Business News

China has become Vietnam’s largest shrimp buyer, with more than US$1.1 billion worth of the product imported in the first 10 months of the year, up 64% year-on-year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). China was the fastest-growing market during the period and a key driver behind the 22% spike in Vietnam’s shrimp exports to US$3.9 billion.

Bilateral trade between Vietnam and Singapore reached a record S$33 billion (around US$25.3 billion) in the first 10 months of this year, setting a new milestone for trade ties between the two nations. Vietnam continued to hold its position as Singapore’s 10th largest trading partner. Data from the Singapore Enterprise Management Agency showed that two-way trade in this period surpassed last year’s full-year record of S$31.67 billion, marking a 26.7% increase compared to the same period in 2024.

Vietnam imported 16,343 automobiles in October, down 5.5% from September, but total imports in the first 10 months climbed to 171,364 units, up around 20% year-on-year, data from the General Department of Vietnam Customs showed. The import value of automobiles reached nearly US$4 billion in the January-October period, the highest level in three years.

October’s developments offered a clearer and gradually improving economic picture of Vietnam as the year moved into its final quarter. Growth forecasts for 2025 were revised upward by major international banks, supported by a continued improvement in manufacturing conditions where the PMI rose to 54.5. FDI attraction and disbursement remained strong and industrial facilities maintained high occupancy, while trade flows continued to widen the surplus.

The National Assembly has approved the 2026 socio-economic development plan, setting an economic growth target of at least 10%. The resolution, passed on November 13 with more than 90% of lawmakers in favor, also aims for per capita GDP of US$5,400-5,500 and an inflation rate of around 4.5%, according to the National Assembly’s website (quochoi.vn). These targets are higher than the projected outcomes for 2025.

Vietnam has captured the second-largest share of China’s imported fruit market, accounting for 20% of purchases worth over US$4 billion in the first nine months of 2025, with durian and bananas driving strong growth. China spent a total of US$20.3 billion on fruit imports during this period. Thailand led with US$6.7 billion in exports, up 10% year-on-year and holding a 33% market share. 

During the same period, the country’s total import–export value reached more than US$762 billion, up 17.4% from a year earlier. Exports amounted to nearly US$391 billion, an increase of 16.2%, while imports grew 18.6% to US$371.4 billion, resulting in a trade surplus of over US$19.5 billion. In October alone, Vietnam’s total trade stood at US$81.49 billion, down a slight 1.2% from September, but the nation still posted a monthly trade surplus of US$2.6 billion, the Vietnam News Agency reported.

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