Vietnam Trade Surplus Little Changed

Vietnam posted a trade deficit of USD 1.78 billion in January 2026, shifting from a USD 3.1 billion surplus in the same month of 2024. It marked the second straight month of trade deficit and the largest gap since February 2022, as exports rose less than imports. Outbound shipments grew 29.7% year-on-year to USD 43.19 billion, while imports jumped 49.2% to USD 44.97 billion. During the month, shipments of processed industrial goods totaled USD 38.43 billion, accounting for 89.0% of total exports, while imports of production materials amounted to USD 42.3 billion, representing 94.0% of total imports. The US remained Vietnam’s largest export market, with turnover reaching USD 13.9 billion, while China was the largest importer, with turnover of USD 19.0 billion. The surplus with the US was $12 billion in January, nearly 30% higher than a year earlier, and only slightly lower than the USD 12.3 billion in December. Last year, Vietnam registered a total trade surplus of USD 20.03 billion.

Vietnam posted a trade deficit of USD 0.66 billion in December 2025, shifting from a USD 0.52 billion surplus in the same month of 2024. It marked the first trade deficit since February, as exports rose less than imports. Outbound shipments surged 23.8% year-on-year to USD 44.03 billion, while imports jumped 27.7% to USD 44.69 billion. However, for the full year 2025, Vietnam recorded a cumulative trade surplus of USD 20.03 billion, with exports and imports rising by 17.0% and 19.4%, respectively. During this period, shipments of processed industrial goods totaled USD 421.47 billion, accounting for 88.7% of total exports. The US remained Vietnam’s largest export market, with turnover reaching USD 153.2 billion. Meanwhile, imports of production materials amounted to USD 426.11 billion, representing 93.6% of total imports, with China remaining the country’s top source of imports. In 2024, shipments to the US accounted for approximately 30% of Vietnam’s GDP.

Vietnam’s trade surplus stood at USD 1.09 billion in November 2025, compared to USD 1.06 billion in the same month of 2024. Exports rose 15.1% year-on-year to USD 39.07 billion, while imports increased 16.0% to USD 37.98 billion. In the first eleven months of 2025, Vietnam recorded a cumulative trade surplus of USD 20.53 billion, with exports and imports climbing by 16.1% and 18.4%, respectively. During this period, shipments of processed industrial goods totaled USD 381.72 billion, accounting for 88.7% of total exports. The US remained Vietnam’s largest export market, with turnover reaching USD 138.6 billion. Meanwhile, production materials amounted to USD 383.96 billion, representing 93.7% of total imports, with China remaining the country’s top source of imports. In July, the US and Vietnam signed a trade agreement under which the US will impose a 20% tariff on imports from Vietnam. In 2024, shipments to the US accounted for approximately 30% of Vietnam’s GDP.