📊 Vietnam’s import–export activities continued to record strong growth during the first five months of 2026, reflecting the recovery and expansion of domestic manufacturing. However, imports grew at a faster pace than exports, resulting in a shift to a trade deficit.
📈 IMPORT–EXPORT OVERVIEW
• Total trade turnover: USD 445.12 billion ⬆️ up 25.0% year-on-year
• Exports: USD 215.66 billion ⬆️ up 19.5%
• Imports: USD 229.46 billion ⬆️ up 30.8%
• Trade balance: Trade deficit of USD 13.8 billion (compared to a USD 5.1 billion trade surplus in the same period of 2025)
🏭 MANUFACTURING EXPANSION DRIVES IMPORTS
The import structure indicates that the majority of imports consisted of production inputs:
• Production materials: USD 215.99 billion, accounting for 94.1% of total imports
• Machinery, equipment, and spare parts: 55.7% of total imports
• Raw materials and fuels: 38.4% of total imports
This suggests that the current trade deficit is largely driven by imports supporting manufacturing, investment, and export capacity expansion, rather than increased consumer demand.
🌎 KEY TRADING PARTNERS
🇺🇸 United States – Vietnam’s Largest Export Market
• Export value: USD 69.6 billion
• Trade surplus: USD 60.4 billion ⬆️ up 21.1%
🇨🇳 China – Vietnam’s Largest Import Source
• Import value: USD 92.6 billion
• Trade deficit: USD 62.5 billion ⬆️ up 36.4%
🇰🇷 South Korea
• Trade deficit: USD 21.1 billion ⬆️ up 72.5%
🇪🇺 European Union
• Trade surplus: USD 18.1 billion ⬆️ up 11.3%
🏆 KEY HIGHLIGHTS
• 26 export commodities exceeded USD 1 billion, accounting for 90.7% of total export turnover
• 36 import commodities exceeded USD 1 billion, accounting for 91.2% of total import turnover
• The manufacturing and processing sector remained the main export driver, reaching USD 193.71 billion and contributing nearly 90% of total exports
🔍 OUTLOOK
Although Vietnam’s trade deficit widened, the import structure indicates that capital is being directed toward machinery, raw materials, and production inputs. This reflects businesses’ efforts to strengthen production capacity and prepare for new export orders in the second half of 2026.
If export growth maintains its current momentum, Vietnam’s trade balance is expected to improve in the coming quarters.
📎 Source: VnEconomy
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