Vietnam’s trade climbed to a record $928 billion in 2025, up 18% from a year earlier, defying expectations that higher tariffs would weigh on exports, according to a report.
The resilience was driven by front-loaded shipments and a shift toward electronics, which now account for 35% of exports, up from 5% in 2010. Traditional sectors such as textiles and footwear have declined to just over 10% of exports.
Exports to the U.S. jumped nearly 30%, even as some goods faced tariffs of about 20%. Vietnam has benefited from the “China+1” supply-chain shift, posting a $20 billion overall trade surplus despite a widening deficit with China.
Domestic demand remained firm, with consumption up 8% and investment rising nearly 9%, supported by infrastructure spending. Tourism reached a record with over 21 million visitors, generating about $40 billion, or 7% of GDP.
Inflation stayed contained at about 3.3% in 2025, and HSBC expects GDP growth of 6.7% in 2026 with inflation around 3.5%.
