Record turnover but many bottlenecks remain
Import and export picture in 2025 closed with many bright spots in terms of scale. According to a report of General Statistics Office, Ministry of Finance, total import and export turnover of goods for the whole year reached 930.05 billion USD, an increase of 18.2% compared to the previous year; Export reached US$475.04 billion and import reached US$455.01 billion. Trade balance maintained a surplus of US$20.03 billion, continuing to be an important pillar for macroeconomic stability.
In December 2025 alone, total import and export turnover reached US$88.72 billion, an increase of 15.1% compared to previous month and a 25.7% increase compared to same period last year. This large scale demonstrates resilience of the economy in context of volatile global trade.
However, behind these impressive figures are "bottlenecks". According to General Statistics Office report, in structure of export goods, foreign-invested sector continues to play a dominant role, accounting for 77.3% of total export turnover, while domestic economic sector only reached US$107.95 billion and decreased by 6.1% compared to the previous year. Big export volume of FDI sector makes domestic exports vulnerable to policy changes and global supply chain fluctuations.
Export structure in 2025 also clearly reflects this characteristic. Processed industrial goods reached US$421.47 billion, accounting for 88.7% of total export value but majority is still processing and assembly. Meanwhile, agricultural and forestry products reached US$39.46 billion (8.3%) and seafood reached US$11.29 billion (2.4%). These are sectors where Vietnam has potential for value-added but have not been exploited to their full potential.
On import side, total import value for the year reached US$455.01 billion, an increase of 19.4%. Notably, group of production materials accounted for 93.6%, of which machinery, equipment, tools and spare parts accounted for 52.7%. This shows that domestic production still heavily depends on imported inputs.
In an interview with Industry and Trade Newspaper, Dr. Le Quoc Phuong, former Deputy Director of Center for Industrial and Trade Information, stated: “Vietnam is currently a major export power with high export turnover, but low added value. Main reason is that exported industrial products are mainly processed and assembled; while agricultural and aquatic products are largely exported in raw form and lack branding”.
According to Dr. Le Quoc Phuong, model of high export turnover but low added value results in disproportionate benefits, while risks are increasing. A constant threat is application of trade defense measures due to the high export growth rate of many goods. In addition, there are tariff and non-tariff barriers in the context of a weakening multilateral trading system.
Another bottleneck is ability to leverage free trade agreements. With 17 FTAs signed with approximately 60 countries and territories, Vietnam is among most deeply integrated countries in ASEAN. However, in reality, only about 30% of businesses effectively utilize these FTAs, while the rest have either not taken advantage of or have left opportunities untapped. This prevents the "integration passport" from fully realizing its value.
Structure of import and export market also poses long-term challenges. The United States continues to be the largest export market with a turnover of $153.2 billion, while China is the largest import market with $186.0 billion. The large trade deficit with China and ASEAN clearly reflects dependence on regional supply chains and increases risk of market fluctuations.
Improving export quality
Entering 2026, outlook for import and export is assessed positively thanks to the large scale and extensive network of FTAs. However, potential for sustainable growth will only truly unlock when core bottlenecks are removed.
According to Dr. Le Quoc Phuong, focus of next phase is shifting from quantitative growth to qualitative growth. This requires increasing exports of high value-added products with high technological content and high localization rates, based on internal strength of domestic enterprises. At the same time, it is necessary to improve quality, invest in deep processing, innovate and build brands instead of simply engaging in processing.
In reality, standardizing supply chain to high standards is opening up a positive direction. Recently, TOANPHAT Group's cold storage and irradiation plants have been put into operation and granted an EU Code for function of preserving frozen seafood for export to the EU, demonstrating that Vietnamese businesses are gradually meeting stringent requirements of high-end markets. Operating logistics chain according to a unified standard helps reduce risks, enhance competitiveness and create a foundation for sustainable development. To effectively leverage FTA in 2026, Dr. Le Quoc Phuong emphasized need to focus on four pillars: enhancing competitiveness; improving quality and optimizing costs; increasing product value through deep processing and brand building; and strictly adhering to FTA regulations. This is a difficult but essential path if Vietnamese businesses want to go far in the international market.
From a policy perspective, the State will continue to play a supportive role by improving the business environment, training human resources, providing information, and connecting partners. Dr. Le Quoc Phuong affirmed that policies are only effective when businesses proactively enhance their internal capabilities and adopt an integration mindset. 2025 laid the foundation with new record-breaking figures in scale. 2026 is expected to be a pivotal period for Vietnam's import and export to overcome barriers related to value, structure, and integration, moving towards a more sustainable, higher-quality and less risky growth model.

Source: Vitic/ congthuong.vn