Vietnam's goods trade deficit stands at 56.48 million USD in late March 2026

Vietnam’s goods trade balance remained in deficit in the latter half of March 2026, with the deficit reaching 56.48 million USD. A preliminary report from the General Department of Customs showed that in the period March 16–31, Vietnam’s total goods exports and imports rose to about 52.13 billion USD, up 26.44% compared with the first half of March 2026.

Trade totals and year-to-date performance

For the first three months of 2026, total trade value reached 249.5 billion USD, up 22.97% year-on-year.

Exports in the second half of March 2026 totaled about 26.04 billion USD, up 27.95% from the first half of the month. Cumulatively from the start of the year through March, exports were 122.93 billion USD, up 19.08% year-on-year.

Exports: growth tilted toward energy and raw materials

Export growth in March 16–31 leaned strongly toward energy and raw materials rather than processing, manufacturing and high-tech products. While manufactured industrial goods continued to lead export value—each major category exceeding 1 billion USD—the growth pace showed signs of slowing.

One notable drag came from mobile phones and components, which reached 2.56 billion USD, down 15.69% versus the first period, pulling down overall growth in the processing-manufacturing sector.

Energy-related exports surged, but from a small base

Exports of gasoline and coal were relatively small in absolute value—about 8.43 million USD and 15.34 million USD, respectively—but both rose sharply, increasing 16–20 times compared with the first half of March 2026. The report said these large percentage increases point to the appearance of large shipments and/or volatility in global energy prices.

Inputs for industrial production also rose sharply

In addition to energy, exports of industrial inputs grew strongly. Iron and steel reached 449.3 million USD, up over 80.87%; chemicals rose to 181.76 million USD, up 82.93%; and copper exports were 75.04 million USD, up 63.62%. The report linked these figures to rising demand from importing markets within global supply chains.

Export structure shifts and implications

The rapid rise in energy and materials changed the export structure for the period, with their share increasing while the high-tech sector declined relatively. The report said this suggests a short-term shift toward exporting lower value-added products, raising questions about long-term sustainability.

It also noted that the processing and manufacturing sector remains the dominant contributor to total export value, but growth was heavily driven by foreign-invested enterprises (FDI).

FDI dominance in exports

In the second half of March 2026, the FDI sector exported about 20.92 billion USD, up 27.62% from the previous period and accounting for nearly 80% of total exports. The report said this indicates the FDI sector nearly dominates all major export sectors in Vietnam, with large-value items such as computers, electronics and components; phones and components; and machinery and equipment led by FDI enterprises.

As a result, changes in FDI firms’ production or shifts in world demand can quickly affect Vietnam’s export turnover, illustrated by the decline in the mobile phone segment during this period.

Imports: higher inflows of production inputs, led by FDI

In the last 15 days of March 2026, total imports reached about 26.1 billion USD, up 24.97% from the first half of March 2026. Year-to-date through March 31, imports were about 126.57 billion USD, up 27% year-on-year.

The import structure showed a shift toward higher imports of production inputs to support domestic production, rather than focusing on finished processing and manufacturing goods.

Energy imports rose sharply

A key feature of the import structure was the sharp rise in energy imports, especially gasoline and diesel. Gasoline imports reached about 925.5 million USD, up 88.22% versus the first half of March. The report linked this to Decree No. 72/2026/NĐ-CP, which adjusts preferential import tax rates for some gasoline and diesel products to 0%, enabling firms to expand sourcing beyond traditional markets and helping stabilize domestic supply.

It also said the rise reflects domestic production energy demand and geopolitical tensions, including instability in oil supply, disruptions in transport chains, and volatility in global energy prices, which have led many countries to boost imports to ensure short-term energy security.

High-tech goods still contributed to import scale

While not the highest-growing category, high-tech goods remained significant in import value. Machinery, equipment, tools and spare parts reached about 3.30 billion USD, up 46.13%; other transport vehicles and parts rose 54.12%. Computers, electronic products and components remained the largest group at 9.23 billion USD, up 10.13%, while cameras, camcorders and components fell 1.29%.

FDI continued to dominate imports

FDI enterprises accounted for about 18.26 billion USD of imports, up 20.93% from the first half and representing nearly 70% of total imports in the second half of March 2026. The report said this rise reflects production expansion and increasing export orders in the near term, but also underscores Vietnam’s structural dependence on FDI, with limited domestic value-added because many domestic firms have not deeply participated in input supply—particularly supporting industries and component production.

Trade balance: deficit driven by imports of inputs and energy

In the latter half of March 2026, the trade balance deficit was 56.48 million USD. Year-to-date through March 15, the trade deficit reached 3.64 billion USD.

The report said these developments largely stem from a sharp rise in imports of production inputs, machinery, equipment and raw materials to support production and exports in the coming months. It added that higher energy imports—especially gasoline—amid global energy price volatility and geopolitical risk also contributed to pressure on the trade balance, driving faster import growth in the short term while exports, particularly in high-tech sectors, did not recover proportionately.

It also referenced a trade deficit of more than 530 million USD in the first half of March 2026 (reported on March 19, 2026).