<p>Vietnam’s significant role in global virtual water trade remains underexplored despite its status as a major agricultural exporter. This study aims to (i) quantify Vietnam’s virtual water flows through international agricultural trade, (ii) evaluate the resulting impacts on national and global water conservation, (iii) identify risks within Vietnam’s virtual water trade structure. Analysing data between Vietnam and 243 countries from 2007–2022, this study found that Vietnam exported 475.56 billion m³ of virtual water while importing 543.37 billion m³, generating global water savings of 259.73 billion m³, primarily through blue water conservation. The study showed that Vietnam’s virtual water surplus is driven by exports of relatively water-efficient crops such as rice and coffee that align with its climatic advantages. However, the trade structure remains heavily concentrated in a small number of products and markets, creating vulnerabilities to external shocks and long-term water resource planning. The study also pointed out that Vietnam imports significant virtual water through cotton and soybeans, indicating a mismatch between domestic production capacity and import needs. By integrating virtual water flows with trade patterns, this study provided a comprehensive assessment of Vietnam’s agricultural water use, offering practical insights for aligning agricultural policy, market diversification, and sustainable water resource management to strengthen national water security and contribute to global water sustainability.</p>