The ratio of exports to GDP increased from 72.7% in 2021 to approximately 85% in 2025, reaffirming the pivotal role of international trade in expanding the economic scale and enhancing resilience against global volatility.
Strong adaptability amid turbulence
“Viet Nam’s textile and garment exports in 2025 got off to a turbulent start amid widespread global trade uncertainty,” recalled Le Tien Truong, Chairman of the Board of Directors of the Viet Nam National Textile and Garment Group (Vinatex), when looking back on a highly volatile year for the industry. On April 3, 2025, US President Donald Trump unexpectedly announced reciprocal tariffs on all countries worldwide, under which Vietnamese goods exported to the US were subject to a 46% tariff, immediately disrupting the market.
Beyond this, escalating trade tensions and conflicts in various regions led to a sharp decline in orders from major markets such as the European Union (EU). Facing mounting pressure, textile and garment enterprises proactively adapted by swiftly adjusting production plans, expanding their search for new markets, and focusing on production optimisation, higher value-added products, and digital transformation to enhance competitiveness. As a result, textile and garment export turnover in 2025 is projected to reach around 46 billion USD, up about 5.6% year on year.
Not only textiles and garments, but many other key export sectors also demonstrated strong resilience. Eight export categories recorded turnover exceeding 10 billion USD. According to the Ministry of Industry and Trade, total export turnover for the year is expected to grow by a robust 16%, reaching approximately 470 billion USD, outperforming many countries in the region thanks to the positive performance of major export commodities. Exports of processed and manufactured industrial goods are estimated to rise by 16.9%, accounting for nearly 85% of total export value.
Enterprises have largely capitalised on and effectively utilised market-opening commitments undersigned free trade agreements (FTAs). As a result, Viet Nam’s exports to most markets posted solid growth, particularly in those with existing FTAs.
For example, in the first 11 months of 2025, exports to Canada reached 6.8 billion USD, up 17.7% year on year, while exports to the EU amounted to 51 billion USD, an increase of 7.9%. Rising exports to markets with stringent quality requirements such as the US, Canada, Australia, Japan, and the EU indicate that growth has not only expanded in scale but has also shown clear improvements in depth and quality. Meanwhile, the trade balance continued to post a surplus for the 10th consecutive year (since 2016), with a high surplus estimated at 22 billion USD, contributing significantly to stable foreign currency inflows, easing pressure on the exchange rate, and strengthening national foreign exchange reserves.
On the import side, activities remained well balanced, with an appropriate structure that largely met demand for raw materials, fuels, and inputs for production, exports, and consumption. Essential imports continued to account for a high proportion (nearly 89%), while the import structure shifted toward a higher share of machinery, equipment, and advanced technologies.
