The Vietnam Connection: “Made in Vietnam” Products from Vietnamese to American Ports

By Marek Grzybowski

Vietnam’s trade surplus with the US increased to $62 billion in the first half of 2025. Exporters loaded goods in advance to take advantage of the temporary 10% tariff. It is known that part of the surplus arose from illegally transhipped Chinese products through Vietnam. The Trump administration immediately responded and announced that these would be subject to hefty 40% tariffs.

For comparison, the total value of US-Vietnam merchandise trade in 2024 is estimated at $149.6 billion. U.S. merchandise exports to Vietnam in 2024 were $13.1 billion, a 32.9% ($3.2 billion) increase compared to 2023. U.S. merchandise imports from Vietnam were $136.6 billion in 2024. This resulted in a 19.3% ($22.1 billion) increase compared to 2023.

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The United States’ goods trade deficit with Vietnam reached $123.5 billion in 2024, an increase of 18.1% ($18.9 billion) compared to 2023, according to the Office of the United States Trade Representative (USTR).

According to the Vietnamese Ministry of Finance, Vietnam’s trade volume reached $75.39 billion in March alone, an increase of 18.2% compared to February and 16.6% compared to the same period last year. In the first quarter alone, goods exports increased by 10.6% to $102.84 billion, while imports increased by 17% to $99.68 billion, resulting in a trade surplus of $3.16 billion, reports Nguyen Thu of “Vietnam Investment Review.”

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Profitable (Re)Exports
Vietnamese enterprises generated export revenues of USD 29.02 billion, a 15% increase year-on-year and accounting for 28.2% of total exports. Meanwhile, companies with foreign capital, including the oil mining sector, achieved sales of USD 73.82 billion, a 9% increase year-on-year, according to the Vietnamese Ministry of Finance. As a result, “In the first three months of the year, 18 export items exceeded USD 1 billion in sales, representing 84.5% of total export value. Five of these items exceeded USD 5 billion, representing almost 60% of total exports.
The trade balance was impacted by Vietnamese companies importing USD 36.78 billion worth of goods, representing a 19.3% year-on-year increase. Foreign-owned enterprises imported USD 62.9 billion worth of goods, representing a 15.8% year-on-year increase.
Importantly, 17 import items exceeded USD 1 billion in value, representing 77.2% of total imports. Such strong results were also achieved in the second quarter of 2025. However, the Ministry of Industry and Trade is cautious about forecasts for the second half of 2025, as “the outlook is unclear due to the potential impact of US tariffs.”

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Port Development Plans in Vietnam until 2030. Source: Vantage Logistics Corp.

The newly approved plan categorizes seaports into five key groups – informed Saigon Port news. Deputy Prime Minister Tran Hong Ha has signed a landmark decision approving a detailed plan for the development of seaport system, including wharves, piers, buoy berths, and water areas for the period 2021-2030, with a strategic vision extending to 2050. The seaport system will require an estimated investment capital estimated at approximately VND351.5 trillion (around $13.9 billion) by 2030.

The approved plan categorizes seaports into five key groups – informed Minh Kiệt, vneconomy.vn.

Group 1 includes seaports in northern localities, includig Hai Phong city and provinces of Quang Ninh, Thai Binh, Nam Dinh, and Ninh Binh. By 2030, this group aims to handle between 322 million and 384 million tons of cargo, along with 281,000 to 302,000 passengers.

Group 2 comprises seaports in north-central localities, including the provinces of Thanh Hoa, Nghe An, Ha Tinh, Quang Binh, and Quang Tri, and the centrally-run city of Hue. The target for 2030 is to handle between 182 million and 251 million tons of cargo, and 374,000 to 401,000 passengers.

Group 3 consists of seaports in south-central localities, including Da Nang city (with Hoang Sa Island district included), and provinces of Quang Nam, Quang Ngai, Binh Dinh, Phu Yen, Khanh Hoa (with Truong Sa Island district included), Ninh Thuan, and Binh Thuan. By 2030, this group aims to handle between 160 million and 187 million tons of cargo, and 3.4 million to 3.9 million passengers.

Group 4 includes seaports in southern localities, including Ho Chi Minh City, and the provinces of Ba Ria – Vung Tau, Dong Nai, Binh Duong, and Long An. This group targets handling between 500 million and 564 million tons of cargo, and 2.8 million to 3.1 million passengers by 2030.

Group 5 encompasses seaports in the Mekong Delta localities, including Can Tho city, and the provinces of Tien Giang, Ben Tre, Dong Thap, An Giang, Hau Giang, Vinh Long, Tra Vinh, Soc Trang, Bac Lieu, Ca Mau, and Kien Giang. The goal for 2030 is to handle between 86 million and 108 million tons of cargo, and 10.5 million to 11.2 million passengers.

