Vietnam Records 8.22% Economic Growth in Q3 Amid US Tariff Challenges
Vietnam’s government announced on Sunday, October 5, that its economy grew at an annual rate of 8.22% in the third quarter, which was accelerated from 7.96% growth in the second quarter by the imposition of a 20% tariff on US imports of its goods.
Reuters reported that Finance Minister Nguyen Van Thang said in a government statement, “It is the highest quarterly growth since 2011, excluding the surge in 2022 due to recovery post COVID-19 pandemic.”
In the first nine months of this year, Vietnam’s total trade turnover—which includes both imports and exports—surpassed $680 billion, representing a 17% increase over the same period last year.
According to the government, the nation recorded a trade surplus of $16.8 billion during that time.
The Trump administration’s 20% US import tariff on the majority of Vietnamese goods went into effect on August 7, halfway through the quarter, so Sunday’s economic release lacked comprehensive trade data, a crucial variable.
On Monday, October 6, the National Statistics Office is anticipated to publish a comprehensive set of economic data, including specific trade statistics.
Vietnam’s prime minister, Pham Minh Chinh, stated last month that the country anticipates export growth of over 12% this year. However, according to a United Nations Development Programme report, Vietnam was the most severely affected nation in Southeast Asia, with US duties potentially reducing its exports to the United States by up to one-fifth.
Vietnam’s government and trade ministry have stated that they will continue to negotiate trade with the United States.
Severe weather disruptions also occurred during the third quarter, with eight storms, including Typhoon Bualoi, striking the nation and causing damage estimated at 16.5 trillion dong ($625.5 million).
According to the government, GDP increased 7.84% in the first nine months of this year compared to the same period in 2024.
This year, Vietnam hopes to grow its GDP by 8.3% to 8.5%. That is higher than the 6.6% growth predicted by the World Bank and the 6.5% growth estimated by the International Monetary Fund, and it is faster than the 7.09% growth from the previous year.
According to the government statement, slow-moving reforms and external economic pressures will hinder the nation’s growth in 2025. It also issued a warning about the increasing frequency of natural disasters, which are predicted to get worse in the months that follow.
The report further noted that the January–September period saw a 3.27% annual increase in consumer prices, with September inflation standing at 3.38%.
