Vietnam’s merchandise foreign trade posted impressive growth in the first five months of 2026, with total turnover rising by nearly 90 billion US dollars year-on-year.
Processing tra fish for export at the Cuu Long An Giang Seafood Import-Export JSC. Photo: VNA
Despite geopolitical uncertainties, disruptions to global supply chains, stricter import standards in many markets and rising shipping costs, exports and imports continued to expand at a robust pace.
In May, trade turnover exceeded 99 billion US dollars for the first time. As a result, the country’s total merchandise trade value in the January–May period climbed 25% from a year earlier to more than 445 billion US dollars.
Specifically, exports generated 215.66 billion US dollars, up 19.5% and equivalent to an increase of 35.13 billion US dollars while imports surged 30.8%, or more than 54 billion US dollars, to 229.46 billion US dollars.
Processing tra fish for export at the Cuu Long An Giang Seafood Import-Export JSC. Photo: VNA
The faster rise in imports in recent months led to a trade deficit of nearly 14 billion US dollars, compared with a surplus of over 5 billion US dollars recorded in the same period last year.
A notable feature of the export panorama was the dominance of the foreign direct investment (FDI) sector. Domestic enterprises earned 43.5 billion US dollars from exports, rising only 2.5% and accounting for 20.2% of total export revenue. Meanwhile, the FDI sector, including crude oil exports, generated 172.16 billion US dollars, climbing 24.7% and contributing 79.8% of the country’s overseas shipments.
High-tech and industrial products remained the key growth drivers. Exports of electronics, computers and components went up 46.2% to 56.1 billion US dollars. Machinery, equipment, tools and spare parts increased 22.1% to nearly 27 billion US dollars, while shipments of phones and components reached 26.37 billion US dollars, up 17.7%. Transport vehicles and spare parts also recorded growth of 17.1%, approaching 8 billion US dollars.
Packaging rice for export at the Thoai Son Food Co. Ltd . Photo: VNA
Packaging rice for export at the Thoai Son Food Co. Ltd . Photo: VNA
Traditional labour-intensive sectors, including textiles, footwear, wood and wood products, continued to record trade surpluses but posted modest growth due to slow demand recovery and higher logistics and insurance costs. Their export values rose by just 0.4%, 0.2% and 2.9% from a year earlier, respectively.
Agricultural exports maintained positive momentum thanks to efforts to improve product quality and meet increasingly stringent import requirements. Fruit and vegetable exports increased 20.4% while pepper shipments expanded 14.4%.
Fishery exports also sustained their recovery. The sector earned 1.02 billion US dollars in May alone, bringing total export revenue in the first five months to 4.67 billion US dollars, up 11% year-on-year.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the double-digit growth reflects continued recovery although exporters still face cautious purchasing patterns, increasingly segmented markets and stricter compliance requirements.
China and Hong Kong (China) emerged as major growth drivers, importing 1.2 billion US dollars worth of Vietnamese fishery products during the period, up 40.5%. Rising demand for shrimp, pangasius, crab, molluscs and other high-value seafood products helped enterprises secure additional orders.
Vietnam’s major export markets all recorded double-digit growth thanks to improved market analysis, flexible production planning and effective utilisation of free trade agreements. Exports to the US, Vietnam’s largest market, reached 69.6 billion USD, up 21.6%. Shipments to the EU rose 13.2% to 26 billion US dollars while the value hit 30.1 billion US dollars in China, up 28.2%. Exports to the Republic of Korea, ASEAN and Japan climbed 14.7%, 16.9% and 14.2%, respectively.
Packaging rice for export at the Thoai Son Food Co. Ltd. Photo: VNA
The Agency of Foreign Trade under the Ministry of Industry and Trade attributed the strong performance to exporters’ effective use of major trade agreements like the EVFTA, CPTPP, and RCEP, which have helped expand market access and reduce tariff barriers.
However, looking ahead, challenges remain. Seafood exporters face uncertainty in the US and EU markets, where exports declined by 10% and 2.2%, respectively. Manufacturers are also closely watching Vietnam – US trade negotiations, particularly discussions on reciprocal tariff arrangements.
For 2026, the country targets export growth of 15–16%. Despite a sharp rise in overseas shipments in the first five months, imports of raw materials, machinery, and equipment have outpaced exports in recent months, widening the trade deficit. Nevertheless, experts believe this is not a cause for concern as the high import volume is to stockpile raw materials in preparation for the year-end production cycle./.