Vietnam’s trade surplus with US hits record as exports surge despite tariffs

 Vietnam’s trade surplus with the United States, its main market, rose to $121.6 billion in the first 11 months of the year, official data showed on Saturday, as exports surged despite U.S. import tariffs imposed in August on Vietnamese goods.

Exports to the United States rose year-on-year by 22.5% in November, outpacing shipments to the rest of the world, which increased by 15.1%, according to Vietnam’s statistics agency.

The surge in exports to the U.S. translated into a record trade surplus, which in the January-November period already far exceeds the reading for all of 2024, when it hit $104.5 billion, according to Vietnamese data that is usually more conservative than U.S. figures.

The latest U.S. customs data is for August.

Month-on-month, however, Vietnam’s November exports fell 7.1% to about $39 billion, and shipments to the United States went down by 7.3% after a decline of 2.2% in October.

November was the fourth consecutive month that month-on-month exports to the U.S. have fallen.

Growth in Vietnam’s trade surplus with the United States also slowed to $10.6 billion in November from $11.8 billion in October.

In a sign of how dependent the country is on its exports to the United States, its overall trade surplus was $1.09 billion in November, down from $2.6 billion in October.

Vietnam said last month it was working to sign a trade agreement with the U.S. soon, after the two countries in October said they had agreed to a framework for the deal.

VIETNAM’S TRADE DEFICIT WITH CHINA GROWS

For the first 11 months of this year, Vietnam recorded a total trade surplus of $20.53 billion – mostly on a positive balance with the United States, the European Union and Japan – which more than offset deficits with China and South Korea.

The trade deficit with China in the January-November period rose 38.1% year-on-year to $104.3 billion.

Finance Minister Nguyen Van Thang on Saturday said foreign investment inflows in the January-November period rose 8.9% from a year earlier to $23.6 billion, while pledges were up 7.4%.

However, he noted the country was facing increasing economic challenges, including from U.S. tariffs and the impact of widespread flooding in recent months.

Separately, consumer prices in November rose 3.58% from a year earlier, data from the statistics agency showed, while industrial production climbed 10.8%.

By Khanh Vu and Francesco Guarascio – Reuters – December 6, 2025