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Ports on the Export Wave
In April and May 2025, container volumes at Vietnamese seaports increased by 13% year-on-year (YoY), and at the ports of Cai Mep-Thi Vai, Lach Huyen, and Ho Chi Minh City by 22%, 32%, and 8% YOY, respectively, according to data from Vietcombank Securities (VCBS), according to “Industry Intelligence.” Information obtained from the ports indicates that over 10 million TEUs were transshipped in the first four months of this year, representing a 6% YOY increase.
Shipments from Vietnamese ports to the United States have increased significantly. Supply there has increased by 34-36% YOY. In 2025, container throughput increased almost twice as fast in the first two months of the second quarter of 2025 as it did in the first quarter of this year.
Terminal operators and their subcontractors recorded record profits. Gemadept Corporation reported revenue of VND1.27 trillion (USD48.9 million) in the first quarter of 2025 – a 27% year-on-year increase, with a gross margin of 44%. Net profit decreased slightly due to the absence of extraordinary income. Nam Dinh Vu Port recorded a 29% increase in volume and a 119% capacity utilization. Gemalink handled 440,000 TEUs, a 25% increase. The Port of Hai Phong Joint Stock Company recorded VND577 billion in revenue and VND145 billion in profit, and Lach Huyen Terminals 3 and 4 officially began operations on May 13, increasing total throughput to 3.2 million TEU, reports Industry Intelligence. Saigon Port’s profit after tax increased by 120% to VND111 billion. Average container throughput increased by 40%. Viconship recorded a 16% increase in revenue and an 80% increase in profit, handling 281,000 TEU. This represents a 15% increase year-on-year.
Investment projects in Vietnam’s ports are based on trade dynamics. Port throughput in Vietnam is expected to increase significantly. The Nam Dinh Vu Terminal, Phase 3 (800,000 TEU), is scheduled to open by the end of 2025. Gemalink Terminal Phase 2A (over 600,000 TEU) is currently undergoing investment analysis. The new terminal in Lach Huyen could increase transshipment capacity by another 3 million TEU in the coming years by 2030.

To avoid overcapacity, trade with China and the United States should grow at a similar rate to the past five years. Therefore, if US tariffs increase beyond the levels assumed in the negotiations, Vietnamese exports to the US market could decline. This currently accounts for approximately 30% of export containers.

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5 Export Groups at Risk
Speaking at a March cabinet meeting and online conference with local authorities, Finance Minister Nguyen Van Thang confirmed the positive results but also warned of growing risks. “The widespread application of a 46% tariff would significantly impact exports to the US, and would also have spillover effects on production, business confidence, foreign and private investment, consumption, and employment,” according to the Vietnam Investment Review.

A preliminary study by the Ministry of Finance indicated that the costs of the increased tariffs would affect five export groups. These include electronics and computers; textiles and clothing; wood and wood products; seafood; and machinery and equipment. The Ministry of Finance emphasized that “all these sectors are high-export-value and job-creating.”

While the short-term impact may be limited by increased exports and companies’ stockpiling in previous months, the long-term consequences are expected to be more severe. In early July, Reuters reported that “the United States will impose a lower-than-promised tariff of 20% on many Vietnamese exports.” Donald Trump announced this move just days before the planned tariff increases on goods imported from Vietnam were due. This eased tensions with the U.S.’s tenth-largest trading partner. It was announced that “Vietnamese goods will be subject to a 20% tariff, and transshipments from third countries through Vietnam will be subject to a 40% tariff.”
Trump stated that “Vietnam could import American products with zero tariffs. It is my great honor to announce that I have just concluded a trade agreement with the Socialist Republic of Vietnam,” Trump wrote on Truth Social after speaking with Vietnam’s top leader, To Lam. Following the talks, the Vietnamese government announced that “Vietnam would commit to providing preferential market access for American goods, including large-engine cars.”

Vietnam’s Textile Exports in 2024 Source: vietnamexportdata.com
Trade with the US Key to the Economy
The United States is Vietnam’s largest export market. Therefore, Vietnam strives to maintain close relations with the US. China, in turn, is not only its largest economic partner, but the two countries also have strong diplomatic and military ties. Vietnam will therefore strive to maintain good relations with both superpowers. Reuters reported that China recently announced that it was “assessing” the US-Vietnam agreement and committed to defending its interests.
“We welcome the fact that all sides are resolving economic and trade disputes with the United States through equal consultations, but we firmly oppose any party concluding an agreement at the expense of China’s interests,” Chinese Ministry of Commerce spokesman He Yongqian said during a briefing. “If such a situation occurs, China will resolutely counteract it to protect its legitimate rights and interests,” said Joe Cash, a Reuters representative in Beijing. Lam has asked Trump to recognize Vietnam as a market economy and lift restrictions on the export of high-tech products to the country, Vietnam announced. Hanoi has long sought these changes. To avoid unexpected tariffs on Vietnamese goods, the Vietnamese government is actively pursuing a range of diplomatic and trade initiatives.

According to the Ministry of Finance, a recent telephone conversation between Vietnamese Party General Secretary To Lam and the US leadership opened a “window of opportunity” for negotiations. However, coordinated and urgent action is required in the areas of diplomacy, trade, and policymaking. Vietnam is preparing contingency measures to support businesses if the United States raises tariffs. Good trade relations with the US are also welcome news from port and maritime terminal authorities.