Vietnam’s total trade turnover last year reached a record high of $930.05 billion—up by 18.2 per cent year on year (YoY), with a trade surplus of $20.03 billion, according to the General Statistics Office.

In December 2025, total trade turnover amounted to $88.72 billion, rising by 15.1 per cent month on month and 25.7 per cent YoY.

Vietnam’s total trade turnover last year reached a record high of $930.05 billion—up by 18.2 per cent YoY, with a trade surplus of $20.03 billion.
In December 2025, total trade turnover amounted to $88.72 billion, rising by 15.1 per cent month on month and 25.7 per cent YoY.
Exports generated $475.04 billion last year—up by 17 per cent YoY, while imports were worth $455.01 billion—up by 19.4 per cent YoY.

Of the total trade figure last year, exports generated $475.04 billion—up by 17 per cent YoY, while imports were worth $455.01 billion—up by 19.4 per cent YoY, domestic media outlets reported.

The foreign-invested sector recorded export growth of 26.1 per cent YoY, reaching $367.09 billion and accounting for 77.3 per cent of total exports last year. By contrast, the domestic sector saw a decline of 6.1 per cent YoY to $107.95 billion.

In December, exports rose by 23.8 per cent YoY, driven by a 38.4 per cent increase in shipments from foreign-invested enterprises.

Foreign-invested enterprises increased imports last year by 31.9 per cent YoY. Production inputs accounted for 93.6 per cent of total imports, reflecting strong manufacturing activity.

Consumer goods represented only 6.4 per cent of total imports.

The United States remained Vietnam’s largest export market last year, with shipments hitting $153.2 billion, generating a trade surplus of $133.9 billion—up by 28.2 per cent YoY.

China continued to be Vietnam’s largest import source, with imports totaling $186 billion, resulting in a trade deficit of $115.6 billion—up by 39.6 per cent YoY.

Vietnam also recorded a trade surplus of $38.6 billion with the European Union; a surplus of $2.1 billion with Japan; a deficit of $31.6 billion with South Korea and a deficit of $14.2 billion with the Association of Southeast Asian Nations (ASEAN).

Fibre2Fashion News Desk (DS)

Some experts saw tariff hike for South East Asian nations as a counterproductive move because the US tariff policy overlooked the benefits the US previously gained from trade deals, including clothing at lower prices and huge profits for American companies. The US once used to help these nations through export quotas, but high tariffs imposed now come as hindrance to their access to the US market. They counter the development policies the US itself once promoted.

In addition, strategic competition between the US and China adds complexity to the situation because many South East Asian garment factories depend on raw materials from China. Now they are under pressure to reduce this reliance while maintaining trade ties with both economic superpowers. The impact is felt most strongly by women in these countries. Around 70 per cent of garment workers are female, and the new tariffs threatened their already low income. Job losses directly affect the survival of their families.

Myanmar

Smaller garment-producing economies like Myanmar, Thailand and Laos came under intense pressure from steep US tariffs and shifting geopolitics.
Tariff hikes disrupted factory orders, accelerated closures, and threatened livelihoods.
Exporters were left to scramble for alternative markets, push trade negotiations, and rethink supply chains amid rising costs and dependence on China.

The 40-per cent tariffs on Myanmar exports took a heavy toll on the country’s garment industry, with foreseeable shut down of several factories. The tariff came into effect on August 1, and since then orders dropped sharply, leading to job losses, fewer overtime hours and eventual factory closures – at least four in the industrial zones of Yangon’s Hlaing Tharyar and Shwepyithar townships alone. The first to shut down was Twinkle (Myanmar), a factory that used to manufacture garments for US-based Callaway Golf and luggage maker Samsonite. Other closures included SDI Manufacture, Wan Xin Myanmar, and Eternal Fashion. In the past, factory closures used to be caused by electrical problems, raw material shortages or road closures but lately tariff became the major contributing factor. Over 700,000 workers are employed in Myanmar’s garment factories, with double that number in related industries. An estimated four times that number of family members depend on their wages, according to the Myanmar Garment Manufacturers Association (MGMA).

