Vietnam Trade Deficit Narrows in February

Vietnam's trade deficit narrowed to USD 1.04 billion in February 2026 from USD 1.58 billion in the same month last year. Exports rose 5.7% year-on-year to USD 33.06 billion, driven by higher sales of crude oil (11.1%) and other products (17%). Meanwhile, imports increased at a softer pace of 4.4% to USD 34.1 billion, with purchases rising for corn (145.4%), soybeans (68%), and liquefied petroleum gas (174.3%). For the first two months of 2026, Vietnam’s trade balance showed a deficit of USD 2.98 billion, with the domestic sector in deficit by USD 6.5 billion, while the foreign-invested sector posted a surplus of USD 3.52 billion. Processed industrial goods accounted for USD 68.55 billion, or 89.8% of total exports in the period, whereas imports of production materials totaled USD 74.67 billion, representing 94.1% of total imports. The US remained Vietnam’s largest export market at USD 23.8 billion, while China was the top import source at USD 31.9 billion.

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.