Vietnam's May Trade Deficit Widens to Record High
By Reuters | 02 Jun, 2026

The annual inflation rate came in at 5.6% in May while exports jumped 18% on year for a record $5.21 billion trade deficit.

Vietnam's inflation rate accelerated in May and its trade deficit widened from April to a record high, data showed on Wednesday, as the Southeast Asian economy feels the impact of the Iran war.

The annual inflation rate came in at 5.6% in May, compared with 5.46% in April, the National Statistics Office said in a report, with the country paying higher prices for imported fuels.

• Exports in May rose 18% from a year earlier to $46.93 billion, while imports soared 33.8% to $52.14 billion, resulting in a record trade deficit of $5.21 billion, according to the NSO. In April, the export-reliant nation posted a $3.28 billion deficit.

• Annual export growth in May fell from 21% in the previous month, while the pace of import growth was slightly higher than the 32.5% rise registered in April.

• For the January-May period, exports rose 19.5% from a year earlier to $215.66 billion, while imports were up 30.8% to $229.46 billion, leading to a $13.8 billion trade deficit.

• Imports of crude oil in the January-May period fell 19.1% in terms of volume, but rose 4.1% in terms of value from a year earlier, according to the report.

• Imports of refined petroleum products in the period rose 15% in terms of volume and 81.6% in terms of value.

• Imports of liquefied gas rose 27.5% in volume and up 40.6% in value.

• Industrial production in May rose 8.8% from a year earlier, slower than the 9.9% expansion in April, the NSO said.

• Retail sales in May rose 11.8% from a year earlier.

• Foreign investment inflows in the five-month period rose 9.6% from a year earlier to $9.75 billion, compared with a 9.8% rise in the January-April period.

(Reporting by Khanh Vu and Phuong Nguyen; Editing by John Mair)