How did Vietnam’s total exports perform in Q1 2025?
In Q1 2025, Vietnam’s total export turnover reached USD 102.84 billion, marking a 10.6% increase compared to Q1 2024. However, the trade surplus declined to USD 3.16 billion, down from USD 7.7 billion in the same period last year, as import growth outpaced exports.
Who drives Vietnam’s exports: domestic or foreign companies?
Vietnam’s export structure continued to be led by foreign-invested enterprises (FIEs), which accounted for a dominant 71.8% of total export turnover. Specifically:
- Domestic sector: USD 29.02 billion, up 15%, accounting for 28.2% of total exports.
- Foreign-invested sector (including crude oil): USD 73.82 billion, up 9%, accounting for 71.8% of total exports.
This highlights the ongoing reliance on FIEs, especially in electronics and high-value manufacturing.
This highlights the ongoing reliance on FIEs, especially in electronics and high-value manufacturing.
What are Vietnam’s top export product categories?
Manufactured goods continued to be the primary catalyst for Vietnam’s export growth in Q1 2025, showcasing the nation’s strong industrial base and global competitiveness in various sectors.
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Manufacturing and industrial products: USD 90.92 billion, accounting for 88.4% of total exports.
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Agricultural and forestry products: USD 8.86 billion (8.6%).
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Seafood products: USD 2.31 billion (2.3%).
Which specific products did Vietnam export the most?
Vietnam recorded 18 export items exceeding USD 1 billion in turnover, with five product categories surpassing USD 5 billion:
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Electronics, computers and components: USD 21.1 billion, +29.2% YoY
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Phones and components: USD 14.0 billion, -0.9% YoY
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Machinery and equipment: USD 12.4 billion, +13.6% YoY
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Textiles and garments: USD 8.7 billion, +11.1% YoY
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Footwear: USD 5.4 billion, +12.1% YoY
Among these, electronics and computers witnessed the most remarkable growth, showing strong global demand and Vietnam’s competitiveness in tech manufacturing.
Which countries are Vietnam’s biggest export markets?
The United States remained Vietnam’s largest export market, with total export value reaching USD 31.4 billion. Meanwhile, China was Vietnam’s largest import source with USD 38.1 billion, resulting in a trade deficit of USD 24.9 billion with the country.
What’s the outlook for Vietnam’s exports and what does it mean for businesses?
Vietnam’s export sector in Q1 2025 showcased remarkable resilience and sustained upward momentum, particularly within its crucial manufacturing sectors. This robust performance, coupled with the strong showing of domestic enterprises, signals an encouraging improvement in both production capacity and overall competitiveness, painting a positive outlook for the nation’s trade.
However, the narrowing trade surplus reflects rising import demand, which may pose challenges to the overall trade balance in the coming quarters. To ensure sustainable growth, Vietnam may need to focus on:
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Enhancing value-added manufacturing
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Supporting domestic SMEs in exports
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Diversifying export markets to reduce dependency on a few large economies
Overall, the Q1 export data affirms Vietnam’s position as a dynamic manufacturing hub in the global supply chain — and a strategic sourcing destination for international buyers.
