According to data from the General Statistics Office (GSO), Vietnam recorded a trade surplus of USD 17 billion with the United States and a trade deficit of USD 15.4 billion with China in the first two months of 2025.
In total, Vietnam’s import–export turnover reached USD 127.07 billion, up 12% year-on-year, maintaining a trade surplus of USD 1.47 billion.
U.S. and China Remain Vietnam’s Key Trading Partners
During January–February 2025:
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China remained Vietnam’s largest trading partner with a total turnover of USD 31.2 billion (up 14% YoY), resulting in a trade deficit of USD 15.4 billion (up 36.9%).
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The United States ranked second, with a total trade value of USD 22.2 billion, up 16.6%, and a trade surplus of USD 17 billion, leading all markets.
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Trade with ASEAN reached USD 13.5 billion, up sharply by 116.8%, resulting in a USD 2.1 billion deficit.
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Trade with South Korea totaled USD 13.4 billion, with a USD 4.6 billion deficit (up 20.6%).
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Trade with the EU reached USD 11.2 billion, of which exports totaled USD 8.8 billion, generating a USD 6.3 billion surplus (up 19.2%).
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Trade with Japan hit USD 7.9 billion, producing a USD 423.6 million surplus, nearly 10 times higher than the same period last year.
Overall, the U.S. remained Vietnam’s largest export market, while China continued to be the top source of imports.
Efforts to Sustain Export Growth
Experts note that achieving the 12% export growth target for 2025 will be challenging. The Ministry of Industry and Trade (MOIT) plans to:
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Support businesses in taking advantage of commitments under free trade agreements (FTAs), particularly in rules of origin and market access.
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Enhance digital trade promotion, providing updated market information for localities, associations, and exporters.
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Promote official trade with neighboring countries to ensure stable and transparent trade flows.
In addition, Directive No. 06/CT-TTg issued on March 10, 2025 by Prime Minister Pham Minh Chinh instructs the MOIT and relevant agencies to develop an action plan to ensure balanced and sustainable trade with major partners.
The government will continue to:
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Diversify export markets and products;
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Strengthen trade promotion and leverage FTAs;
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Encourage partners to lift restrictions on high-tech exports and recognize Vietnam’s market economy status;
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Enhance origin tracing and monitoring to prevent tax evasion and unfair trade practices;
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Proactively respond to trade defense cases and adapt to new technical barriers in global markets to promote sustainable export growth.