Vietnam’s merchandise import-export activities in the first seven months of 2026 continued to show significant shifts in trade volume, reflecting the economy’s positive growth momentum; however, this also presented challenges regarding the trade balance, as a trade deficit of US$20.52 billion was recorded…

Vietnam’s import-export activities in the first seven months of 2026 continued to show significant shifts in trade volume. Photo: VNA.

According to data released by the General Statistics Office (Ministry of Finance) on the morning of August 3, 2026, the total value of merchandise exports and imports in July 2026 reached US$109.75 billion, up 5.3% from the previous month and 33.0% year-on-year.

For the first seven months of 2026, total merchandise trade turnover reached US$659.58 billion, a 28.1% increase compared to the same period last year. While exports maintained a growth rate of 21.7%, imports grew more rapidly at 34.8%. This disparity in growth rates resulted in a trade deficit of US$20.52 billion, driven primarily by rising demand for raw materials, machinery, and goods to support production and investment activities.

Regarding exports specifically, the turnover in July 2026 reached US$53.08 billion, a 4.5% increase compared to the previous month. Both economic sectors contributed to this result: the domestic sector reached US$10.27 billion (up 2.7%), while the FDI sector (including crude oil) reached US$42.81 billion (up 5.0%). Compared to the same period last year, export turnover in July 2026 recorded a growth of 25.0%, with the domestic sector rising by 14.0% and the FDI sector surging by 27.9%.

For the first seven months of 2026, total goods export turnover reached US$319.53 billion, an increase of 21.7% year-on-year. The FDI sector continued to affirm its pivotal role, contributing US$255.89 billion—accounting for 80.1% of total export turnover and growing by 26.4%. Meanwhile, the domestic sector reached US$63.64 billion, representing a 19.9% ​​share and growing by 5.8%.

During this seven-month period, 31 commodities achieved export turnover exceeding US$1 billion, contributing 93.0% of the total export value; notably, seven commodities surpassed the US$10 billion mark, accounting for 69.7% of the total.

Regarding the product structure, processed industrial goods dominated the landscape with a value of $287.91 billion, accounting for 90.1% of the total turnover. Other categories held more modest shares: agricultural and forestry products reached $22.79 billion (7.1%); aquatic products totaled $6.86 billion (2.2%); and fuels and minerals amounted to $1.97 billion (approximately 0.6%).

Conversely, import activity also recorded significant growth. Specifically, the import turnover for goods in July 2026 reached $56.67 billion, a 6.1% increase compared to the previous month. Of this total, the FDI sector accounted for $42.87 billion (up 9.3%), while the domestic economic sector reached $13.8 billion (down 2.8%). Year-on-year, imports in July 2026 rose by 41.4%, with the domestic sector increasing by 23.7% and the FDI sector by 48.2%.

For the first seven months of 2026, total import turnover reached $340.05 billion, a year-on-year increase of 34.8%. The domestic economic sector contributed $92.14 billion (up 24.1%), while the FDI sector reached $247.91 billion (up 39.2%).

During this seven-month period, 40 import items recorded a turnover exceeding $1 billion, accounting for 93.0% of the total import value (including two items exceeding $10 billion, which alone accounted for 52.0%).

Notably, the structure of imports was heavily concentrated in the means of production category, valued at $319.95 billion and accounting for 94.1% of the total import turnover. Within this group, machinery, equipment, tools, and spare parts made up 56.9%, while raw materials, fuels, and supplies accounted for 37.2%. In contrast, consumer goods represented only 5.9% of the total, with a value of $20.1 billion.

Regarding markets, the United States remained Vietnam’s largest export market, with a turnover of $104.7 billion. China was Vietnam’s largest import market, with a turnover of $138.6 billion.

During the first seven months of 2026, Vietnam recorded a trade surplus of $91.4 billion with the United States (up 22.6% year-on-year), $26.6 billion with the EU (up 19.9%), and $1.5 billion with Japan (up 12.5%). Conversely, the country recorded trade deficits of $93.0 billion with China (up 39.7%), $32.4 billion with South Korea (up 86.9%), and $12.2 billion with ASEAN (up 45.8%).

Based on these results, the merchandise trade balance for July 2026 is estimated to show a deficit of US$3.59 billion. For the first seven months of 2026, the country recorded an overall trade deficit of US$20.52 billion (contrasting with a surplus of US$10.35 billion during the same period last year). Specifically, the domestic economic sector posted a deficit of US$28.5 billion, while the FDI sector (including crude oil) maintained a surplus of US$7.98 billion. This situation reflects a period in which enterprises are concentrating resources on importing inputs to support production growth and investment objectives in the near future.

Source: vneconomy