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Vietnam’s trade surplus narrowed to USD 2.27 billion in July 2025, down from USD 2.36 billion in July 2024, as exports grew less than imports. Exports rose 16.0% yoy to USD 42.27 billion, while imports increased 17.8% to USD 40.0 billion. In the first seven months of 2025, Vietnam recorded a trade surplus of USD 10.18 billion, with exports and imports rising by 14.8% and 17.9%, respectively. During this period, the trade surplus with the US reached USD 74.6 billion, with imports from the US surging 22.7% following tariff cuts on several American products in March. The US remained Vietnam’s largest export market, with export turnover reaching USD 85.1 billion, while China remained the top source of imports, totaling USD 101.5 billion. Last month, the US and Vietnam signed a trade agreement under which the US will impose a 20% tariff on imports from Vietnam—down from a previously threatened 46% levy. In 2024, shipments to the US accounted for about 30% of Vietnam’s GDP.