Vietnam's trade deficit widened to nearly USD 16.7 billion in the first half of the year, but officials said the increase was largely driven by imports of machinery, components and raw materials needed to support production and investment.
The Ministry of Industry and Trade estimated Vietnam's total trade reached USD 549.69 billion in the first six months of 2026, up 27.1 per cent from a year earlier.
Import-export activities at Cat Lai Port, Ho Chi Minh City (Photo: Hai Long).
The country recorded a merchandise trade deficit of USD 2.64 billion in June, bringing the cumulative deficit for the first half to USD 16.65 billion, compared with a USD 7.95 billion surplus in the same period last year.
The domestic sector posted a trade deficit of USD 24.95 billion, while foreign-invested enterprises, including crude oil exports, generated a surplus of USD 8.3 billion.
Tran Thanh Hai, deputy director general of the ministry's Department of Foreign Trade, said the figures should be viewed in the context of Vietnam's import structure rather than as a sign of weakening external demand.
Electronics, computers and components accounted for about USD 110 billion in imports during the six-month period, up 62 per cent year on year and representing around 38 per cent of total imports.
Imports of machinery, equipment, tools and spare parts rose 22.9 per cent to USD 34.6 billion, accounting for a further 12 per cent of total imports. Combined, the two categories made up more than half of Vietnam's import bill.
Hai said the sharp increase reflected stronger demand for equipment and components used in domestic investment and manufacturing.
Energy imports also rose significantly. Petroleum imports reached USD 5.87 billion, up 73 per cent, while crude oil imports increased 17 per cent to USD 4.69 billion and coal imports climbed 21 per cent to USD 4.66 billion.
Although petroleum import volumes rose by only around 11 per cent, the value surged about 75 per cent as geopolitical tensions pushed up global energy prices, he said.
Imports of industrial inputs including steel, chemicals, plastics, textiles and footwear materials also increased, indicating expanding production activity.
Hai acknowledged that a trade deficit could place short-term pressure on some macroeconomic indicators, but said the current pattern of imports was laying the groundwork for future industrial output and export growth.
"When viewed alongside foreign direct investment, services and other capital inflows, the overall balance of payments remains under control," he said.
The ministry said it would continue promoting the use of free trade agreements, expanding trade promotion activities and strengthening links between Vietnamese exporters and overseas buyers.
It also plans to tighten oversight of trade fraud and origin fraud while closely monitoring imports of energy and industrial inputs to support macroeconomic stability.