Pressure to maintain export growth

According to data from the General Statistics Office, in the first eight months of the year, export turnover reached 306 billion USD, up 14.8% and already surpassing the target set by the National Assembly. The average turnover was 38.2 billion USD per month. Notably, the figures for both July and August reached more than 42 billion USD, the highest level ever.

Taking advantage of the tariff grace period

A major contributor to this positive outcome was the electronics sector, with export turnover exceeding 100 billion USD, accounting for more than 30% of the country’s total exports, up 25% year on year. According to Do Thi Thuy Huong, Member of the Executive Committee of the Viet Nam Electronic Industries Association, during the 90-day grace period for US tariffs, Vietnamese electronics firms seized the opportunity to push orders forward.

“The number of containers shipped to the US during this time was the highest to boost export orders in the short term and, significantly contributing to the sector’s overall growth.”

Not only electronics, many of Viet Nam’s other key export groups to the US also maintained impressive growth momentum. According to Do Ngoc Hung, Viet Nam’s Trade Counsellor in the US, in the first eight months of the year, many key exports to the US sustained strong growth, such as machinery and equipment, up 37% to 103%; furniture, up 16%; footwear, up 13%; textiles and garments, up 15–20%; steel, up 26%; wood and wood products, up 32%; and seafood, up 26%. Some categories such as machinery and toys increased by more than 100%. Viet Nam now has nearly 10 product groups that have reached or are approaching an export turnover of over one billion USD in this market.

Hung forecast that Viet Nam’s export growth momentum to the US could continue in the coming period. Vietnamese goods are always of interest to US importers and distributors thanks to their complementary nature, limited direct competition with domestic products, and stable market segment. Product quality is also improved as businesses invest in machinery, technology, and production transformation to meet US consumer preferences.

At the same time, Viet Nam is increasingly becoming a sourcing destination for many international retail groups and buyers. For example, at the Vietnam International Sourcing 2025 event that was recently held in Ho Chi Minh City, hundreds of importers, distribution groups, and major retail chains, such as Walmart, Amazon, and Costco, along with many companies from Europe, Japan, and the Republic of Korea, directly attended and connected and placed orders with Vietnamese firms.

“The fact that buyers and international investors proactively come to Viet Nam to survey, sign contracts, and seek partners shows that Viet Nam is not only a ‘manufacturing hub’ but also a reliable sourcing address in the global value chain. Vietnamese firms are highly valued for their improved quality, diverse designs, and quick adaptability in the constantly shifting global supply chain,” Hung said.

Strong pressures towards the year-end period

Although the picture of the first eight months was quite bright, the final months of the year will face significant pressures. Hung warned that after the November festive season and Christmas, procurement demand from US distributors may slow down. In addition, Vietnamese goods are currently subject to a 20% retaliatory tariff and a 40% transhipment tariff, while the US has yet to clearly define the determination of transhipped goods and rules of origin.

The US also initiated the largest number of trade defence cases against Vietnamese goods. As of September 2025, there have been 77 investigations, with as many as seven cases in the first seven months alone, averaging one per month. These cases cover a wide range of products from steel, wood, and textiles to industrial goods. Beyond the US, many other countries have also set up technical barriers and increased protectionist measures, posing challenges for exports.

In the Chinese market, Viet Nam’s exports reached 35 billion USD, up 7.1% in seven months. Some products recorded strong growth such as seafood, rice and cashew nuts, but many categories fell sharply: fruit and vegetables, down 15.1%; wood and wood products, down 12.9%; and phones, down 11.4%.

According to Nong Duc Lai, Viet Nam’s Trade Counsellor in China, the main reason is that China’s purchasing power is recovering thanks to the “trade-in” policy, but with priority given to domestic goods. The continued depreciation of the yuan has also reduced the competitiveness of imports. In particular, China has tightened quality and food safety inspections for agricultural and aquatic products. Many Vietnamese consignments, including durian, have been subjected to warnings.

Focusing on sustaining export momentum

Viet Nam’s Trade Counsellor in China recommended that businesses focus on improving the quality of agricultural, forestry, and aquatic products, strictly complying with standards, packaging, and traceability regulations. At the same time, they should invest in processing and preservation technologies to increase value and reduce dependence on raw exports.

In parallel, strengthening trade promotion, expanding distribution channels in potential localities, focusing on product design, registering trademarks, and building logistics and cold storage systems are also crucial factors.

For their part, the trade offices need to coordinate to provide timely market information to associations and enterprises, organise product promotion, strengthen the role of branches, cooperate with border localities to resolve bottlenecks, as well as promote connections in key markets. In addition, it is necessary to take advantage of trade fairs and exhibitions to set up common booths for Viet Nam, thereby promoting products and finding more customers.

According to Do Thi Thuy Huong, with the support of Viet Nam’s overseas trade offices, electronics companies have actively sought and expanded markets beyond the US. India has emerged as a potential destination, with many Vietnamese firms already exporting products and establishing a direct presence through branch openings, factory construction, and long-term investment.

The Viet Nam Electronic Industries Association recommended that Vietnamese trade offices abroad regularly provide updated information on trade, non-tariff measures, and tariff barriers so that businesses can promptly respond in real time.

At the government’s regular press conference in August, Nguyen Sinh Nhat Tan, Deputy Minister of Industry and Trade, stated that although the global economic and trade context remains difficult, thanks to the consistent direction of the Party Central Committee, policies have been synchronously and smoothly implemented since the beginning of the year, helping exports maintain their growth momentum. In the time ahead, the Ministry of Industry and Trade will continue to coordinate with enterprises and industry associations to make the best use of existing markets, while also seeking and expanding into emerging potential markets.

In addition, the ministry will renew and improve the effectiveness of trade promotion, diversify both export and import promotion to ensure raw material supply, strengthen early risk warnings, and accompany businesses in handling trade lawsuits at home and abroad.

“We expect import–export activities to continue to grow, achieve the set targets, contribute to the 8% economic growth rate, and lay the foundation for double-digit growth in the coming years,” Tan affirmed.