According to the General Statistics Office, total exports fell by 1.5% from September to $42.05 billion, while imports dipped 1% to $39.45 billion. Shipments to the U.S. dropped 2.2% month-on-month to $13.4 billion, marking the third consecutive monthly fall and a faster pace of decline than the 1.4% recorded in September.
The slowdown follows U.S. President Donald Trump’s decision in August to impose a 20% tariff on Vietnamese goods — a move aimed at narrowing the U.S. trade deficit with Vietnam. Despite the duties, the imbalance remains steep: in the first ten months of 2025, Vietnam posted a $111 billion surplus with the U.S., potentially setting up another record year. The U.S. government, currently in shutdown, has not released its own trade data for comparison.
On a yearly basis, Vietnam’s exports were still up 17.5% in October, while imports climbed 16.8%, reflecting the country’s continued resilience through diversified trade partnerships across Asia, Europe, and Africa.
Sectoral Shifts: Phones Down, Footwear Up
Electronics exporters were among the hardest hit by the recent downturn. Mobile phone shipments to the U.S. fell sharply by 15.2% from September, extending a months-long slump even though the sector remains exempt from the new tariffs. Samsung Electronics, one of Vietnam’s largest exporters, has been particularly affected.
Textiles and garments — another key driver of Vietnam’s export economy — also suffered, falling 7% from the previous month. However, footwear exports provided a bright spot, rising 15% and helping to cushion overall losses. Vietnam remains a central manufacturing base for major Western apparel and sportswear brands such as Nike and Adidas.
Domestic Indicators Show Mixed Signals
Vietnam’s industrial production rose 10.8% year-on-year in October and 2.4% from the previous month, signaling underlying economic activity remains firm. Yet, foreign investment inflows fell more than 25% to $2.5 billion compared with September. Encouragingly, newly approved investment pledges climbed 24.2% to nearly $3 billion, suggesting renewed investor confidence.
Retail sales expanded 7.2% year-on-year, and consumer prices rose by 3.25%, showing stable domestic demand despite external trade headwinds.
As Vietnam balances slowing exports to its top market with expanding global trade partnerships, the coming months will test whether the country can maintain its growth trajectory while weathering U.S. protectionist pressures.