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(Bloomberg) — Vietnam’s trade deficit widened to a record high, driven by a surge in imports as global raw material prices climbed amid the prolonged US conflict with Iran.
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The deficit in May rose to $5.21 billion, according to data released by the National Statistics Office in Hanoi Wednesday. That was well above the median estimate in a Bloomberg News survey for a $3.98 billion shortfall, as well as the $3.28 billion deficit reported for April.
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Vietnam’s exports jumped 18% in May, the statistics office said, slower than economists’ forecast of 19.7% growth. Imports were higher than expected at 33.8%.
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The data shows the cost to Vietnam’s export-led economy as the war in the Middle East drives up crude oil and other costs. The government has said it will be “challenging” to meet its 10% growth goal this year, and the country faces renewed tariff threats after the US launched a third trade investigation last week.
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The US remained the biggest export market for Vietnam, which saw its January-to-May trade surplus with the world’s biggest economy rise 21.1% to $60.4 billion from a year earlier, according to the statistics office.
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China was Vietnam’s top source of imports, shipping an estimated $92.6 billion of goods in the first five months of 2026.
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Meanwhile, Vietnam’s consumer prices climbed 5.60% in May from a year earlier, accelerating from the 5.46% in April and the central bank’s forecast of as much as 5.5% this year.
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Inflation quickened as a surge in global energy prices driven by the Iran war fed into transport, services and material costs.
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