Processing industry continues to play a driving role
Vietnam's goods trade activities continued to record positive signals in the first five months of 2026, with total import and export turnover exceeding US$445 billion. This is a remarkable result in context of a global economy still facing many uncertainties from geopolitical conflicts, energy price fluctuations, inflationary pressures and changes in trade policies of many major economies.
According to data from General Statistics Office (Ministry of Finance), total value of goods exports and imports in the first five months of the year reached US$445.12 billion, an increase of 25% compared to the same period in 2015. Of this, exports reached US$215.66 billion, an increase of 19.5%; and imports reached US$229.46 billion, an increase of 30.8%.
This result shows that domestic production is maintaining a positive recovery momentum, demand for raw materials for production is increasing and it also reflects expansion of international trade activities. Notably, processing and manufacturing industry continues to play a pivotal role in Vietnam's exports. In the first five months of the year, export value of processed industrial goods reached US$193.71 billion, accounting for 89.8% of the country's total export value. Meanwhile, agricultural and forestry products group reached US$15.79 billion; Seafood exports reached US$4.67 billion; fuel and mineral exports reached US$1.49 billion.
This structure shows that Vietnam's exports continue to be based on industrial production and its increasingly deep participation in global supply chains. This is also sector that has contributed the most to export growth in recent years and continues to be an important driver of economic growth in 2026.
From a market perspective, traditional partners continue to play a leading role in Vietnam's export growth. The United States continues to be the largest export market with a turnover of US$69.6 billion. Notably, trade surplus with this market reached US$60.4 billion, an increase of 21.1% compared to the same period last year.
In addition, Vietnam continues to maintain a trade surplus of US$18.1 billion with the European Union (EU) and a trade surplus of US$0.8 billion with Japan.
The above figures show that key export markets continue to play a crucial role in Vietnam's trade growth. At the same time, effectively utilizing new-generation free trade agreements continues to create opportunities for businesses to expand market share and enhance competitiveness in many regions around the world.
Besides positive results in trade growth, import and export activities in the first months of the year also raise some issues that need close monitoring, notably return of a trade deficit.
Mr. Nguyen Anh Son, Director of Import-Export Department (Ministry of Industry and Trade), stated that, according to mandated targets, import and export turnover in 2026 must grow by 12-13%, with export striving for a growth rate of 15-16%. However, according to statistics from Customs Department (Ministry of Finance), in the first five months of this year, Vietnam had a trade deficit of approximately US$13.8 billion, while in the same period last year it had a trade surplus of over US$5.7 billion.
According to Mr. Nguyen Anh Son, trade deficit in the first few months of the year needs to be viewed within overall picture of the economy's production and trade. One of important reasons stems from the continued positive disbursement of foreign direct investment (FDI) from the beginning of the year, especially in processing and manufacturing industries.
Maintaining export momentum amidst geopolitical fluctuations
According to Mr. Nguyen Anh Son, some traditional export sectors are still affected by complex geopolitical context, uneven recovery of demand in major markets, and high international transportation costs.
Notably, conflicts in the Middle East are putting pressure on global supply chains, especially in energy and logistics sectors. As tensions escalate, risk of disruptions to oil and LNG supplies, along with energy price fluctuations, could increase input costs for many manufacturing sectors.
Furthermore, need for many shipping companies to adjust their routes, bypassing Cape of Good Hope (South Africa), has extended shipping times and increased fuel, insurance and freight costs. This directly impacts production costs and competitiveness of Vietnamese export goods, especially those heavily reliant on logistics such as textiles, footwear, agricultural products and seafood.
In response to this situation, Ministry of Industry and Trade has proactively implemented a comprehensive set of solutions to mitigate negative impacts on production and import-export activities. Regarding macroeconomic management, the Ministry has advised the Government on scenarios to ensure national energy security, prioritizing domestic supply and coordinating with other ministries and agencies to research tax and financial solutions to reduce the pressure of imported petroleum costs.
Energy corporations have been instructed to increase domestic production and diversify supply sources beyond the Middle East. Management of petroleum market is also being carried out flexibly, closely monitoring global price developments to ensure a stable supply for the economy.
For businesses, Ministry of Industry and Trade has worked with industry associations to review impact and promptly identify emerging difficulties. Since the beginning of March 2026, Import-Export Department has recommended that businesses closely monitor market developments and proactively develop appropriate production and logistics plans.
System of Vietnamese trade offices abroad has been requested to strengthen provision of market information, risk warnings and support trade connections. Simultaneously, businesses are advised to diversify markets, seek alternative supply sources, refine contract terms and enhance risk management capabilities.
"Requirement for import and export management in the coming period is to continue closely monitoring global trade developments, while coordinating synchronously between trade, production, finance, credit and logistics policies. Import and export management cannot be separated from elements of the economy. Trade policy needs to be placed within the overall framework of policies supporting production and business development," Mr. Son emphasized.
In coming period, Ministry of Industry and Trade will continue to coordinate with ministries and agencies to implement flexible management solutions, appropriately applying foreign trade management tools to ensure market balance and support production and business activities.
Along with perfecting policies related to rice export management, regulations on goods produced in Vietnam and strategic trade control, Ministry of Industry and Trade is promoting solutions to expand new export markets to reduce dependence on a few traditional markets.
In particular, Import-Export Department will coordinate with relevant units to promote the opening of more new markets for Vietnamese goods. For rice, trade promotion activities in the Philippines, Iraq and many other potential markets will continue to be intensified.
Regarding Chinese market, after China allowed the import of several additional items such as passion fruit, Ministry of Industry and Trade will continue to coordinate efforts to open the market for pomelo, pineapple and many other Vietnamese agricultural products.

Source: Vitic/ congthuong.vn