To counter the effects of the tariffs, some factories that previously catered to the US market started seeking orders from Japan, South Korea, and the EU.

Alongside the high tariff, Myanmar also faced heat from the ILO (International Labour Organisation) over violations of agreements related to workers’ rights, such as freedom of association and the elimination of forced labour.

Thailand

Thailand’s tryst with US reciprocal tariff began with imposition of 36 per cent rate on April 2. However, after successful negotiations, the US reduced reciprocal tariff on Thai goods to 19 per cent starting August 1. In September, Thai garment exporters called on the new government to pause wage hikes and accelerate EU FTA talks, noting that garments remain a labour-intensive sector employing some 600,000- 800,000 workers. Rising wages to 400 baht per day would disproportionately affect new and unskilled workers whose productivity remains low, also increasing costs for employers. In Thailand, labour and raw material expenses make up 60-70 per cent of total production costs for garment manufacturers. Since the US accounts for approximately 40 per cent of Thailand’s garment exports, the increased US tariff, up from an average 10 per cent to 29 per cent, threatened this key market. On the other hand, Thai exporters face EU tariffs averaging 10-20 per cent depending on the garment type, so securing an FTA with the EU was seen as an opportunity to open up trade with 27 countries, which will help in offsetting potential losses in the US market.

Laos

Although the European Union, especially Germany, has been the main destination for Laotian textiles, the US has long been among the top five export markets. This is when Laos exports to US is relatively small comprising a small number of factories which supply the American market. Driven by US trade deficit of over $760 million with Laos, US administration imposed one of the highest tariff charges of 40 per cent on the small Asian nation. To complicate things further for Laos, its supply chains are closely tied to China. The high tariff is estimated to effect around 20,000 or more out of nearly 30,000 workers which the garment industry employs, while representing around 13 per cent of export earnings, excluding natural resources. This number rises in case of companies’ closure. If US customers pull back, an estimated 35 to 40 factories may face disruption.

Laos is a regional base for garment manufacturing that supplies to many western brands. Production of mattresses is among the various segments that are severely affected by the tariffs. In recent times, the country has benefitted with the success of the China–Laos Railway, which has transformed Laos from a landlocked state into a regional logistics hub, significantly reducing shipping times and costs.

Fibre2Fashion News Desk (SB)

India is well-placed to turn one of the most powerful growth engines over the next two decades, driven by fast digitalisation, information technology services, strong entrepreneurship and favourable demographics, according to a recent EY report.

India’s digital public infrastructure is a key force multiplier for this. Widespread adoption of digital platforms has significantly reduced the cost of doing business, improved efficiency and transparency, and accelerated the formalisation of the economy.

The country has a unique opportunity to become the ‘office of the world’ for global corporations, the report notes.

India is well-placed to turn one of the most powerful growth engines over the next two decades, driven by fast digitalisation, information technology services, strong entrepreneurship and favourable demographics, according to a recent EY report.
India’s digital public infrastructure is a key force multiplier for this, deepening financial inclusion and unlocking new business opportunities across sectors.

What began as a cost-arbitrage model has evolved into a high-value proposition, with India increasingly providing advanced digital engineering, consulting, product development and innovation-led services to multinational companies, it notes.

The digital infrastructure has also deepened financial inclusion and unlocked new business opportunities across sectors, giving India a distinct competitive advantage among large economies, it says.

The report projects a six-fold increase in per capita income by 2047 for a population of more than 1.7 billion, and that is expected to unleash an unprecedented consumer boom.

A young, expanding workforce combined with rising incomes is likely to make India one of the fastest-growing consumer markets globally.

Making domestic manufacturing globally competitive is seen as a strategic priority on the supply side.

Success in complex, high-value and emerging sectors would position India as a manufacturing hub serving both domestic and international markets, strengthening its role in global value chains.

The report sets a target of reducing logistics costs from the current 14-18 per cent of gross domestic product (GDP) to the global best practice level of around 8 per cent by 2030, which would significantly enhance competitiveness and productivity.

Fibre2Fashion News Desk (DS)