Maintaining growth despite headwinds

As the global economy continues to face uncertainty, prolonged geopolitical conflicts, elevated logistics costs, and increasing trade barriers, Vietnam’s import-export sector has still delivered several positive results in the opening months of 2026.

At a recent working session between Minister of Industry and Trade Le Manh Hung and Agency of Foreign Trade, Nguyen Anh Son, Director General of the agency said total exports in the first four months reached USD 169 billion, up 20% year-on-year, while imports totaled USD 176.7 billion, an increase of 29.4%.

Although Vietnam recorded a trade deficit during the period, the broader trade picture continued to reflect the economy’s resilience, particularly as demand weakened in many major markets and global supply chains remained under pressure from geopolitical instability.

Export growth was recorded across most major product categories. Processed and manufactured industrial goods rose 21.7%, while fuel and mineral exports increased 28.5%. Industrial products continued to dominate the export structure, accounting for 87.6% of total export turnover, while agricultural and seafood products made up 8.5%.

Among key export sectors, the Vietnam Fruit and Vegetable Association (Vinafruit) reported that fruit and vegetable exports generated nearly USD 2.06 billion in the first four months of 2026, up 22% compared with the same period last year. The strong performance underscored the improving quality and competitiveness of Vietnamese agricultural products in global markets.

Textiles and garments, another major export industry, also maintained growth momentum. According to the Statistics Office under the Ministry of Finance, textile and garment exports exceeded USD 14.5 billion during the January-April period, up 4.3% year-on-year. Yarn exports reached USD 2.62 billion, increasing 20.1%, while garment exports totaled USD 11.96 billion, up 1.3%.

In the US market, Vietnam maintained its position as the leading supplier with a 21.4% market share, significantly ahead of Bangladesh at 11.1% and China at 8.7%.

On the import side, goods serving production and consumption purposes accounted for 89.7% of total import value. The figures reflected rising demand for raw materials, machinery, and equipment to support domestic manufacturing, particularly as foreign direct investment disbursement remained strong from the beginning of the year.

Nguyen Anh Son noted that Vietnam’s import-export activities in 2026 are facing intertwined challenges. Conflict in the Middle East has pushed up global energy prices, leading to higher costs for chemicals, plastics, fertilizers, and steel products. At the same time, freight rates continue to climb and longer delivery times are adding further pressure on exporters.

In addition, major markets are increasingly applying technical barriers, trade remedies, and new commercial measures, posing growing challenges for Vietnamese exports in the coming period.

The target of maintaining average export growth of 15-16% while keeping import growth at 12-13% is also viewed as highly challenging. According to the Import-Export Agency, import demand tied to public investment, industrial production, and supporting industries is rising sharply, while domestic raw material production capacity remains insufficient.

Le Tien Truong, Chairman of Vietnam National Textile and Garment Group (Vinatex), said the industry is currently facing a paradox in which business results in the first half of the year remain positive despite weak macroeconomic indicators and sluggish consumption demand in major export markets. He warned that conditions in the second half of 2026 are expected to become more difficult.

Expanding markets and promoting sustainable exports

Against this backdrop, Nguyen Anh Son said institutional reform, market diversification, and effective utilization of free trade agreements (FTAs) remain key priorities.

In the first four months of 2026, the Import-Export Agency submitted seven circulars related to import-export activities for issuance by ministry leaders, while continuing work on four decrees, one prime ministerial decision, and eight additional circulars.

One of the Ministry of Industry and Trade’s major initiatives is the development of the Import-Export Strategy to 2030 with a vision to 2045. The ministry has requested ministries, sectors, and localities to review implementation results and propose content for the new strategy.

At the same time, logistics development is being accelerated. On March 13, 2026, the ministry issued an action plan to implement Vietnam’s Logistics Services Development Strategy for the 2025-2035 period with a vision toward 2050.

According to the Import-Export Agency, Vietnam’s logistics costs currently account for 16-18% of GDP, significantly higher than the global average of around 10-11% and above levels seen in many regional economies with more developed logistics systems. The issue is considered a major bottleneck affecting the competitiveness of Vietnamese exports.

Going forward, the agency will focus on drafting a new decree to replace Decree No. 163/2017/ND-CP on logistics service business operations, while implementing projects under the national logistics strategy, organizing the Vietnam Logistics Forum 2026, and promoting trade missions to expand international cooperation opportunities.

Alongside institutional improvements, market promotion and business support efforts will continue to intensify throughout 2026.

According to the agency’s report, officials have worked with numerous export industry associations to address difficulties facing businesses in support of the country’s double-digit growth target. The agency is also closely monitoring market developments and policy changes in importing countries to provide timely policy recommendations.

In the area of rules of origin, authorities and organizations authorized to issue certificates of origin (C/O) granted 811,773 C/O documents during the first four months of the year. To date, 32 out of 34 provincial and municipal Departments of Industry and Trade have implemented decentralized C/O issuance procedures.

The agency is also coordinating with local authorities to improve the efficiency of C/O issuance while expanding communication and training programs on rules of origin to help businesses make better use of FTA incentives.

In border trade, efforts to promote official trade channels with China remain a priority as the country tightens quality standards for imported goods. Authorities are also monitoring cargo flows to prevent congestion at border gates while advancing smart border gate models in frontier provinces.

For rice exports, the Import-Export Agency continues to implement export management in line with existing regulations and policy objectives, while organizing the 2026 Rice Export Promotion Conference and holding bilateral exchanges with traditional markets such as Malaysia, Indonesia, and the Philippines.

Toward the end of 2026, Vietnam’s import-export strategy will focus on promoting high value-added and innovation-driven products that meet green, environmental, social, and governance (ESG) standards, while enabling deeper participation in strategic global supply chains.