Vietnam has set ambitious economic targets for 2026, aiming for GDP growth of more than 10 per cent, supported by strong export performance despite higher US tariffs. Recent trade data shows that while tariffs slowed growth at times, they did not stop Vietnam’s export momentum.
In 2024, Vietnam’s textile, clothing, and footwear exports crossed $71 billion, growing by 10–11 per cent year on year. Textiles and garments alone earned over $44 billion, with the United States accounting for about 40 per cent of the total. For 2025, Vietnam set export targets of $48 billion for textiles and clothing and $29 billion for footwear and leather.
In the first quarter of 2025, Vietnam exported $31.4 billion worth of goods to the US, up 22 per cent from a year earlier. Textiles and garments made up $3.78 billion of this total, while footwear exports reached $1.97 billion. Although exports dipped slightly in August, shipments to the US rose 26.4 per cent year on year in the first eight months of 2025.
Trade faced pressure after the US announced steep tariffs on Vietnamese goods, including a 46 per cent rate announced in April. While tariff rules changed several times throughout the year, Vietnam responded by removing tariffs on US goods.
Overall, the data suggests that tariff changes may slow exports, but Vietnam’s strong manufacturing base continues to drive growth and support its bold economic goals.
