Vietnam trade hits record $445 billion, but deficit widens

Vietnam trade hits record $445 billion, but deficit widens

Vietnam posted a record $445 billion in trade value during the first five months, driven by robust export and import growth, while a widening trade deficit remains an area to watch.

According to the National Statistics Office, the country’s trade value reached a record high of $445.12 billion in the first five months of 2026, surging 25 per cent on-year.

Exports totalled $215.6 billion, while imports reached $229.4 billion, up 19.5 per cent and 30.8 per cent, respectively, from the same period last year.

The figures underscore the resilience of Vietnam’s trade despite challenges facing the global economy and ongoing geopolitical uncertainties.

Mobile phones and components continued to be among the largest contributors to Vietnam’s export value

Of the country’s total export value of $215.6 billion, the domestic sector contributed $43.5 billion, up 2.5 per cent and accounting for 20.2 per cent of total exports.

The foreign-invested enterprises, including crude oil exports, generated $172.16 billion, up 24.7 per cent and representing 79.8 per cent of total export turnover.

During the first five months, 26 categories recorded export value exceeding $1 billion, accounting for 90.7 per cent of total exports.

Among them, seven categories surpassed the $5 billion mark: electronics, computers and components ($56.19 billion); machinery, equipment, tools and spare parts ($26.97 billion); mobile phones and components ($26.37 billion); textiles and garments ($15.13 billion); footwear ($9.78 billion); transport vehicles and spare parts ($7.99 billion); and wood and wood products (more than $7 billion).

Imports also posted strong growth. Of the total import value of $229.4 billion in the first five months, the domestic sector accounted for $64.2 billion, up 22.7 per cent, while the foreign-invested sector imported goods worth $165.2 billion, an increase of 34.3 per cent.

Over the same period, 36 import categories recorded values exceeding $1 billion, accounting for 91.2 per cent of total imports. Of these, six categories posted import turnover of more than $5 billion, representing 60.7 per cent of the total.

Overall, Vietnam’s trade performance remained robust. However, speaking at the government’s regular monthly meeting for May on June 3, Minister of Finance Ngo Van Tuan noted that exports of several key products produced by local businesses, including textiles and garments, seafood, rice and coffee, either declined or posted only modest growth during the first five months.

Specifically, exports of textiles and garments worth $5.41 billion, were down 1.4 per cent on-year; seafood exports reached $4.29 billion, up 11.3 per cent; wood and wood products valued at $3.82 billion, up 8.4 per cent; coffee exports amounted $2.61 billion, down 18.7 per cent; and rice exports stood at $1.96 billion, down 7.3 per cent.

Meanwhile, import growth was driven primarily by computers, electronic products and components, which reached approximately $88.22 billion, up 57.1 per cent from a year earlier, as well as energy imports, including coal, crude oil, petroleum products and natural gas, which approximated $13.3 billion, an increase of 31.7 per cent.

According to Minister Tuan, the trade deficit continued to widen. Vietnam recorded a trade deficit of $5.21 billion in May, higher than the $4 billion deficit recorded in April and the $3.65 billion deficit posted during the first quarter of the year. For the first five months of 2026, the cumulative trade deficit reached $13.8 billion.

“If the trade deficit remains at its current elevated level, it could affect economic growth. The situation needs to be closely monitored and assessed so that appropriate measures can be adopted,” Minister Tuan said.

VIR