Vietnam’s Economy Records Fastest Quarterly Growth in Four Years

Vietnam’s economy grew by 9.95 per cent in the third quarter of 2026, recording its fastest quarterly growth in four years, according to government data released on Saturday.

The July–September growth accelerated from a revised 8.81 per cent recorded in the second quarter and was driven largely by strong exports, increased infrastructure investment and continued expansion in industrial production.

Despite the strong performance, the figure remains below Vietnam’s full-year economic growth target of more than 10 per cent.

Vietnam’s exports rose by 39.1 per cent year-on-year in September to $59.48 billion, while imports increased by 45.8 per cent to $58.21 billion, resulting in a monthly trade surplus of $1.27 billion.

However, for the first nine months of the year, the country recorded a record trade deficit of $19.42 billion. Exports increased by 24.5 per cent to $434.30 billion, while imports rose by 36.7 per cent to $453.72 billion.

Higher energy import costs contributed to the widening deficit. Although crude oil imports fell by 13.5 per cent in volume, their value increased by 14.4 per cent. Imports of refined fuels also rose 11.5 per cent in volume and 79.3 per cent in value.

Consumer prices increased by 5.08 per cent in September compared with the same month last year, up from 4.89 per cent in August. Industrial production also expanded by 16.7 per cent year-on-year.

Total investment during the first nine months rose 16.7 per cent, reflecting increased government spending on infrastructure. Foreign investment inflows also increased by 12.1 per cent to $21.1 billion.

The Asian Development Bank recently raised its forecast for Vietnam’s economic growth in 2026 from 7.2 per cent to 7.8 per cent, citing continued manufacturing growth, strong domestic consumption and sustained foreign direct investment.

However, the bank warned that weaker global demand, higher energy prices and tighter global financial conditions could create inflation and currency pressures.

Analysts have also raised concerns about rising inflation and possible electricity shortages, which could pose challenges to Vietnam’s economic growth in the coming months.