Electronics and machinery drive Vietnam’s export growth in Q1

According to FiinGroup, Vietnam’s export value reached $122.9 billion in the first quarter of 2026, up 19.1 per cent from a year ago. About 27,000 businesses have engaged in export activities, a 3.2 per cent increase on-year.

Foreign-invested enterprises (FIEs) continue to dominate the export landscape, accounting for a 74.4 per cent share of export value, up 2.2 per cent from a year earlier.

Among the top 10 export items, electronic products take the lead with $41.2 million, representing 34.5 per cent of the total export value.

Machinery and equipment come in second with $22 billion or 18.4 per cent of the total. It is followed by textiles and garments ($8.6 billion), footwear ($5.4 billion), as well as wood and wood products ($5 billion).

Other key export commodities are plastics ($3.2 billion), coffee ($2.8 billion), seafood ($2.6 billion), confectionery and cereal-based products ($2.3 billion), as well as base materials and products ($2.3 billion).

Electronics and machinery make up for half of the total quarterly export value, with the United States, Europe, and China the three key leading markets, together accounting for nearly two-thirds of export value.

By market, the US continues to be Vietnam's largest export partner, accounting for 31.7 per cent of total export value. The EU ranks second with 14.5 per cent, followed by China with 13.5 per cent. South Korea and Japan account for 6.6 per cent and 5.8 per cent, respectively.

Vietnam’s export value to the US reached $37.85 billion in the first quarter, an increase of 21.3 per cent against last year. Of this, the machinery and equipment secured the top spot with an export value of $10.53 billion, soaring 88.7 per cent. Next is electronic products with $10.24 billion, down 4.4 per cent.

FiinGroup noted nearly 90 per cent growth in export value of machinery and equipment to the US market, surpassing electronic products to become the leading category in total export value.

Conversely, the Middle Eastern market showed signs of decline. Vietnam’s export value to the region reached approximately $2.8 billion, down 1.7 per cent on-year.

Electronic products remained the largest export category to the Middle East, valued at $1.43 billion, down 4 per cent. Several other items also saw significant declines, such as fruits and vegetables (down 30.5 per cent), footwear (down 16.6 per cent), and confectionery and cereal products (down 10.4 per cent).

However, many sectors recorded positive growth, such as chemical products (up 177.4 per cent), base metals and products (up 187.1 per cent), and plastic products (up 27 per cent).

In terms of exporting businesses, South Korean companies rank first with an export value of $33.5 billion, making up for 27.9 per cent of the total export value. Vietnamese businesses followed closely behind with $30.6 billion, equivalent to 25.6 per cent.

One key finding is that 28 per cent share of FIEs' export value is contributed by South Korean companies. A 35 per cent share of FIEs' export value is contributed by Chinese, Taiwanese, and Hong Kong enterprises.

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