Vietnam’s Trade Surplus with U.S. Tops Global Rankings in January

According to the latest official U.S. data, Vietnam’s trade surplus with the United States surged to $19 billion in January this year, officially surpassing Mexico and China to claim the world’s largest trade surplus position with the U.S. This milestone is driven by Vietnam’s record growth in exports to the American market.

Officials note that trade negotiations between the U.S. and Vietnam have been ongoing for months. However, no agreement has been reached due to the massive trade imbalance and unresolved disputes over the proposed tariff rates on Vietnamese goods.

In January, Vietnam’s exports to the U.S. jumped 53% year-on-year to over $20 billion, while U.S. imports from China plunged 46% over the same period. This sharp contrast directly led to Vietnam overtaking China as the top surplus holder. Following Vietnam are Taiwan (China), Mexico, and Chinese mainland.

This shift was not sudden. Vietnam’s surplus with the U.S. exceeded China’s as early as Q2 2025 and held the second-largest surplus for three consecutive quarters, behind only Mexico. For the full year 2025, Vietnam’s total trade surplus with the U.S. reached $178 billion. Analysts attribute this trend to U.S. tariffs on Chinese goods, which accelerated the shift of orders and manufacturing capacity to Southeast Asia, laying the groundwork for January’s historic surge.

The Trump administration has recently publicly questioned Vietnam’s trade practices, alleging that some Chinese products are being rerouted through Vietnam to enter the U.S. as “Made in Vietnam” to avoid higher tariffs. The U.S. has explicitly stated that such illicit transshipments will face a 40% tariff if verified, though the White House has not yet released specific criteria for defining illegal transshipment.

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Regarding tariff policies: The U.S. imposed a 20% tariff on Vietnamese goods in August 2025. In February 2026, the U.S. Supreme Court ruled the Trump administration’s global tariffs illegal. The White House quickly adjusted policy, implementing a 150-day, 10% global tariff—providing temporary relief for Vietnamese exporters.

*** Source from Reuters ***