SUMMARY:

Q3 2026: Economic growth remained positive, although growth drivers continued to be skewed toward investment and the FDI sector, while domestic demand and domestic private enterprises showed an uneven recovery. Gross capital formation grew by 21.39%yoy, significantly outpacing the growth in final consumption. Public investment, FDI and major projects remained the key growth drivers, while business consolidation and market exits continued, particularly among SMEs.

Financial conditions benefited from a moderation in exchange rate pressures; however, funding pressures and interest rates continued to rise. Credit growth remained supportive of economic activity, but elevated borrowing costs increasingly constrained business expansion, particularly among domestic private enterprises.

The growth outlook continues to be underpinned by public investment, manufacturing and exports, particularly those of the FDI sector. However, risks are increasingly shifting from growth momentum to its sustainability and broader economic spillovers, amid weakening export orders, intensifying competitive pressures and rising input costs. Inflation, interest rates, exchange rates and fuel price volatility remain key factors to monitor in the coming quarters.

TABLE OF CONTENTS:

A. EXECUTIVE SUMMARY

B. GLOBAL ECONOMIC HIGHLIGHTS

C. VIETNAM MACROECONOMIC OVERVIEW

Overview of Vietnam's Economy
Business Conditions (Domestic Manufacturing and Business Registration)
Import and Export Performance
Domestic Consumption
Investment and Fiscal Performance (Public Sector and FDI)

D. FINANCIAL MARKETS

Credit System
Government Bond Market
Corporate Bond Market
Equity Market

E. INDUSTRY OUTLOOK

Insurance
Power
Oil & Gas and Petrochemicals
Tourism
Transportation & Logistics
Steel
Cement
Textiles & Garments
Aquaculture – Pangasius and Shrimp
Animal Feed & Meat Processing
Fertilizers
Wood and Wood Products
Rubber
Agricultural Commodities – Rice, Cashew, Coffee and Pepper

F. COMMODITY PRICES, EXCHANGE RATES & LOGISTICS

Exchange Rate Movements
Domestic and International Commodity Prices
International Freight Rates

G. APPENDICES – VIETNAM'S MERCHANDISE TRADE WITH MAJOR TRADING PARTNERS

Appendix 1: Selected Provincial Economic Indicators
Appendix 2: Export Scale and Growth by Commodity and Economic Sector
Appendix 3: Bilateral Merchandise Trade between Vietnam and Major Trading Partners

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