ASART EMPOWERS YOU WITH INSIGHTS.

Vietnam’s economy continues to maintain a solid growth trajectory, despite the increasingly complex business environment and unpredictable global landscape. In May, the domestic economy demonstrated not only resilience but also notable momentum, even amid persistent risks stemming from US retaliatory tariff measures, intensifying geopolitical competition among major powers, and downgraded global economic forecasts.

Vietnam's economy continues to maintain an overall positive momentum, despite seeing some impact of external uncertainties. April, marking the start of a sensitive period ahead of the announced tariffs from the United States (currently postponed to July and under negotiation), witnessed not only resilience but also remarkable momentum from the domestic economy.

Preliminary estimates indicate that Vietnam’s Gross Domestic Product (GDP) expanded by a robust 6.93% year-on-year (yoy) in Q1 2025, marking the strongest first-quarter growth in five years. This acceleration was driven by broad-based recovery across all three key economic sectors: agriculture, forestry, and fishery; industry and construction; services.

February 2025 marked a positive step forward for Vietnam’s economy. According to the latest report from the General Statistics Office (GSO), the Index of Industrial Production (IIP) in February 2025 is estimated to have increased by 17.2% compared to the same period last year. Overall, for the first two months of the year, the IIP rose by 7.2% compared to the same period in 2024.

The year 2025 has begun on a promising note with positive signals from Vietnam’s economy. According to the latest report from the General Statistics Office (GSO), the Index of Industrial Production (IIP) increased by 0.6% compared to the same period last year, with the manufacturing and processing sector continuing to play a pivotal role, achieving an impressive growth rate of 1.6%.

In 2024, Vietnam achieved significant accomplishments, surpassing the same period last year and meeting all 15 goals set at the beginning of the year. The GDP growth rate for 2024 reached 7.1%, raising the country’s GDP to VND 11,512 trillion, equivalent to approximately USD 476 billion, while GDP per capita reached USD 4,700, an increase of USD 377 compared to 2023.

In November 2024, Vietnam's socio-economic situation continued its positive recovery trend. Overall, the first 11 months saw significant achievements, surpassing the same period last year across most sectors. The agriculture, industry, and service sectors all recovered and developed well. Notably, the industrial production index in November increased by 2.3% compared to October and 8.9% year-over-year, resulting in an 8.4% growth rate over the 11 months.

In October 2024, Vietnam's economy sustained positive growth across all three key sectors. The agriculture sector continued its steady growth trajectory, while the industrial sector advanced robustly, with a 4% increase compared to September and a 7% year-over-year rise, leading to an 8.3% growth rate over the first ten months of the year.

In September 2024, Vietnam's economy recorded impressive growth, with many sectors achieving significant results that create momentum for development in the remaining months of the year. Bilateral trade between Vietnam and international partners continued to rise, contributing to the positive growth of total import-export turnover.

In August 2024, Vietnam’s economy experienced stable, rising deposit interest rates, and impressive trade growth. The inflation rate demonstrates a better result in this month when it increases modestly compared to the previous month. The deposit rate experienced an increase from various banks, which had Big 4. The bilateral trade between Vietnam and many other partners surged continuously prompting to trade surplus.