Hanoi has been in talks for months with Washington over a possible trade agreement after the Trump administration imposed 20% tariffs on Vietnamese goods in August and threatened higher duties on goods made mostly from components that Vietnam imports from China.

Despite the higher tariffs, Vietnamese exports to the US have continued to rise and reached a record high last year.

In January the trend continued with shipments reaching a value of US$13.9 billion, according to Vietnam’s statistics office, up from US$10.5 billion a year earlier. In December exports to the US amounted to US$14.6 billion.

The surplus with Washington was US$12 billion in January, nearly 30% higher than a year earlier, and only slightly lower than the US$12.3 billion in December.

Imports from China reached a monthly record, climbing to US$19 billion from US$18.7 billion in December and US$12 billion in January 2025.

In total, Vietnam’s exports in January rose 29.7% from a year earlier to US$43.19 billion, with industrial production also up by 21.5%, the data showed.

Imports over the month soared 49.2% from a year earlier to US$44.97 billion, resulting in a trade deficit of US$1.78 billion.

Consumer prices in the month rose 2.53% from a year earlier, while retail sales were up 9.3% year on year.

Foreign investment inflows in the month reached US$1.68 billion, up 11.3% year on year. However, investment pledges, which indicate future inflows, fell in January 40.6% from a year earlier to US$2.58 billion, the data showed.