Industry, trade and imports and exports create growth momentum

The economic picture in the first seven months of 2026 recorded a number of positive developments in sectors under the management of the Ministry of Industry and Trade. According to the Ministry of Finance's Statistics Office, the Index of Industrial Production (IIP) in July was estimated to increase by 1.2% month on month and 14.5% year on year. In the first seven months, the IIP increased by 11.4% year on year, the highest seven-month growth rate compared with the same period in many years. Of this, the processing and manufacturing industry grew by 12%, contributing 9.3 percentage points to the overall IIP growth. The mining industry increased by 6.6%, contributing 1 percentage point; electricity production and distribution rose by 9.9%, contributing 0.9 percentage points; while water supply, waste and wastewater management and treatment increased by 10%, contributing 0.2 percentage points.

Alongside production, domestic purchasing power continued to serve as an important pillar of growth. Total retail sales of goods and consumer service revenue in July 2026 were estimated at VND 669.1 trillion, up 0.9% from the previous month and 14.5% year on year. In the first seven months, total retail sales of goods and consumer service revenue reached approximately VND 4,555.8 trillion, up 13.1% year on year; excluding price factors, the growth rate stood at 7.5%.

Notably, many localities recorded relatively high growth in retail sales. Da Nang increased by 14.2%; Quang Ninh by 14%; Hanoi and Can Tho by 12.9% each; Dong Nai by 12.8%; Hai Phong by 12.6%; and Ho Chi Minh City by 12.1%.

Amid continued consumer caution and tighter spending in response to pressure from living costs, retail systems have been making efforts to implement various solutions to stimulate purchasing power. According to AEON Vietnam, the company continues to accompany customers through practical price-related solutions, helping families better manage their budgets while meeting their daily shopping needs.

Specifically, the company is implementing three main activities, including the “ALWAYS LOW PRICES” programme from August to October 2026, as well as “Low Prices Every Day” and “Happy Wednesday”, offering competitive prices across various categories of essential goods and fresh food. The promotions are available both online and directly at the company's General Merchandise Stores and Supermarkets, as well as its compact General Merchandise Stores and Supermarkets, thereby expanding customers' access to essential products at competitive prices.

Imports and exports continued their strong growth momentum. In July, total merchandise import and export turnover reached USD 109.75 billion, up 5.3% from the previous month and 33% year on year. In the first seven months, total import and export turnover reached USD 659.58 billion, up 28.1%, with exports rising by 21.7% and imports by 34.8%.

Merchandise exports reached USD 319.53 billion, up 21.7%. There were 31 export items with a turnover of more than USD 1 billion, accounting for 93% of total export turnover, including seven items exceeding USD 10 billion.

Exports are gaining additional opportunities to expand their room for growth, with the recent Vietnamese Goods Week at Selgros Berlin organised by the Vietnam Trade Office in Germany. The event took place from August 17-21, 2026, at Selgros Lichtenberg Berlin in Germany, introducing and promoting Vietnamese products to German consumers. Notably, as part of the event, ST25 rice was officially placed on shelves and distributed through the Selgros system.

The presence of ST25 rice at Selgros was the result of a process of connection and exchanges between Vietnamese businesses and German partners, which was promoted through Goods Days organised by the Vietnam Trade Office under the Embassy of Vietnam in Germany in cooperation with Selgros in June 2025 and February 2026. This marked the fourth time the Vietnam Trade Office in Germany had organised a Goods Day event at German supermarkets, further affirming its role in accompanying Vietnamese businesses in connecting with importers, distributors and retail systems in the market, thereby supporting businesses in improving their market access capacity and expanding export markets.

Staying close to localities to create more room for growth

Against the backdrop of positive momentum from industrial production, trade, imports and exports, the requirement is not only to maintain this momentum but also to turn these results into sustainable growth drivers for the remaining months of the year.

On this basis, the Ministry of Industry and Trade issued Document No. 6714/BCT-KHTC dated August 21, 2026, on implementing the Government's Resolution No. 169/NQ-CP on targets for double-digit growth in localities.

Under the document, Minister of Industry and Trade Le Manh Hung asked Deputy Ministers and heads of units to urgently organise the implementation of assigned tasks; review and integrate the tasks under Resolution No. 169/NQ-CP with those assigned under Decision No. 1121/QD-BCT for synchronous and effective implementation, thereby ensuring the fulfilment of overall growth targets nationwide and in localities in the Industry and Trade sector.

A notable requirement is that the Ministry of Industry and Trade will proactively work with localities to monitor, urge, guide and support the implementation of tasks and solutions. Any arising issues will be promptly reported to competent authorities for further urging and recommendations to localities on appropriate solutions, ensuring that set growth targets are achieved.

To concretise this requirement, the Agency for Domestic Market Surveillance and Development was assigned to effectively implement solutions to ensure adequate petroleum supply at competitive prices in the region, absolutely preventing petroleum shortages under any circumstances. At the same time, it will continue to promote the development of the domestic market and stimulate consumption so that domestic consumption can make a greater contribution to growth in localities and nationwide.

This task is particularly significant in the context of total retail sales of goods and consumer service revenue rising by 13.1% in the first seven months. Continued expansion of purchasing power, development of the domestic market and creation of additional momentum for consumption will help strengthen one of the key pillars of growth.

In the energy sector, the Electricity Authority of Viet Nam was tasked with ensuring adequate power supply, particularly during peak months and periods of hot weather, and absolutely preventing power shortages under any circumstances.

In the field of imports and exports, Agency for Foreign Trade was tasked with closely monitoring import and export developments and the trade deficit; implementing solutions to promote exports and control imports of non-essential goods; increasing domestic production and the use of domestically sourced raw materials; and ensuring a sustainable trade balance. Agency for Foreign Trade was also assigned to support businesses in improving their capacity to meet the standards of importing markets, expanding market shares in traditional markets and developing new and potential markets.

The Department of Planning, Finance and Enterprise Management was assigned to take the lead in coordinating with relevant units to review and integrate implementation contents into working programmes and plans of MoIT leaders with localities; working programmes of Party agencies, the National Assembly, the Government, ministries and sectors with localities involving the Ministry of Industry and Trade; as well as thematic working programmes of units with provincial-level Departments of Industry and Trade.

The double-digit growth target requires not only maintaining high growth figures but, more importantly, improving the quality and sustainability of growth. From ensuring adequate power and petroleum supplies, expanding the domestic market and promoting consumption to enhancing export capacity, developing new markets, controlling imports and increasing the use of domestically sourced raw materials, the tasks set by the Ministry of Industry and Trade are aimed at strengthening multiple growth drivers simultaneously.

Document No. 6714/BCT-KHTC dated August 21, 2026, requires units under the Ministry of Industry and Trade to urgently implement tasks under the Government's Resolution No. 169/NQ-CP. Key priorities include ensuring petroleum supply, preventing power shortages; promoting consumption and developing the domestic market; closely monitoring imports and exports, promoting exports and controlling non-essential imports; increasing the use of domestically sourced raw materials; and supporting businesses in meeting market standards, expanding market shares and developing new markets.