2.1 Export Structure by Commodity Groups
 
Total export turnover reached $122.93 billion, up 19.1% year-on-year. The Foreign Direct Investment (FDI) sector remained the primary driver, contributing $98.46 billion (80.1% of total), a sharp increase of 33.3%. Meanwhile, the domestic economic sector recorded $24.47 billion (19.9%), a decrease of 16.6% due to shifts in local supply chains.

The export structure shows the absolute dominance of the manufacturing and processing industry. In Q1/2026, 20 commodity groups exceeded the $1 billion threshold, accounting for 86.8% of total exports. Notably, the top 5 groups (each exceeding $5 billion) contributed 62.4% of the total export value.

 

Key Export Commodities:

• Technology groups: Electronics, computers, and components maintained the top position with an impressive 45.5% growth. This result reflects the recovery in global demand and the strategic shift of AI equipment and semiconductor supply chains to Viet Nam. Phones and components followed with a turnover of $16.74 billion (+19.3%).
• Traditional sectors: Textiles and Footwear recorded modest growth of 1.9% and 0.8% respectively. This indicates increasing competition from lower-cost markets and growing pressure from sustainability standards in key export markets.

Export Markets: The United States remains Viet Nam's largest export partner with a turnover of $39.0 billion. While achieving a significant trade surplus of $33.9 billion (+24.2%), Viet Nam faces potential pressure regarding tariff policies from this market in the following quarters.

2.2 Import Structure by Commodity Groups

Import turnover reached $126.57 billion, up 27% year-on-year. The FDI sector imported $91.37 billion (+45.3%), reflecting a surge in demand for raw materials and machinery for export production. The domestic sector imported $35.2 billion, down 4.3%.

There were 22 commodity groups that exceeded the $1 billion import threshold, accounting for 82.8% of total turnover. Notably, just two of these groups surpassed the $5 billion mark, contributing a significant 49.8% to the total import value. This indicates that Viet Nam's production inputs currently rely heavily on a concentrated selection of key components and raw materials.
The import structure clearly reflects a production-oriented strategy:

• Production Materials: Reached $118.84 billion, accounting for an absolute share of 93.9%.
  • Machinery, equipment, and tools: Accounted for 55.3%, reflecting a strong wave of technological investment and factory expansion.
  • Raw materials and fuels: Accounted for 38.6%, ensuring the supply for processing and manufacturing activities.
• Consumer Goods: Represented only a small fraction at $7.73 billion (6.1%), indicating effective management of foreign consumer goods to prioritise foreign currency for industrial development.

Import Markets: China remains the largest import partner with a turnover of $50.1 billion and a trade deficit of $33.3 billion (+34.4%). This reflects a continued reliance on northern supply chains for materials and components, highlighting the need for long-term supply chain diversification.

3. Trade Balance and Logistics Indicators

In Q1/2026, Viet Nam recorded a trade deficit of $3.64 billion, a reversal from the $3.57 billion surplus in the same period of 2025.

This deficit is primarily attributed to the FDI sector's accelerated import of components and raw materials to fulfil major export orders scheduled for Q2 and Q3. This trend reflects a strong recovery in production demand rather than a decline in competitiveness.

Alongside merchandise trade, service exports achieved positive results at $9.1 billion (+19.2%). Notably, transportation services reached $2.65 billion (+29.3%) – a promising signal and a significant contribution from the logistics industry to the national economy.

Data Source: General Statistics Office (GSO) – Q1/2026.