The data comes as Hanoi continues months-long negotiations with Washington over a trade agreement, with talks complicated by the widening trade gap and disagreements over tariff levels the United States wants to impose on Vietnamese goods, officials have said.

According to U.S. figures, Vietnam’s trade surplus with the United States reached $19 billion in January, the largest among all U.S. trading partners. It was followed by Taiwan, Mexico and China.

Vietnamese exports to the United States rose 53% from a year earlier to exceed $20 billion in January, the data showed. During the same period, U.S. imports from China dropped by 46%.

Vietnam’s surplus with the United States has been larger than China’s since the second quarter of 2025 and was second only to Mexico in the previous three quarters. For the full year 2025, Vietnam’s trade surplus with the United States totaled $178 billion.

Vietnam’s export growth to the United States has accelerated as higher tariffs on Chinese goods reduced Beijing’s direct shipments to the U.S. market.

At the same time, Vietnam’s imports of Chinese goods many used in manufacturing products for re-export reached record levels in January, according to Vietnamese data.

The administration of Donald Trump has repeatedly accused Vietnam of serving as a transit point for Chinese goods bound for the United States, which may face lower duties when labeled as “Made in Vietnam.”

Under U.S. rules, goods deemed to have been illegally transshipped can face tariffs of up to 40%. However, the White House has not yet specified the criteria it will use to determine whether exports constitute illegal transshipment.

Washington launched new investigations this week into Vietnam and other countries over possible unfair trade practices.The United States imposed tariffs of 20% on Vietnamese goods in August.

After the U.S. Supreme Court struck down Trump’s global tariffs as unlawful in February, the White House introduced a temporary 10% global tariff for 150 days.

First published in 1776, Smith’s landmark work laid the intellectual foundation for modern economic thought, examining how labour, markets and trade contribute to national prosperity. Two and a half centuries later, the principles outlined in the book remain central to policy discussions in major economies grappling with questions about tariffs, inequality and corporate power.Scholars widely regard Smith as a foundational thinker of modern capitalism, though interpretations of his legacy vary. While some view him as a champion of free markets and minimal government intervention, others emphasize his warnings about monopolies and economic concentration.

Smith’s analysis of markets centred on the idea that individuals pursuing their own economic interests could contribute to broader societal prosperity, a concept often associated with the “invisible hand.” His work also explored how specialization and the division of labour could increase productivity and economic growth.Those themes continue to resonate as governments debate trade barriers and industrial policy amid shifting global supply chains and geopolitical tensions. Discussions around tariffs, protectionism and the structure of global markets frequently echo arguments first articulated in Smith’s writings.Economists note that Smith was also critical of policies that concentrated economic power in the hands of a few firms. In The Wealth of Nations, he argued that monopolies and restrictive trade practices could distort markets and limit economic opportunity

The 250th anniversary has renewed academic debate over how Smith’s ideas should be interpreted in modern economic policy. Some economists highlight his support for open trade and competitive markets, while others point to passages in which he warned about the social consequences of inequality and unchecked corporate influence.Smith wrote during a period of profound economic transformation as Britain moved toward industrialization and global trade expansion. His observations about labour, productivity and wealth distribution helped shape early thinking on how economies function and grow.Today, policymakers in advanced and emerging economies alike continue to confront issues Smith addressed centuries ago, including how governments should regulate markets, manage trade relationships and ensure that economic growth translates into broader prosperity.

The global economic landscape has evolved dramatically since Smith’s era, with multinational corporations, complex supply chains and digital markets reshaping commerce. Yet analysts say the core questions explored in The Wealth of Nations remain central to economic policymaking.Debates about tariffs, taxation and competition policy often reflect the tension between protecting domestic industries and maintaining open global markets. Smith’s critique of protectionist trade barriers and monopolistic practices is frequently cited in discussions about how governments should balance those priorities.As governments reassess economic strategies in response to shifting geopolitical and technological forces, the work of Smith continues to serve as a reference point for understanding the dynamics of markets and the sources of national wealth.The enduring relevance of Smith’s ideas underscores the lasting impact of a book written in the 18th century but still invoked in economic debates shaping the 21st-century global economy.