Vietnam’s economy achieved remarkable results in the first half of 2025, and there remain many factors that could continue to support growth in the coming period. A positive outlook According to a recent report by SSI Research, Vietnam posted impressive economic performance in the first half of 2025, with GDP growing by 7.52%—the highest first-half growth rate in 15 years. Although slightly below the full-year target of 8%, this figure exceeded most forecasts. Unlike the partial recovery seen in 2024, this year’s growth has been broad-based, driven by both industrial production and domestic consumption. Specifically, retail sales and consumer services rose by 9.3% year-on-year; after adjusting for inflation, the real growth was about 7.2%. Positive signals emerged from the middle class, reflected in faster growth in service consumption compared to goods consumption, and a 31.5% increase in outbound tourism. However, real consumption growth appears to be plateauing, despite inflation remaining under control at 3.27%. Meanwhile, the industrial sector showed strong output gains alongside rising inventories. The Index of Industrial Production (IIP) grew 9.2% year-on-year, with manufacturing up by 11.1%. Inventories in the manufacturing sector increased by 12%, and the inventory-to-output ratio rose to 85.7%, compared to 76.9% a year earlier. […]

Vietnam’s economy achieved remarkable results in the first half of 2025, and there remain many factors that could continue to support growth in the coming period. A positive outlook According to a recent report by SSI Research, Vietnam posted impressive economic performance in the first half of 2025, with GDP growing by 7.52%—the highest first-half growth rate in 15 years. Although slightly below the full-year target of 8%, this figure exceeded most forecasts. Unlike the partial recovery seen in 2024, this year’s growth has been broad-based, driven by both industrial production and domestic consumption. Specifically, retail sales and consumer services rose by 9.3% year-on-year; after adjusting for inflation, the real growth was about 7.2%. Positive signals emerged from the middle class, reflected in faster growth in service consumption compared to goods consumption, and a 31.5% increase in outbound tourism. However, real consumption growth appears to be plateauing, despite inflation remaining under control at 3.27%. Meanwhile, the industrial sector showed strong output gains alongside rising inventories. The Index of Industrial Production (IIP) grew 9.2% year-on-year, with manufacturing up by 11.1%. Inventories in the manufacturing sector increased by 12%, and the inventory-to-output ratio rose to 85.7%, compared to 76.9% a year earlier. […]