Vietnam's Economy Shows Impressive Growth Amidst Global Challenges

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Impressive growth

The year 2025 started with positive signals. Vietnam’s Gross Domestic Product (GDP) growth reached 6.93% in Q1, following the recovery of 7.09% in 2024.

These numbers reinforce the confidence in the country’s economy. At a meeting with Prime Minister Pham Minh Chinh on the sidelines of the World Economic Forum (WEF) Tianjin 2025, WEF Interim President Peter Brabeck-Letmathe affirmed that Vietnam's role in the global economic network is becoming clearer.

Another WEF leader, Executive Chairman Borge Brende highly appreciated the double-digit growth goal that Vietnam is aiming for. He considers this a feasible strategy if Vietnam maintains its current momentum.

Meanwhile, the Organization for Economic Co-operation and Development (OECD), the Vietnam Economic Report 2025 published in mid-June 2025, highlights the country’s important long-term progress. OECD chief economist Alvaro Pereira expressed confidence that Vietnam is fully capable of becoming a high-income country by 2045 – even sooner if reform and integration efforts are maintained.

The year 2025 started with positive signals. Vietnam’s Gross Domestic Product (GDP) growth reached 6.93% in Q1, following the recovery of 7.09% in 2024 (Photo: TTXVN).

Regarding the private sector, UOB also recorded a clear signal of Vietnam's economic recovery in the second quarter of 2025. For example, Vietnam’s GDP in the second quarter of 2025 is estimated at 6.1%, thanks to the US tax deferral policy and the initiative of the Vietnamese government and businesses.

UOB's survey shows that 60% of Vietnamese businesses are still optimistic about the growth prospects in the coming year, and nearly half plan to expand into the international market.

Proactive adaptation amid global fluctuations

UOB's survey shows that 60% of Vietnamese businesses are still optimistic about the growth prospects in the coming year and nearly half plan to expand into the international market (Photo: Getty Image).

However, many challenges remain, especially from the external environment. Paulo Medas, Head of the IMF Mission in Vietnam, noted that escalating trade tensions will create challenges for exporters.

Despite many risks, Vietnam's efforts in maintaining macroeconomic stability and promoting reforms are recognized internationally.

The IMF believes that fiscal policy should play a leading role and that Vietnam should accelerate public investment and modernize the monetary management framework. The suggestions from OECD include the importance of institutional reform, attracting high-quality FDI, and developing human resources.

On the other hand, UOB's survey shows that about 80% of exporters have actively responded to risks. Vietnam needs to diversify supply chains, invest in digitalization, and promote sustainable development.

Despite short-term difficulties, the IMF and OECD both agreed that with a solid macro foundation and a clear reform orientation, Vietnam can maintain a stable growth momentum, with a GDP growth of 6% in 2025 and that of 6.3% in 2026.

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