Total Export Turnover and Trade Balance
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.
Export Composition: Domestic vs. Foreign-Invested Enterprises
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.
Key Export Categories
Manufactured goods remained the primary driver of export growth:
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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%).
Top Exported Products
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.
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.
Outlook and Implications
Vietnam’s export sector in Q1 2025 demonstrated resilience and continued upward momentum, especially in key manufacturing sectors. The strong performance of domestic enterprises is also a positive signal, suggesting improved production capacity and competitiveness.
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.
