整体外资方面，2025年各国FDI实际到位估27.62亿美元，创新高且较2024年增9%，但到位通常来自前一年承诺，后续数月更能观察关税对决策的影响。产业面，中资持续扩产或设厂，偏好电子、零组件、纺织、家具与轻工；同时也出现更多锁定越南内需与周边新兴市场的布局。
企业与贸易数据显示，越南对中进口2025年达1860亿美元、年增20%；其中1–11月电脑/电子产品与零组件进口年增51%至480亿美元。越南对美出口2025年创新高1532亿美元、年增28%，并取得近1340亿美元的对美顺差，强化了转运疑虑与原产地稽核压力。个案上，金属业者称在越中资客户占内销由2024年的50%升至2025年的70%；奇瑞拟在越投资最高8亿美元，工厂预计于2026年年中投产。
Chinese and Hong Kong investment in Vietnam stayed steady in 2025 at $8.14B, near $8.21B in 2024, despite U.S. transshipment-tariff fears. Monthly commitments ran about $600–700M early in 2025, slid to $200–400M in May–July after President Trump’s April “reciprocal” tariff announcement, then rebounded to $500–800M in Aug–Nov. After July talks cut the threatened 46% tariff to 20%, pledges surged to $1.4B in December.
Across all countries, Vietnam’s FDI disbursement hit a record $27.62B in 2025, up 9% from 2024, though disbursements typically lag prior-year commitments. Chinese firms continued expanding or setting up capacity in electronics, components, textiles, furniture, and light manufacturing, with some demand shifting toward Vietnam’s domestic market and nearby regions rather than purely tariff-driven rerouting.
Trade figures underline both pull factors and scrutiny: Vietnam imported $186B from China in 2025 (+20%), while Jan–Nov imports of computers/electronics/components jumped 51% to $48B. Vietnam’s exports to the U.S. reached $153.2B in 2025 (+28%), producing a nearly $134B surplus and intensifying transshipment concerns and tougher origin checks. One supplier said China-linked customers in Vietnam rose from 50% of domestic sales in 2024 to 70% in 2025; Chery plans up to $800M with production slated for mid-2026.
