In the trade landscape of the first 5 months of 2025, ASEAN remained a key partner of Viet Nam, with total two-way trade reaching USD 38 billion, up 10.4% compared to the same period last year. While exports saw modest growth, imports from ASEAN surged significantly, resulting in a trade deficit of USD 6.51 billion — a 67% increase from the USD 3.9 billion recorded during the same period in 2024.

According to the General Department of Vietnam Customs, Vietnam's exports to ASEAN reached USD 15.7 billion during the January–May period, marking a year-on-year (YoY) increase of 3.2%. Thailand remained Viet Nam’s largest export market within ASEAN at USD 3.4 billion (up 3.5%), followed by the Philippines at USD 2.49 billion (down 2%), Indonesia at USD 2.37 billion (down 7.1%), and Malaysia at USD 2.15 billion (down 0.9%). Notably, exports to Laos surged by 144.7% to USD 583 million — the highest growth rate among ASEAN countries. Other markets such as Singapore (USD 2.33 billion, up 10.3%) and Cambodia (USD 2.25 billion, up 4.5%) also recorded positive growth.

On the import side, Viet Nam imported USD 22.2 billion worth of goods from ASEAN in the first 5 months of 2025, a YoY increase of 16.2%. Thailand was the largest supplier with USD 5.24 billion (up 14.3%), followed by Indonesia at USD 4.83 billion (up 24.8%) and Malaysia at USD 4.17 billion (up 1.5%). Imports from Cambodia rose sharply by 31.2% to USD 3.23 billion. Viet Nam also imported USD 2.48 billion from Singapore (up 14.6%), USD 979 million from Laos (up 80.9%), and USD 195 million from Brunei (up 11.1%). Myanmar was the only ASEAN country where Viet Nam’s imports dropped significantly, by 31% to USD 87 million.

In the broader context, Viet Nam’s total trade turnover in the first five months of 2025 reached USD 355.79 billion, up 15.7% YoY. Exports were valued at USD 180.23 billion (up 14%) and imports at USD 175.56 billion (up 17.5%), resulting in a national trade surplus of USD 4.67 billion. However, with ASEAN, Viet Nam recorded the third-largest trade deficit after China (USD 45.9 billion) and South Korea (USD 12.3 billion).

The growing trade deficit with ASEAN, despite the overall trade surplus, reflects Viet Nam’s increasing reliance on intermediate goods, machinery, components, and raw materials from the region for domestic production and re-export. This is in line with the overall import structure of the country, where production-related goods accounted for 89% of total import value during the period.

While Viet Nam currently runs a trade deficit with ASEAN, the region remains a strategically vital partner in both regional and global supply chains. As Viet Nam continues to implement several free trade agreements including the Regional Comprehensive Economic Partnership (RCEP) enhancing intra-ASEAN connectivity and better leveraging regional market potential will be key strategies to help rebalance trade in the near future.

Source: Compiled by the Multilateral Trade Policy Department, Ministry of Industry and Trade of Viet Nam