A pillar of growth and a mark of economic recovery

At the Ministry of Industry and Trade’s (MoIT) Q3 2025 regular press conference, Bui Huy Son, Director General of the Planning, Finance and Enterprise Management Department, reported on Vietnam’s socio-economic performance during the first nine months of 2025. Notably, import-export activities continued to stand out as a highlight of the national economy, with total trade turnover reaching USD 680.6 billion up 17.3% year-on-year, the highest growth in three years.

In Q3 alone, exports reached USD 128.57 billion, an increase of 18.4% compared to the same period in 2024 and 9.6% compared to Q2. Over the first nine months, exports totaled USD 348.74 billion, up 16%, far exceeding the annual target growth rate of 12%. The domestic economic sector contributed USD 85.41 billion (up 2%), accounting for 24.5% of total exports, while the foreign-invested (FDI) sector reached USD 263.33 billion, up 21.4%, accounting for 75.5%.

Thirty-two export items exceeded USD 1 billion in value, accounting for 93.1% of total exports, while seven items surpassed USD 10 billion, representing nearly 68% of the total. Processed industrial products remained the main driver of export growth, reaching USD 297.2 billion (up 16.7%) and accounting for 85.2% of total exports. Key products such as phones, computers and components, textiles, and footwear continued to hold leading positions, reflecting the competitiveness and adaptability of Vietnam’s manufacturing industry.

Agricultural exports also recorded impressive growth, totaling USD 33.2 billion, up 15.2% and accounting for 9.5% of total exports, a testament to the sector’s success in market diversification, quality improvement, and value addition.

In terms of markets, the United States remained Vietnam’s largest export destination with USD 112.8 billion (up 27.7%), followed by China (USD 49.6 billion, up 11.3%), the European Union (USD 41.7 billion, up 9.3%), ASEAN (USD 28.5 billion, up 2.9%), and Japan (USD 19.7 billion, up 9%). Major markets maintained strong growth, underscoring Vietnam’s increasingly solid position in global trade.

On the import side, Q3 imports reached USD 119.66 billion, up 20.2% year-on-year and 6.3% compared to Q2. Over the first nine months, total imports reached nearly USD 332 billion, up 18.8%. The domestic sector accounted for USD 105.67 billion (up 4.6%), while the FDI sector reached USD 226.25 billion (up 26.8%).

China remained Vietnam’s largest import partner with USD 134.4 billion (up 27.9%), followed by South Korea (USD 44.4 billion, up 7%), ASEAN (USD 39.1 billion, up 14.5%), Japan (USD 18.2 billion, up 13.2%), and the United States (USD 13.7 billion, up 23.6%).

Notably, imports of production-related goods accounted for 89% of total imports and grew by 19.5%, reflecting strong recovery in industrial demand. Controlled-import goods made up 5.2%, while other goods accounted for 5.3%. Although import growth outpaced export growth (18.8% vs. 16%), this was viewed positively, signaling domestic production recovery despite certain pressures on the trade balance.

Nevertheless, Vietnam maintained a trade surplus of USD 16.8 billion, contributing to macroeconomic stability and foreign exchange reserves. The domestic sector posted a trade deficit of USD 20.26 billion, while the FDI sector (including crude oil) recorded a surplus of USD 37.08 billion.

Overall, Vietnam’s trade performance in the first nine months of 2025 indicates a strong recovery trajectory, with total trade for the year expected to reach USD 900 billion, the highest level on record.

Measures to boost trade in Q4 2025

Responding to media inquiries about key solutions for the rest of the year, Nguyen Anh Son, Director General of the Import-Export Department under the MoIT, stated: “According to the report from the Department of Planning, Finance and Enterprise Management, Vietnam’s total trade value has exceeded USD 380 billion, with a trade surplus of over USD 18 billion. Based on projections, total trade in 2025 could reach around USD 900 billion, with a surplus exceeding USD 20 billion”.

Nguyen Anh Son emphasized that the Government and National Assembly set the 2025 GDP growth target at 8.3 - 8.5%, with export growth expected to be about 1.5 times higher, around 12%. To achieve this, the MoIT has been implementing several key solution groups.

First, the Ministry is working closely with relevant ministries and agencies to strictly enforce the Prime Minister’s Directive No. 29 on promoting import-export activities, ensuring strong growth momentum in Q4, the decisive period for meeting annual targets.

Second, Vietnam’s overseas trade offices are instructed to actively support enterprises, boost trade promotion, expand markets, and strengthen direct connections with international partners. These trade offices serve as “extended arms” of Vietnamese exports, helping domestic products penetrate deeper into global supply chains, especially in major markets such as the US, EU, and Northeast Asia.

Third, the Ministry is focusing on addressing technical barriers and trade defense measures imposed by certain partners on Vietnamese goods, a key task in safeguarding legitimate business interests amid intensifying global trade competition.

Fourth, efforts are underway to accelerate negotiations on new bilateral and multilateral trade agreements, including the Vietnam - Pakistan Trade Agreement, the Vietnam - GCC (Gulf Cooperation Council) Agreement, and others currently in progress. Expanding the network of FTAs will allow Vietnamese goods to access more preferential markets and enhance competitiveness.

Fifth, under Government Decree No. 146, effective from July 1, 2025, the authority to issue Certificates of Origin (C/O) has been delegated from the Ministry of Industry and Trade to localities. The Ministry is directing the Import-Export Department to coordinate with provincial Departments of Industry and Trade to provide training, guidance, and legal frameworks to ensure localities are fully capable of issuing C/Os.

Nguyen Anh Son highlighted: “This decentralization allows enterprises to obtain certificates directly where their factories are located, shortening processing time, reducing costs, and facilitating exports”.

According to him, these measures are not only short-term responses but also long-term strategic directions for Vietnam’s import-export sector, aimed at strengthening national competitiveness, expanding market access, and consolidating sustainable supply chains.

Vietnam’s trade performance in the first nine months of 2025, with USD 680.6 billion in trade value and USD 16.8 billion in trade surplus, demonstrates the resilience of the economy and the effectiveness of macroeconomic management and enterprise adaptability.

Nguyen Anh Son concluded: “We hope that from now until the end of the year, under the close direction of the Government and the MoIT, import-export growth will reach at least 12%, continuing to serve as a key driver of Vietnam’s economy”.