Vietnam said on Monday its economy grew 8.0 per cent last year, thanks to gains in services, construction, and exports, and despite fresh US tariffs taking effect.
“GDP in 2025 is projected to grow significantly at an estimated rate of 8.02 per cent compared to the previous year,” the General Statistics Office (GSO) said in a statement.
Vietnam has long been a success story among Asian economies.
Its economy expanded last year despite new trade levies from the United States, its largest export market, on a range of products including clothing and shoes.
The global manufacturing hub earned about $475 billion from exports last year, up 17 percent year-on-year, and spent $455 billion on imports, up 19 per cent from 2024, according to the GSO.
China was its largest source of imports, the office said.
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Vietnam in July secured a minimum 20 per cent tariff with the United States, down from more than 40 per cent, in return for opening its market to US products, including cars.
“Despite potential downside risks from tariffs imposed by the US, Vietnam has shown resilience through strong domestic consumption, business investment growth, and government spending,” said Chad Ovel, a partner at private equity firm Mekong Capital.
Its 2025 growth “reflects the continued strong fundamentals of the Vietnamese economy and the government’s pro-private sector direction”, Ovel told AFP on Monday.
The economy grew just over five per cent in 2023 and topped seven percent in 2024.
AFP
