Vietnam’s trade turnover surpasses $1 trillion for the first time

Vietnam’s trade turnover surpasses $1 trillion for the first time

Vietnam's merchandise trade has crossed the trillion-dollar mark for the first time, with imports growing faster than exports and pushing the country into a trade deficit.

Data source: NSO

Total merchandise trade reached more than $1 trillion in the first 10 months of 2026, up 32.3 per cent on-year, according to the National Statistics Office under the Ministry of Finance. Exports hit $499.24 billion, up 27.5 per cent, while imports totalled $511.3 billion, up 37.4 per cent. With imports outpacing exports, Vietnam posted a merchandise trade deficit of $12.07 billion, compared with a surplus of about $19.5 billion a year earlier.

In October alone, total merchandise trade amounted to $122 billion, up 3.7 per cent from the previous month and 47.4 per cent on-year. Of this, exports reached $64.67 billion, up 8.7 per cent month on month, while imports stood at $57.36 billion, down 1.4 per cent.

Vietnam posted a trade surplus of $7.3 billion in October, following a surplus of $1.3 billion in September. This marked the second consecutive month of trade surplus in 2026.

Regarding exports, the domestic economic sector recorded $93.9 billion in the first 10 months, up 8.2 per cent and accounting for 18.8 per cent of total export turnover. Meanwhile, the foreign-invested sector, including crude oil, generated $405.3 billion, up 33 per cent and representing 81.2 per cent of the total.

Export composition remained heavily concentrated in the manufacturing and processing industry, which generated $452.74 billion, accounting for 90.7 per cent of total exports. Agricultural and forestry products contributed nearly $33.5 billion, or 6.7 per cent, while seafood exports reached $10.36 billion, equivalent to 2.1 per cent. Fuels and minerals accounted for the remaining $2.66 billion, or 0.5 per cent. During the period, 37 export items recorded turnover exceeding $1 billion, including eight that surpassed $10 billion.

On the import side, the domestic economic sector recorded $131.76 billion, up 23 per cent, while imports by the foreign-invested sector reached $379.55 billion, up 43.2 per cent.

Imports of production inputs totalled $481 billion, accounting for 94.1 per cent of total import turnover. Of this, machinery, equipment, tools and spare parts represented 58.5 per cent, while raw materials, fuels and other inputs accounted for 35.6 per cent. Consumer goods imports stood at about $30.3 billion, or 5.9 per cent. A total of 47 imported products recorded values exceeding $1 billion, including eight with import values of more than $10 billion.

In terms of trading partners, the United States remained Vietnam’s largest export market, with export turnover reaching $159.4 billion, while China was the country's largest import market, with imports totalling $212.46 billion.

During the 10-month period, trade surpluses with the European Union and Japan reached $40.84 billion and $3.4 billion, respectively, increasing by 26.8 per cent and 110.4 per cent.

Conversely, Vietnam recorded trade deficits of $134.94 billion with China, up 43.2 per cent; $48.63 billion with the Republic of Korea, up 91 per cent; and $16.93 billion with ASEAN, up 46 per cent.

By economic sector, the domestic sector recorded a trade deficit of $37.83 billion, while foreign-invested enterprises, including crude oil, posted a trade surplus of $25.76 billion.

VIR