Key Highlights of Vietnam’s Economy in Q3/2025

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Vietnam’s economy accelerated strongly in Q3/2025, expanding +8.23% YoY, far exceeding forecasts by major international institutions (IMF, World Bank, etc.). This robust performance came despite the U.S. 20% reciprocal tariff taking effect on August 7, 2025, as well as the broader global slowdown driven by new U.S. tax and trade measures and heightened geopolitical tensions worldwide.

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Growth momentum was supported by multiple pillars:

• Manufacturing & processing industry: +10.15% YoY

• Merchandise exports: +18.35% YoY

• Domestic consumption: +10.44% YoY

• Public investment disbursement: +31% YoY

• Private sector activity: +8.2% YoY

• FDI disbursement: +9% YoY

• Service exports (mainly aviation, logistics, tourism): +20.2% YoY

Key supportive factors

• Low interest-rate environment maintained

• Strong credit growth (+13.37% YTD)

• Accelerated progress of infrastructure projects and public investment disbursements

• Continued positive FDI inflows

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