In brief
In the first ten months of 2026, Vietnam’s import‑export turnover reached an estimated $1.01 trillion, up 32.3 percent from the previous year, according to the Ministry of Industry and Trade. Exports grew 27.4 percent to about $499 billion, largely driven by processed industrial products, while trade surplus narrowed a cumulative deficit to $12.7 billion. The ministry is drafting a new strategy to lift domestic enterprises’ share of exports to 40 percent by 2045, underscoring a shift toward local industry and greater economic sovereignty.
Vietnam’s export and import activity has reached a new milestone as the country’s total trade turnover surpassed $1 trillion in the first ten months of 2026, a leap that illustrates the nation’s expanding role in the global supply chain. According to figures released by the Ministry of Industry and Trade, the country’s import‑export volume climbed a remarkable 32.3 percent year on year, reaching $1.01 trillion and marking the fastest growth pace in the decade. The data signals a robust rebound after the economic slowdown caused by the COVID‑19 pandemic and increased global demand for manufactured goods.
Exports in the period totaled about $499 billion, representing a 27.4 percent increase from the same timeframe a year earlier. The bulk of this rise, roughly 87.4 percent, comes from processed industrial products. These include machinery, electronics, vehicles, and heavy equipment, which have long been central to Vietnam’s export strategy. The sharp increase means Vietnamese manufacturers are meeting higher foreign procurement standards, boosting industrial capacity, and solidifying the country’s position as a key manufacturing hub in Southeast Asia.
Meanwhile, Vietnam’s import levels rose modestly, driving the trade surplus to $6.8 billion in October alone – a 47.6 percent jump from October 2025. Across the ten-month period, the cumulative trade deficit narrowed to roughly $12.7 billion, illustrating an improvement in the balance of payments and a steadier influx of foreign exchange. The stronger trade balance strengthens domestic financial stability and encourages further investment in local businesses.
Planning for Long‑Term Growth
The Ministry of Industry and Trade has announced that it is drafting a new import‑export strategy for the period through 2030 and a broader vision that stretches to 2045. The strategic plan aims to increase the proportion of domestic enterprises in national exports, targeting 30 percent by 2030 and raising the figure to 40 percent by 2045. Such goals indicate a deliberate shift toward supporting local companies, fostering innovation, and reducing reliance on foreign technology.
This strategy aligns with Vietnam’s broader economic development policy, which emphasizes sectoral diversification, technology upgrading, and domestic industrial policy reinforcement. By encouraging domestic companies to penetrate global markets, the government is likely aiming to sustain competitiveness in the face of shifting trade terms, rising labor costs in Southeast Asia, and competition from emerging economies.
Stakeholder Impact and Civic Accountability
The move toward expanding domestic enterprise participation in exports will have significant effects on local businesses, especially small and medium‑sized enterprises (SMEs). By offering support in technology acquisition, export training, and foreign market access, the ministry is providing a framework that reduces the barriers to entry for Vietnamese firms. This policy shift is expected to generate increased employment opportunities, higher wage levels for industrial workers, and a more diversified economic base that can withstand global disruptions.
Government accountability is evident in the public release of the data, which the Ministry of Industry and Trade shares through the Voice of Vietnam. The transparency of trade figures allows citizens, civil society, and investors to assess the health of the national economy. The data also feeds into broader policy dialogues on trade agreements, intellectual property rights, and standards compliance that directly affect exporters, importers, and consumers within Vietnam.
Importers and exporters alike are positioned to re‑evaluate supply chain strategies, as the growing trade surplus signals opportunities to produce more domestically rather than relying on foreign procurement. Lawmakers are likely to scrutinize tax and customs reforms to create an even more conducive environment for foreign direct investment, while regional trade partners may adjust negotiations to accommodate Vietnam’s increased production capacity.
Consumers benefit indirectly from the expanding industrial output, as the domestic concentration of manufacturing means a broader selection of goods at competitive prices. The ministry’s strategy also suggests increased focus on quality control and certification standards, which could improve the safety and reliability of products available in the marketplace.
Overall, Vietnam’s recent trade performance demonstrates the effectiveness of its industrial policies and invites scrutiny of how well the government is fostering inclusive growth. By setting clear goals for domestic production participation, the Ministry of Industry and Trade underscores its commitment to economic resilience and deepens the nation’s integration into global value chains, while ensuring that the benefits permeate the broader society.
