HANOI: Vietnam is intensifying efforts to sustain export momentum in the second half of financial year 2026 (2H26) as the country works towards its target of US$550bil in export revenue for the year, despite continuing uncertainties in global trade.
Statistics show that exports reached US$266.5bil in the first six months, meaning the economy needs to generate around US$245.5bil more during the remainder of the year to meet the annual goal.
Agriculture continues to provide an important cushion for Vietnam’s trade performance.
The sector posted a trade surplus of more than US$9bil in 1H26, supported by strong exports of fruit and vegetables, seafood, coffee, rice, timber products and cashew nuts.
Industry associations believe continued market expansion and higher-value processed products will help maintain growth and move the agricultural sector closer to its target of US$100bil in export turnover by 2027.
Although Vietnam recorded a trade deficit of about US$16.65bil in 1H26, experts say the figure should be viewed in the context of expanding production rather than weakening exports.
Total import-export turnover climbed 27.1% year-on-year to nearly US$550bil.
Exports rose 21% to around US$266.5bil, while imports surged 33.4% to US$283.2bil, reversing the trade surplus recorded during the same period last year.
Import growth has been driven largely by production-related goods rather than consumer products.
Electronics, computers and components, together with machinery and equipment, accounted for around 51% of total imports.
Other major increases were recorded in steel, chemicals, plastics, textile and footwear materials, reflecting stronger manufacturing activity.
Deputy Director of the Ministry of Industry and Trade’s Agency of Foreign Trade Tran Thanh Hai said the current import structure demonstrates that businesses are actively preparing for future production and exports.
He noted that higher petroleum import values were also influenced by geopolitical tensions that pushed up global energy prices, making part of the increase a result of external factors rather than higher import volumes.
Economists share the view that the trade deficit is largely an investment in future export capacity.
Vo Xuan Vinh, Director of the Institute of Business Research at the University of Economics, Ho Chi Minh City, said much of the increase in imports came from foreign-invested manufacturers whose export orders are generally secured in advance.
He also pointed to rising imports of electronic components amid booming global demand for artificial intelligence-related technologies, as well as greater imports of raw materials for biofuel production.
Having sufficient inputs available, he said, will enable manufacturers to respond quickly to international demand in the coming months.
Many analysts have therefore described 1H26 trade deficit as “working capital” for export production.
The second half traditionally marks the peak purchasing season in major markets such as the United States, the European Union, Japan and South Korea.
With total trade already approaching US$550bil after six months, Vietnam is widely expected to surpass US$1 trillion in combined import-export turnover for the first time in 2026.
Government and businesses expand export markets
Against a backdrop of persistent uncertainty in global commerce, the government is implementing a broad range of measures to strengthen export growth during the remainder of the year.
These include expanding overseas markets through economic diplomacy, maximising the benefits of free trade agreements (FTA), streamlining administrative procedures, reducing logistics costs, improving access to credit and helping businesses overcome trade barriers.
Authorities are also encouraging deeper processing, cross-border exports and greater market diversification to improve the competitiveness of Vietnamese products.
According to Industry and Trade Ministry, one priority is helping enterprises make full use of existing FTAs while accelerating conclusion of new agreements.
Vietnam has recently completed negotiations on a free trade agreement with the European Free Trade Association, which will become the country’s 18th FTA once signed, opening additional opportunities for exporters.
Vietnamese businesses are also actively adjusting their market strategies.
Dang Quy Nhan, General Director of Nam Mekong Agricultural Products JSC said the company, which exports bananas and coconuts, has shifted more shipments to China after exports to the Middle East encountered difficulties early this year.
While acknowledging that profit margins in China are relatively low because of price competition, he said the market’s strong consumption helps maintain stable demand for farmers’ produce.
The company is now seeking to expand exports to Russia to diversify markets and improve returns.
Industry associations also remain optimistic.
Dang Phuc Nguyen, General Secretary of the Vietnam Fruit and Vegetable Association said fruit and vegetable exports are well positioned to approach the historic US$10bil milestone this year, driven by robust durian shipments and rapid growth in processed products such as canned juices and dried fruit. — Viet Nam News/ANN
