Việt Nam’s total trade turnover surpassed US$1 trillion in the first 10 months of 2026, up 32.3 per cent year-on-year, marking a major milestone for the country’s economy. Nguyễn Anh Sơn, Director of Agency of Foreign Trade. under the Ministry of Industry and Trade (MoIT), discusses the drivers behind the growth, the challenges facing exporters and future trade prospects.

How do you assess the factors behind Việt Nam’s strong trade growth, which has pushed total import-export turnover beyond $1 trillion in the first 10 months of 2026, despite continued volatility in global trade?

Surpassing the $1 trillion mark in total trade turnover is an important milestone, reflecting the growing scale of Việt Nam’s economy and its deeper integration into international trade.

This performance has been driven by several factors.

First, domestic production has recovered and maintained its growth momentum, particularly in the processing and manufacturing industries, which are the main drivers of Việt Nam’s exports. Expanded production capacity, coupled with businesses’ ability to capitalise on international market demand, has helped sustain export growth.

Second, foreign-invested enterprises continue to play an important role in major export industries such as electronics, machinery and equipment, textiles and garments, and footwear. Their contribution has helped maintain export growth and integrate Việt Nam more deeply into global supply chains.

Third, the effective use of free trade agreements (FTAs), alongside efforts to expand and diversify export markets, has created further opportunities for Vietnamese businesses. In addition to traditional markets, companies are increasingly exploring potential markets in the Middle East, South Asia, Africa and Latin America.

Businesses have also shown considerable flexibility in responding to changes in global trade, including shifting market demand, increasingly stringent technical standards, green transition requirements and changes in trade policies.

However, surpassing $1 trillion in trade turnover also brings new challenges. The focus should not be solely on expanding trade volumes, but also on improving growth quality, increasing domestic value added, reducing dependence on external supply sources and strengthening Vietnamese businesses’ position in global value chains.

The $1 trillion milestone reflects not only business efforts but also the Government’s role in supporting trade and opening up markets. What has the Ministry of Industry and Trade done to promote exports, help businesses tap FTA opportunities and address trade-related difficulties, and what will be its priorities going forward?

The current trade performance is the result of efforts by the business community, supported by coordinated measures from the Government and ministries, with the Ministry of Industry and Trade playing an important role in market development, business support and improving the competitiveness of Vietnamese goods.

In recent years, the ministry has focused on several key areas.

First, it has continued helping businesses make better use of Việt Nam’s FTAs. With an increasingly extensive network of trade agreements, the ministry has stepped up efforts to disseminate information on commitments, guide businesses on rules of origin and help them benefit from tariff preferences and market access opportunities.

Second, it has intensified export market development, maintaining traditional markets while expanding into regions with untapped potential. Trade promotion, business matchmaking and support for Vietnamese companies seeking access to international distribution networks have been tailored more closely to individual industries and markets.

Third, the ministry has closely monitored production and trade developments, working with relevant agencies to address business difficulties, particularly those involving market access, technical standards, trade remedies and new requirements imposed by importing markets.

The ministry will continue to focus on four priorities.

These include further diversifying export markets and products to reduce dependence on a limited number of traditional markets; improving the effectiveness of FTA utilisation by moving beyond tariff preferences to broader opportunities in investment, supply chains and economic cooperation; helping businesses meet increasingly demanding international requirements on quality, technical standards, sustainability and green transition; and developing domestic production and supporting industries to increase localisation rates and the domestic value added in exports.

Despite strong export growth, foreign-invested enterprises remain the dominant contributors, while domestic businesses still face difficulties in expanding production capacity and joining global supply chains. What are the main bottlenecks preventing Vietnamese companies from increasing domestic value added and contributing more substantially to exports?

Việt Nam’s export structure has shifted positively in recent years, with a growing share of processed and manufactured products and less reliance on resource-based and labour-intensive exports. This reflects the impact of investment attraction, production development and deeper participation in global supply chains.

However, domestic value added has yet to match the scale of export turnover, particularly in major industries such as electronics, machinery and equipment, textiles and garments, and footwear.

One of the main reasons is the limited capacity of domestic businesses, especially small and medium-sized enterprises, to participate in global supply chains. Many have yet to meet requirements for production scale, technical standards, quality management, technological innovation and supply reliability.

Linkages between domestic companies and foreign-invested enterprises also remain weaker than expected. Several export industries continue to rely heavily on imported raw materials and components, limiting the spillover benefits of export growth for local businesses.

Addressing these challenges requires several measures.

First, Việt Nam needs to further develop supporting industries, particularly in sectors with high value-added potential, such as electronics, semiconductors, precision engineering, electrical equipment and processing industries.

Second, domestic businesses need support to upgrade technology, improve management capabilities, meet international standards and participate more deeply in supply chains.

Third, stronger links between foreign-invested enterprises and domestic suppliers are needed to help Vietnamese companies become more established suppliers in global production networks, rather than remaining concentrated in low-value-added stages.

Finally, foreign investment attraction should increasingly prioritise high-tech projects that commit to developing domestic supplier networks and generating broader economic spillovers.

In the long term, the goal should not simply be to maintain export growth, but to increase the Vietnamese value added in every exported product, thereby strengthening the competitiveness and position of local businesses in international trade.

With Việt Nam targeting double-digit economic growth, trade is expected to remain an important growth driver. What breakthrough measures are needed to sustain import-export growth, diversify markets, secure input supplies and improve the competitiveness of Vietnamese goods?

Amid continued global economic uncertainty, trade growth must be pursued alongside sustainability, with greater emphasis on quality and efficiency rather than simply expanding turnover.

In my view, several priorities are particularly important.

First, Việt Nam needs to further diversify its export markets. Businesses should make better use of traditional markets while expanding into promising regions such as the Middle East, South Asia, Africa and Latin America. This would help reduce risks arising from volatility in individual markets.

Second, the focus should shift towards making deeper use of FTAs. After expanding its network of trade agreements, Việt Nam now needs to help businesses move beyond tariff preferences and take greater advantage of opportunities in supply chains, investment flows and business cooperation with partner economies.

Third, domestic production capacity and supporting industries must be strengthened to secure supplies of raw materials and intermediate goods. This is essential to reducing import dependence, improving the economy’s resilience to external shocks and increasing domestic value added in exports.

Fourth, businesses need support in adapting to new international trade requirements. Global markets are placing greater emphasis on product quality, sustainability, green transition, traceability and supply chain responsibility. Vietnamese companies must proactively improve their capabilities to meet these requirements rather than relying solely on cost competitiveness.

The MoIT will continue working with other ministries, local authorities and the business community to develop export markets, help businesses capitalise on opportunities from international integration, improve competitiveness and promote a more sustainable trade structure.

Ultimately, the goal is not only to sustain growth in trade turnover, but also to build a trading sector that is more resilient to global disruptions, with Vietnamese businesses playing a greater role and domestic value added increasing across the economy. —VNS