In the first half of 2026, Vietnam continued to stand out as one of the region’s and the world’s fastest-growing economies. Export and import activities reached high values and expanded rapidly, strengthening the country’s competitiveness amid an increasingly volatile global environment.

Production of export goods at Chang Shin Vietnam Co., Ltd. (Thanh Phu Industrial Park).

 

However, a closer analysis shows that although exports continued to grow, imports increased at an even faster pace, resulting in a national trade deficit of more than USD 16.6 billion. This presents new challenges for macroeconomic management, requiring stronger efforts to boost exports while building the long-term competitiveness of domestic enterprises.

Twenty-Nine Export Products Exceed USD 1 Billion

During the first six months of 2026, Vietnam’s merchandise exports reached USD 266.5 billion, up 21% compared to the same period last year. The foreign direct investment (FDI) sector continued to contribute nearly 80% of total export turnover. Nationwide, 29 product categories generated export values exceeding USD 1 billion, including five categories surpassing USD 10 billion, demonstrating an increasingly diversified export structure and the continued growth of the manufacturing and processing industries.

Despite strong export growth, imports expanded even more rapidly. In the first half of 2026, Vietnam imported goods worth more than USD 283 billion, an increase of over 33% year-on-year, resulting in a trade deficit exceeding USD 16.6 billion. This has placed additional pressure on trade balance management and macroeconomic stability.

Dong Nai continued to maintain its traditional position as one of Vietnam’s largest trade-surplus localities, recording USD 17.1 billion in exports during the first half of the year, up 17.6% year-on-year, while imports reached USD 12.9 billion, up 20.3%.

Commenting on this issue, Tran Thanh Hai, Deputy Director General of the Agency of Foreign Trade under the Ministry of Industry and Trade, stated that the economy and businesses are currently expanding production capacity. Increased imports of machinery, equipment, petroleum products, steel, chemicals, plastics, textile materials, and leather-footwear inputs reflect enterprises’ growing investment in production expansion amid changing market conditions. These imported goods primarily serve manufacturing and investment activities, indicating rising production demand.

Therefore, although the current trade deficit may create short-term pressure on several macroeconomic indicators, most imports consist of production materials, machinery, and equipment that will support future manufacturing and export growth.

From another perspective, a more significant concern is that Vietnam’s exports remain heavily dependent on foreign-invested enterprises. Although Vietnamese businesses account for the majority in number, their production and export scales remain relatively small. While Vietnam exports a large volume of goods, products carrying Vietnamese brands are still limited.

According to Professor Tran Van Tho, an economist and Honorary Professor at Waseda University (Tokyo, Japan), Vietnam needs to strengthen the internal capacity of its domestic business community in the long run. Drawing on the experiences of successful economies, he emphasized that sustained high economic growth always relies on developing strong national enterprises as key growth drivers.

Seeking Sustainable Export Growth

At the national level, Tran Thanh Hai said that the Ministry of Industry and Trade will continue promoting the effective implementation of free trade agreements (FTAs) and strengthening trade promotion activities during the remaining months of 2026. At the same time, Vietnam’s trade offices abroad will further support connections between domestic enterprises and international importers and distribution networks.

Regarding Dong Nai, Vu Ngoc Long, Director of the Dong Nai Department of Industry and Trade, noted that global economic fluctuations during the first half of 2026 had significantly affected local production, business operations, and exports. Rising international shipping costs and instability in several export markets created additional challenges for exporters. However, recent improvements in market conditions, particularly more stable fuel prices, have provided favorable conditions for businesses to accelerate exports in the second half of the year.

Besides maximizing opportunities in traditional markets such as the United States, China, Japan, and Europe, enterprises are encouraged to expand into emerging markets including the Middle East, South Asia, Africa, and South America. Market diversification will help reduce risks and support sustainable export growth.

In early July 2026, the Dong Nai Department of Industry and Trade held working sessions with leading import-export enterprises and industry associations to assess import-export performance, enterprises’ utilization of free trade agreements, preferential tariff schemes, compliance with rules of origin, technical barriers, and sustainability requirements. Based on these assessments, the department will propose solutions to improve the implementation of FTAs, support market expansion, and promote sustainable export development.

 

Vương Thế

Source:Báo Đồng Nai