Hanoi:Despite a significant increase in the trade deficit during the first nine months of 2026, optimism remains as Vietnam aims to boost exports by 15-16% in the coming months. This was discussed by Trinh Thi Thu Hien, the Deputy Director of the Agency for Foreign Trade under the Ministry of Industry and Trade, during a press conference.

According to Vietnam News Agency, the rise in imports has been attributed to the increased value of electronics, computers, components, and equipment. The global rise in raw material prices, especially for electronics and semiconductors, has significantly contributed to this increase, with some chips and solid-state drives experiencing price hikes of 300-500%.

Businesses have been building up inventories to meet the growing demand for technology products. This is particularly driven by the rapid development of artificial intelligence, which has fueled the need for materials and components. Some companies have doubled their inventory coverage, while others have seen inventory value jump significantly.

The import surge is also linked to expanded production by electronics and semiconductor firms, alongside businesses in Vietnam's export supply chains. Notable developments include Samsung's 1.5 billion USD investment in Thai Nguyen province, Intel's supply chain relocation from Costa Rica to Vietnam, and BYD's plant expansion in Phu Tho province.

The Ministry of Industry and Trade is focusing on enhancing mechanisms, policies, market development, and business support to improve the trade balance. Maintaining export growth through the end of the year is pivotal to reducing the deficit.

The total trade turnover reached 888.02 billion USD in the first nine months, with exports up 24.5% and imports rising by 36.7%, resulting in a trade deficit of 19.42 billion USD. However, September recorded a trade surplus of 1.27 billion USD, breaking a nine-month streak of deficits.

In the long term, the Agency for Foreign Trade plans to strengthen Vietnamese enterprises, increase localization rates, and enhance domestic value addition. These efforts aim to provide a more sustainable foundation for export growth and an improved trade balance.