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.

The Philippines, which holds the rotating ASEAN chairmanship this year, is hosting an economic ministers’ retreat while foreign ministers are scheduled to convene virtually on the same day to discuss the widening crisis and its implications for Southeast Asia.

Philippine Trade Undersecretary Allan Gepty said the conflict’s economic impact would feature prominently in discussions, particularly as energy prices and logistics disruptions ripple through regional economies.“The concern is a given,” Gepty told reporters, noting that ASEAN governments could not ignore the potential effects on inflation, employment and supply chains.

Joint strikes by the United States and Israel on Iran launched nearly two weeks ago have killed around 2,000 people and disrupted global energy markets and transportation routes, according to officials cited in the discussions.

The conflict has effectively closed the Strait of Hormuz, a strategic maritime chokepoint through which roughly a fifth of the world’s oil and liquefied natural gas shipments pass, sending crude prices above $100 per barrel and triggering volatility in global markets.

Several Southeast Asian economies depend heavily on crude oil and LNG imports from the Gulf, raising concerns over fuel costs and energy security if disruptions persist.

The Philippines imports a significant portion of its oil from the Middle East, while a halt in liquefied natural gas exports from QatarEnergy has tightened regional supply conditions.

Authorities in Manila have shortened the government work week to conserve fuel, and President Ferdinand Marcos Jr. has asked Congress for authority to suspend fuel excise taxes to cushion rising costs.

Elsewhere in the region, Vietnam cut retail fuel prices overnight after a recent easing in global crude benchmarks but warned volatility could persist amid ongoing supply disruptions.

Earlier this month, Thailand halted energy exports to all countries except Laos and Myanmar in an effort to safeguard domestic supply.

ASEAN foreign ministers have described the escalation of the conflict as “particularly regrettable” and called for an immediate cessation of hostilities, urging all sides to exercise restraint, protect civilians and resolve differences through dialogue in accordance with international law.

Regional officials say coordinated policy responses will be essential to manage the economic shock if disruptions to energy supplies and trade routes continue.

“It is important that our actions and responses to the ongoing conflicts must be synchronised,” Gepty said.

The appeal was issued by the Ministry of Industry and Trade Vietnam, which cited a report highlighting the country’s vulnerability to supply shocks because of its heavy reliance on imported energy from the Middle East.

The ministry said companies should “encourage work-from-home when possible to reduce the need for travel and transportation,” according to a government statement.

Energy prices have risen sharply across Vietnam since the conflict escalated at the end of last month. Data from fuel trader Petrolimex showed gasoline prices have climbed 32%, while diesel has risen 56% and kerosene 80%.

The surge has prompted visible shortages in some areas. Long lines of cars and motorbikes were seen queuing at petrol stations in the capital, Hanoi, on Tuesday.

Authorities also urged businesses and consumers not to hoard or speculate on fuel supplies as the government works to stabilise the market.

Prime Minister Pham Minh Minh held calls on Monday with leaders in Kuwait, Qatar and the United Arab Emirates to secure additional supplies of crude oil and refined fuels.

Vietnam also decided on Monday to remove import tariffs on fuel products until the end of April in an effort to ease price pressures and ensure adequate supply for businesses and households.

The measure is being prepared through a resolution by the Vietnam Ministry of Finance and aims to ease pressure on the domestic petroleum market as global energy flows are affected by the war involving Iran.

The government said import tariffs on fuels currently range up to 20%, though many imports from countries with free-trade agreements are already exempt from duties.Officials said the temporary suspension would allow companies to secure fuel supplies more easily during the period of market disruption.

“This tariff removal solution is considered necessary to support businesses in proactively securing their supply sources, contributing to stabilizing the domestic petroleum market and ensuring energy security,” the government said in the statement.

Domestic fuel prices in Vietnam have already risen between 21% and 32% since the U.S.-Israeli war with Iran began, reflecting volatility in global energy markets and tighter supply conditions.

Authorities said the tariff suspension, expected to remain in place through April, would reduce state revenue by about 1.02 trillion dong, equivalent to roughly $39 million.

The government framed the policy as a short-term intervention designed to stabilize energy supplies and limit the economic impact of higher fuel costs during the period of geopolitical uncertainty.

The prospective agreements would build on contracts signed last year between the Chinese telecoms suppliers and Vietnamese partners as the Southeast Asian country accelerates the rollout of next-generation digital infrastructure.People familiar with the matter said discussions over additional deals are ongoing and could be announced in the coming months. The timing may coincide with a potential visit to China by Vietnam’s Communist Party chief To Lam, although no official confirmation of the trip has been made.Expansion of 5G cooperationVietnam has been expanding its telecommunications infrastructure as part of a broader strategy to modernise its digital economy and improve nationwide connectivity. Chinese equipment manufacturers have historically been major suppliers to telecom operators across Asia due to competitive pricing and established infrastructure capabilities.Sources said last year’s agreements between Vietnamese firms and the Chinese vendors focused on providing equipment and technical support for elements of the country’s emerging 5G network.Further agreements under discussion would deepen that cooperation, potentially covering additional infrastructure components and services as Vietnam continues its nationwide rollout.Neither Vietnamese government agencies nor the Chinese companies involved have publicly commented on the potential new arrangements.U.S. security concernsWashington has repeatedly warned governments around the world about the potential security risks associated with Chinese telecommunications providers, arguing that their equipment could be vulnerable to state interference or surveillance.

Officials from the United States have urged allies and partners to limit the involvement of Chinese companies in critical digital infrastructure, particularly in the deployment of 5G networks.Both Huawei and ZTE have consistently rejected allegations that their technology poses security risks and say they operate independently of the Chinese government.Vietnam has traditionally balanced strategic relations with both the United States and China, maintaining economic and political ties with the two powers while pursuing an independent foreign policy.

Diplomatic contextThe potential telecom agreements come amid broader diplomatic engagement between Hanoi and Beijing.People familiar with regional diplomacy said discussions about technology cooperation could precede a possible visit by To Lam to China, which would mark one of his first major overseas engagements since assuming leadership of the Vietnamese Communist Party.China remains one of Vietnam’s largest trading partners, while the United States has expanded economic and strategic cooperation with Hanoi in recent years, particularly in areas such as technology supply chains and regional security.Analysts say decisions about telecommunications infrastructure have increasingly become intertwined with geopolitical considerations as governments weigh economic benefits against strategic and security concerns.Vietnam has not publicly indicated whether it plans to restrict Chinese suppliers from its 5G networks, and telecommunications policy decisions are typically made through a combination of government regulation and commercial agreements between telecom operators and equipment providers.