Hanoi (VNA) - Vietnam's economy posted encouraging results in the first seven months of 2026, with trade remaining a key growth driver.

Total import-export turnover was estimated at 659 billion USD, up 28% year-on-year.

Exports reached 320 billion USD, rising 21.9%, while imports climbed 34.5% to 339 billion USD, reflecting resilient production, trade and international market integration, as well as rising demand for imported machinery and production inputs.

Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan said Vietnam's total trade may exceed 1 trillion USD in 2026, supported by effective use of new-generation free trade agreements (FTAs).

By July, more than 1.2 million certificates of origin had been issued under FTAs, covering nearly 100 billion USD in exports, or 28% of total export value. Several FTAs recorded preferential tariff utilisation rates of 30–50%.

Industrial production also continued to underpin growth. Many localities posted strong industrial production index, including Quang Ngai at 14.06%, Hai Phong at 15% and Hanoi 9.4%.

Nationally, GDP grew 7.94% in the first quarter and 8.39% in the second, bringing first-half growth to 8.18%. Although the stronger second-quarter performance signals improving momentum, it remains well below the pace needed to achieve the annual target.

Business confidence also improved. Nearly 169,800 enterprises entered the market in the first six months, up 11.2% year-on-year and exceeding the 151,100 firms that exited. Newly registered capital reached 1,352.6 trillion VND, up 64.8%.

These results underscore the continued importance of investment, production and exports, and domestic consumption as the economy's traditional growth pillars.

However, according to the National Statistics Office, achieving 10% GDP growth this year will require GDP to expand 11.16% in the third quarter, lifting nine-month growth to 9.19%, followed by 12.09% growth in the fourth quarter. Overall, the economy must grow about 11.7% in the second half.

Meeting this target will be challenging amid global uncertainty, uneven demand in major markets and intensifying competition. Public investment is expected to remain the primary growth engine, with faster disbursement generating spillover effects across construction, building materials, transport, trade and services.

Nguyen Thi Mai Hanh, head of the National Accounts Department at the National Statistics Office, said public investment has significant potential to drive growth in the second half as major infrastructure projects accelerate. She stressed that bottlenecks related to procedures, land clearance, construction materials and project implementation must be resolved promptly.

Meanwhile, Le Duy Binh, Director of Economica Vietnam, noted that retail sales and consumer service revenue growth of more than 10% indicates strengthening domestic demand, supported by stable macroeconomic conditions and sound economic fundamentals.

Economists also identified science and technology, innovation, the digital economy and digital transformation as increasingly important growth drivers. Wider adoption of artificial intelligence, big data, cloud computing, the Internet of Things and automation can improve productivity, reduce costs and strengthen supply chains.

The expansion of e-commerce, digital payments, digital finance and online platforms is also creating new growth opportunities. While these sectors mainly enhance efficiency in the short term, they are expected to drive structural transformation over the medium and long term.

Green growth and the energy transition are opening additional investment opportunities. Vietnam's net-zero commitment and the global shift towards sustainable supply chains are attracting renewable energy, clean technology, green manufacturing and circular economy projects. Developing supportive policies, modern energy infrastructure and effective financing will be key to turning this potential into a new source of competitiveness.

Flexible coordination between fiscal and monetary policies, alongside administrative reform, improved business conditions and a stronger investment climate, will also be essential to sustaining market confidence, encouraging investment and supporting Vietnam's ambition of achieving double-digit growth in 2026./.