{
  "id": 17898169,
  "title": "Vietnam trade turnover breaches historic trillion-USD milestone",
  "url": "https://urgent.news/2026/11/03/vietnam-trade-turnover-breaches-historic-trillion-usd-milestone",
  "topic": "business",
  "section": "Business",
  "published": "2026-11-03T02:23:25.000Z",
  "source": {
    "name": "SGGP English Edition Business",
    "slug": "sggp-english-edition-business",
    "url": "https://en.sggp.org.vn/vietnam-trade-turnover-breaches-historic-trillion-usd-milestone-post130717.html"
  },
  "original_language": "en",
  "account": "Vietnam's import-export turnover has reached a historic US$1 trillion milestone, signaling a significant achievement for the country's economy. Since joining the World Trade Organization in 2007, Vietnam's trade has grown from $100 billion to over $900 billion. As of November 2026, the trade turnover has surpassed the US$1 trillion threshold, demonstrating the nation's strong export potential and robust market connectivity. Vietnam ranks 18th globally in exports, 20th in imports, and second in overall import-export scale within ASEAN, trading with approximately 237 countries and territories.\n\nHowever, simply having a large trade turnover does not guarantee high-quality economic growth. According to Vietnam Customs data, foreign direct investment (FDI) accounts for 77% of import-export turnover, while domestic enterprises contribute only 23%. This indicates that Vietnamese businesses have yet to secure a strong position in the global supply chain. While attracting multinational corporations and FDI enterprises is advantageous, Vietnamese businesses must move beyond the early stages of the supply chain to generate substantial value.\n\nVietnam's export commodities, such as computers, electronic products, machinery, and equipment, account for 54% of the total import-export turnover. A continued focus on low-value-added commodities may result in a surge in export turnover without translating into meaningful economic growth. Vietnam's trade balance, running a deficit of about $14 billion in the first 10 months of 2026, should be approached with caution. While a deficit isn't necessarily alarming, particularly if imports consist of machinery, technology, and raw materials supporting industrial production, it is essential to prevent scenarios where imports grow unchecked without fostering corresponding production capacity and added value.\n\nThe Ministry of Industry and Trade is seeking feedback on a draft Strategy for Commodity Import and Export up to 2030, with a vision extending to 2045. The goal is to increase the domestic enterprise sector's export share to 28-30% by 2030 and 38-40% by 2045. Attracting foreign investment is crucial, but it must be paired with the development of domestic enterprises. Vietnamese enterprises cannot simply follow large corporations with decades of accumulated capital and technology. Instead, the long-term objective is for Vietnamese businesses to become integral parts of manufacturing chains or to develop their own supply chains.\n\nTo achieve this, Vietnam must focus on developing domestic raw material sources, enhancing production capacity, and shifting the emphasis from merely increasing turnover to elevating commercial quality. This involves prioritizing supporting industries, processing, manufacturing, high technology, and high-value-added industries. Additionally, comprehensive technology transfer, rigorous human resource training, and seamless connectivity with domestic enterprises are essential prerequisites when attracting foreign direct investment.",
  "summary": "As Vietnam’s import-export turnover has recently surpassed the historic one-trillion-USD milestone, experts warn that domestic enterprises must integrate into global supply chains to retain true economic value.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}