HCMC – Vietnam’s gross domestic product (GDP) expanded by 7.52% in the first half of this year, its highest first-half growth rate in 15 years, according to data released on July 5 by the General Statistics Office (GSO).
This robust growth comes amid heightened global economic uncertainties, including geopolitical tensions, military conflicts, climate-related disasters, and persistent inflation, Nguyen Thi Huong, head of the GSO, was quoted by the Vietnam News Agency as saying. She added that the global economic landscape remains unpredictable, with U.S. policies, escalating tariff tensions, and global supply chain disruptions weighing on worldwide growth prospects.
Major international institutions have downgraded their growth forecasts for several Asian economies. The World Bank has lowered its 2025 projections for the Philippines (5.3%, down 0.4 percentage point), Indonesia (4.7%, down 0.3 point), and Thailand (1.8%, down 0.7 point). Vietnam’s GDP growth was forecast at 5.8%, a 1.3-point decrease from 2024.
The International Monetary Fund issued similar revisions, projecting Vietnam’s growth at 5.4%, down 1.7 points year-on-year. The Organisation for Economic Co-operation and Development (OECD) adjusted its estimate for Vietnam to 6.2%, 0.9 point below the previous year.
Despite the downward global trend, Vietnam performed well in H1. The second quarter alone saw GDP rise by 7.96% year-on-year, just behind the record 8.56% growth recorded in Q2 2022. This performance significantly outpaces the same period in recent years, including 4.34% in 2023 and 7.25% in 2024.
The 7.52% growth rate in the first half surpassed pre-pandemic highs, including 7.43% in 2018 and 7.12% in 2019. Growth was driven by broad-based expansion across all sectors.
The services sector continued to lead with an 8.14% increase, contributing 52.21% to overall GDP growth. Industry and construction followed closely, expanding 8.33% and accounting for 42.2% of growth. Agriculture, forestry, and fisheries grew 3.84%, contributing 5.59%.
On the demand side, final consumption climbed 7.95% year-on-year, making up 84.2% of the overall growth. Gross capital formation increased 7.98%, contributing 40.18%, reflecting positive investor sentiment. Foreign trade also posted robust figures, with exports of goods and services up 14.17% and imports up 16.01%.
