Vietnam reported a trade deficit of $3.587 billion in July 2026, surpassing June's $2.64 billion gap, according to government data released on Monday, August 3rd. Consumer prices rose 4.45% year-on-year in July, slightly down from 4.69% in June.

Goods exports in July increased 25% from a year earlier to $53 billion, while imports climbed 41% to $56.67 billion, the National Statistics Office (NSO) said. For the January to July period, exports rose 21.7% year-on-year to $320 billion, but imports surged 34.8% to $340 billion. This resulted in a trade deficit of $20.5 billion, exceeding Vietnam's previous full-year record deficit of about $18 billion in 2008.

The Southeast Asian manufacturing hub is targeting economic growth of over 10% for 2026 but faces challenges including a widening trade deficit, rising inflation, and ongoing U.S. investigations into overcapacity and potential intellectual property violations.

Vietnam is also contending with a new 12.5% U.S. tariff imposed on July 24 under a Section 301 forced labour investigation. Washington determined that Vietnam failed to effectively prohibit the export of goods made with forced labour, a claim Hanoi has rejected.

Fuel imports have significantly impacted trade figures. In the first seven months, crude oil imports fell 11.9% in volume but increased 18% in value. Imports of refined fuels rose 6% in volume and 67.6% in value.

Foreign direct investment inflows increased 11.8% year-on-year to $15.2 billion for the January-July period. Industrial production and retail sales both expanded by 14.5% in July.

The government aims to keep inflation at 4.5% for 2026.

Sources