Resilient growth amid global uncertainty

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Vietnam's economy delivered a strong performance in Q2/2025 despite rising global uncertainties following the United States' reciprocal tariff measures. Second-quarter GDP growth accelerated, bringing H1/2025 growth to 7.52%, the highest since 2008. Growth was driven by:

• Exports: +14.5%

• Domestic consumption: +9.3%

• Public investment: +18.2%

• Disbursed FDI: +8.1%

• Industrial production index (IIP): +9.23%

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Other notable highlights:

• Stock market rally: The VN-Index surged over 28% from its April bottom (post-tariff shock), reaching a 3-year high and ranking among Asia’s best-performing markets.

• Monetary policy remains supportive: Average lending rates for new loans fell by an additional 60–64 basis points in H1; credit growth reached +9.9% year-to-date, aligning with the government's pro-growth stance.

• Corporate bond market regains momentum: Both primary issuance and secondary trading picked up. Maturity pressure eased, debt recovery improved, and firms proactively restructured to optimize capital costs.

• Institutional reform push: Vietnam completed the transition to a new two-tier local government model and passed a series of breakthrough laws and policies, laying the groundwork for long-term economic restructuring and growth.

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​​ECONOMIC OUTLOOK FOR H2 2025

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