu.vn

Citing data from the Ministry of Industry and Trade, Viet noted that total trade turnover reached around $445 billion in the first five months, equivalent to nearly $90 billion per month. If this pace is maintained, Vietnam could comfortably exceed $1 trillion in total trade value this year.

A notable feature is the continued dominance of the foreign-invested sector. In the first five months, foreign-invested enterprises generated approximately $172.16 billion in export revenue, accounting for nearly 80 per cent of the country’s total exports, while domestic businesses contributed just over 20 per cent.

“Total trade turnover is an important indicator of a country’s production capacity, competitiveness, and ability to participate in global supply chains. With export value expected to exceed $500 billion, equivalent to nearly Vietnam’s current GDP, the country is demonstrating impressive trade growth,” Viet said.

According to Viet, the strong presence of multinational corporations should not be viewed as a concern. On the contrary, the continued decision of major global companies to invest in Vietnam highlights the country’s increasingly attractive business environment and creates opportunities for domestic enterprises to integrate more deeply into global supply chains, absorb technology, and enhance competitiveness.

Data from the Ministry of Industry and Trade show that the US remains Vietnam’s largest export market. Exports to the US reached around $130 billion in 2025, while shipments in the first five months of 2026 alone totalled nearly $70 billion. If current growth momentum continues, exports to the US could reach approximately $160 billion this year, up nearly 20 per cent on-year.

“These results have been achieved despite the US imposing additional tariff measures and trade barriers on many countries. The restructuring of global supply chains is creating new opportunities for Vietnam as international businesses seek alternative production locations and sources of supply,” Viet added.

Data from VIETGO’s trade connectivity platform also indicate positive growth signals across several product groups in recent months.

Construction materials recorded the strongest increase, with orders nearly doubling to around 40–50 orders per month.

Fruit and vegetables ranked second, with around 80 per cent of new orders coming from the Middle East. Following disruptions caused by conflicts and logistics issues, import demand in the region is rebounding strongly due to supply shortages.

Textiles and garments also posted encouraging signs. In addition to the usual winter-season orders, Vietnamese manufacturers have recently secured orders for summer clothing from Middle Eastern partners.

Meanwhile, imports have also increased significantly. China remains Vietnam’s largest source of imports, with turnover reaching approximately $92.6 billion. Most imports comprise machinery, equipment, components, and raw materials serving domestic production.

At the Ministry of Finance’s second-quarter press briefing on June 17, Deputy Minister Nguyen Duc Chi said Vietnam recorded an import surplus of around $13.8 billion in the first five months of the year. Of this, petroleum products alone accounted for more than $7 billion due to rising demand from the economy. Imports of electronic components, raw materials, machinery, and equipment also remained high.

According to Deputy Minister Chi, this should be seen as a positive signal, as the majority of imports are being used for investment, production expansion, and preparing resources for future growth.

“Businesses are taking advantage of favourable market conditions to import raw materials, machinery, and equipment to support production activities,” he said.

VIR