The General Statistics Office under the Ministry of Finance released the February 2026 socio-economic report on March 6, indicating that Vietnam’s total import–export turnover reached USD 155.7 billion in the first two months of 2026, up 22.2% compared with the same period in 2025. However, the trade balance recorded a deficit of USD 2.98 billion.

Exports remain strong but decline in February

According to the report, export turnover in February reached USD 33.06 billion, down 23.7% compared with the previous month. Of this, the domestic economic sector accounted for USD 6.44 billion, decreasing 33.1%, while the foreign-invested sector, including crude oil, reached USD 26.62 billion, down 21%.

Compared with the same period last year, February exports still increased by 5.7%. However, the domestic sector saw a decline of 24.3%, while the foreign-invested sector posted a 17% increase.

In total, export turnover in the first two months of 2026 reached USD 76.36 billion, up 18.3% year-on-year. The domestic sector contributed USD 15.96 billion, down 12% and accounting for 20.9% of total exports, while the foreign-invested sector recorded USD 60.4 billion, up 30.1% and representing 79.1% of total export turnover.

During this period, 13 export items exceeded USD 1 billion in value, accounting for 79.9% of total exports, including four items with export turnover exceeding USD 5 billion and representing 57.4% of the total.

In terms of export structure, processed industrial goods dominated with USD 68.55 billion, accounting for 89.8% of total exports. Agricultural and forestry products reached USD 5.8 billion, representing 7.6%, while seafood exports totaled USD 1.72 billion, accounting for 2.2%. Fuel and mineral products reached USD 0.29 billion, representing 0.4%.

Imports increase faster than exports

Regarding imports, February import turnover reached USD 34.1 billion, down 24.6% compared with the previous month. The domestic sector recorded USD 9.55 billion, decreasing 27.5%, while the foreign-invested sector reached USD 24.55 billion, down 23.4%.

Compared with the same period last year, February imports increased by 4.4%, with the domestic sector declining by 19.6% while the foreign-invested sector increased by 18.1%.

In total, Vietnam’s import turnover during the first two months of 2026 reached USD 79.34 billion, up 26.3% year-on-year. The domestic sector recorded USD 22.47 billion, down 1.5%, while the foreign-invested sector reached USD 56.87 billion, up 42.2%.

During this period, 16 import items recorded turnover exceeding USD 1 billion, accounting for 77.8% of total imports. Among them, two items exceeded USD 5 billion, representing 50.2% of total import value.

In terms of import structure, production inputs accounted for the majority with USD 74.67 billion, representing 94.1% of total imports. Within this category, machinery, equipment, tools, and spare parts accounted for 56%, while raw materials and fuels accounted for 38.1%. Consumer goods reached USD 4.67 billion, accounting for 5.9%.

Key trading partners

In terms of trade partners during the first two months of 2026, the United States remained Vietnam’s largest export market with turnover reaching USD 23.8 billion. Meanwhile, China continued to be Vietnam’s largest import market with turnover of USD 31.9 billion.

Vietnam recorded a trade surplus of USD 20.4 billion with the United States, up 20.8% year-on-year. The trade surplus with the European Union reached USD 6.7 billion, up 6.5%. Meanwhile, the surplus with Japan reached USD 0.3 billion, down 43.1%.

Conversely, Vietnam recorded a trade deficit of USD 20.9 billion with China, up 35.7%. The deficit with South Korea reached USD 6.5 billion, increasing 41.5%, while the deficit with ASEAN reached USD 2.6 billion, up 20.7%.

According to preliminary data, Vietnam recorded a trade deficit of USD 1.04 billion in February alone. Overall, during the first two months of 2026, the country posted a trade deficit of USD 2.98 billion, compared with a surplus of USD 1.77 billion in the same period last year.

The domestic sector recorded a trade deficit of USD 6.5 billion, while the foreign-invested sector, including crude oil, maintained a trade surplus of USD 3.52 billion.

Policy recommendations to promote exports

To strengthen export growth, General Statistics Office Director Nguyen Thi Huong proposed that the government focus on effectively implementing policies to promote exports, intensify trade promotion activities, and diversify supply chains, production networks, and export markets while improving product quality.

She also recommended deeper participation in regional and global supply chains, more effective utilization of existing free trade agreements, and expanding exports to key markets while exploring new and potential markets such as Halal markets, Latin America, and Africa to achieve sustainable trade surpluses.

In addition, authorities should provide information and support to help businesses comply with new standards in export markets, assist enterprises involved in anti-dumping investigations, facilitate access to financing, and encourage the adoption of advanced technologies in production to enhance product quality and value, thereby expanding market access and promoting export growth.

Source: Tin Tức Newspaper