Vietnam's Import-Export Turnover Surges 28%, Accelerating Towards $1 Trillion Mark

Vietnam's import-export turnover in the first seven months of the year reached $345.6 billion, up 24.7% year-on-year, demonstrating strong momentum towards its ambitious annual target of exceeding $1 trillion. In the January-April period, Vietnam's export turnover totalled $169 billion, a 20.1% increase compared to the same period last year, while imports rose 29.5% to $176.6 billion. The total trade revenue marked a year-on-year increase of 24.7%. For the first four months of 2026, Vietnam’s total import-export turnover was estimated at $344.17 billion, up 24.2% year on year. Exports rose 19.7% and imports climbed 28.7%, resulting in a trade deficit of $7.11 billion. This robust trade performance is underpinned by government strategies focused on investment in integrated logistics infrastructure, expansion of multimodal transport, and acceleration of digital transformation. These measures aim to reduce logistics costs, enhance competitiveness, and support sustainable growth in external trade. The utilization of Free Trade Agreement (FTA) tariff preferences remains high. Agreements like the EU-Vietnam Free Trade Agreement (EVFTA), the ASEAN-India FTA, and the ASEAN-Australia-New Zealand FTA recorded utilization rates of 30-50%. Reflecting on the EVFTA's sixth anniversary, EuroCham Chairman Bruno Jaspaert noted that nearly half of all EU-Vietnam trade over the past three decades has occurred under the agreement, highlighting the rapid acceleration of economic integration post-market access barrier removal. Agricultural, forestry, and fishery exports fetched an estimated $35.88 billion in the first six months of 2026, up 6% year-on-year. The sector's GDP expanded by over 3.8%, surpassing the government's 3.7% target, driven by stable production. Several international institutions, including Standard Chartered, UOB, and DBS, have raised their growth forecasts for Vietnam. Standard Chartered projects GDP growth of 9.5% in 2026 and 11% in 2027. Regarding inflation, Vietnam's July CPI increased 3.08% from December 2025 and 4.45% year-on-year. The average CPI in the first seven months rose 4.39% year-on-year, with core inflation up 4.19%. Vietnam's one-party system prioritizes economic growth, actively pursuing foreign investment and export promotion. While maintaining deep economic ties with China, it navigates security concerns through a diversified foreign policy. This trade expansion reflects the success of Vietnam's economic strategies. Source: VietnamPlus English