Vietnam's Import-Export Turnover Soars 28.1% in Seven Months

Vietnam's total import-export turnover reached US$659.58 billion in the first seven months of 2026, marking a significant year-on-year increase of 28.1%. During the January-July period, export turnover stood at US$169 billion, up 20.1% compared to the same period last year. Imports rose by 29.5% to US$176.6 billion, resulting in a total trade revenue of US$345.6 billion, a 24.7% increase year-on-year. Key export sectors demonstrated strong performance. Agro-forestry-aquatic product exports reached nearly US$42.8 billion in the January-July period, up 7.5% year-on-year and accounting for almost 60% of the annual target. Seafood exports also saw a 4.8% year-on-year increase in July, bringing the total for the first seven months to nearly US$6.78 billion, an 11.5% rise. Foreign Direct Investment (FDI) continues to flow into Vietnam. The northern province of Quang Ninh attracted over US$1.095 billion in FDI during January-July, surpassing its full-year target and reinforcing its status as a favorable investment destination. The manufacturing and engineering sectors experienced the highest recruitment growth, with hiring demand surging 70% year-on-year, driven by production expansion, supply chain restructuring, and sustained investment in high-tech manufacturing. Infrastructure development is also a priority. Da Nang International Airport's Terminal 1, inaugurated in 2011, is already overloaded, prompting plans for expansion. Petrovietnam Refining and Petrochemical Corporation (BSR) has begun construction of an additional crude oil storage tank, increasing its total capacity by 12.5%. Vietnam is shifting its incentive strategy from tax breaks to cost-based support, focusing on infrastructure, workforce training, R&D, and innovation. This approach aims to lower investment costs and enhance operational efficiency, a model increasingly adopted by countries competing for quality FDI. International companies are also expanding their presence. South Korea's LG group has launched a new advanced materials production line in Hai Phong. Global regulations, such as the EU's Steel Regulation, may also influence Vietnam's export strategies. Under its one-party system, Vietnam prioritizes economic growth while balancing its relationship with China and diversifying supply chains towards higher-value industries. The current trade figures reflect the positive outcomes of these ongoing efforts. Source: VietnamPlus English