The deficit in May rose to US$5.21 billion, according to data released by the National Statistics Office in Hanoi Wednesday. That was well above the median estimate in a Bloomberg News survey for a US$3.98 billion shortfall, as well as the US$3.28 billion deficit reported for April.

Vietnam’s exports jumped 18% in May, the statistics office said, slower than economists’ forecast of 19.7% growth. Imports were higher than expected at 33.8%.

The data shows the cost to Vietnam’s export-led economy as the war in the Middle East drives up crude oil and other costs. The government has said it will be “challenging” to meet its 10% growth goal this year, and the country faces renewed tariff threats after the US launched a third trade investigation last week.

The US remained the biggest export market for Vietnam, which saw its January-to-May trade surplus with the world’s biggest economy rise 21.1% to US$60.4 billion from a year earlier, according to the statistics office.

China was Vietnam’s top source of imports, shipping an estimated US$92.6 billion of goods in the first five months of 2026.

Meanwhile, Vietnam’s consumer prices climbed 5.60% in May from a year earlier, accelerating from the 5.46% in April and the central bank’s forecast of as much as 5.5% this year.

Inflation quickened as a surge in global energy prices driven by the Iran war fed into transport, services and material costs.