Vietnam July trade deficit widens to $3.6bn on fuel import surge

Rising energy costs drove imports up 41% year-on-year, offsetting strong export growth and complicating the outlook for H2 growth targets.

By Handelsavisen Newsroom · Automated 2026-08-03 02:32 UTC · 1 min read Last updated: 2026-08-03 07:26 UTC

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Vietnam’s trade balance deteriorated in July, posting a deficit of $3.587 billion compared to a $2.64 billion gap in June.

The widening shortfall was driven by a sharp increase in import costs, particularly for fuel, which outpaced the growth in goods exports.

18% in the first half of 2026, missing the government’s target of double-digit growth.

Goods exports rose 25% year-on-year to $53 billion, reflecting continued strength in manufacturing output.

However, imports climbed more steeply at 41% to $56.67 billion, eroding the surplus that has historically supported the currency and external accounts.

The surge in import volumes highlights the sensitivity of the trade balance to global energy prices.

The data adds pressure on policymakers as Vietnam’s economy expanded by 8.18% in the first half of 2026, missing the government’s target of double-digit growth.