Vietnam GDP posts second-strongest growth since 2011

The Statistics Office under the Ministry of Finance reported that Vietnam’s GDP expanded by an estimated 8 per cent on-year in 2025, the second-highest growth rate in the 2011–2025 period, behind only 2022. In its socioeconomic report released on January 5, the agency said GDP growth accelerated quarter by quarter, rising by 7 per cent in the first quarter, 8.16 per cent in the second, and 8.25 per cent in the third, before reaching almost 8.5 per cent in the fourth quarter – the highest fourth-quarter growth rate recorded over the period.

By sector, agriculture, forestry and fisheries grew by 3.7 per cent, contributing just over 5 per cent to the increase in total value added across the economy. Industry and construction expanded by 9.7 per cent, contributing just under 46 per cent, while the services sector grew by 8.8 per cent, accounting for almost half of overall growth.

In the fourth quarter of 2025, final consumption increased by 7.15 per cent on year; gross capital formation rose by almost 9 per cent, while both exports and imports of goods and services both grew by around 19 per cent.

For the year as a whole, GDP growth in 2025 was estimated at 8 per cent compared with 2024, again second only to the growth rate recorded in 2022 during the 2011-2025 period. Of the increase in total value added of the entire economy, agriculture, forestry and fisheries rose by 3.8 per cent, contributing 5.3 per cent; industry and construction grew by 8.95 per cent, contributing 44 per cent; and services expanded by 8.6 per cent, contributing 51 per cent.

Within the agriculture, forestry and fisheries sector, despite adverse impacts from storms and flooding, timely response and recovery measures helped production remain stable. Value added in agriculture in 2025 was estimated to increase by 3.5 per cent on year; forestry grew by 5.7 per cent, while fisheries expanded by over 4.4 per cent.

In the industry and construction sector, industrial production recorded its highest growth rate since 2019. Value added in industry in 2025 was estimated to rise by 8.8 per cent on-year, contributing around 35 per cent to total value-added growth of the economy.

Within the industrial sector, manufacturing and processing increased by just under 10 per cent, the highest rate during 2019-2025, continuing to serve as a key driver of economic growth and contributing 31.5 per cent. Water supply and waste and wastewater management grew by 7.8 per cent; electricity production and distribution increased by 6.4 per cent; mining edged up by 0.42 per cent; construction grew by 9.6 per cent.

Strong growth in trade and tourism activities, together with a record number of international visitors to Vietnam in 2025, made a positive contribution to the services sector growth. Value added in services in 2025 was estimated to increase by 8.62 per cent, second only to the growth rate recorded in 2022 during the 2011-2025 period.

Several major market-oriented service industries made significant contributions to overall value-added growth, including wholesale and retail trade, which rose by 8.5 per cent on-year and contributed 10.6 per cent; transport and warehousing, up 11 per cent and contributing 8.7 per cent; finance, banking and insurance, growing by 7.8 per cent and contributing 5.7 per cent; and accommodation and food services, increasing by 10 per cent and contributing over 3.3 per cent.

In terms of economic structure in 2025, agriculture, forestry and fisheries accounted for over 11.5 per cent of GDP; industry and construction 37.6 per cent; services almost 43 per cent; and taxes on products less subsidies on products around 8 per cent. The corresponding shares in 2024 were 12 per cent, 37.5 per cent, 42 per cent, and 8 per cent, respectively.

Regarding GDP use in 2025, final consumption rose by 7.95 per cent on-year; gross capital formation increased by 8.7 per cent; exports of goods and services grew by 16.3 per cent; and imports of goods and services rose by 17 per cent.

At current prices, Vietnam’s GDP in 2025 was estimated at VND12.85 quadrillion ($514 billion), an increase of $38 billion compared with 2024 ($476 billion). GDP per person at current prices was estimated at VND125.5 million ($5,000) per person, up $300 from 2024 ($4,700).

Labour productivity across the entire economy in 2025 at current prices was estimated at VND245 million ($9,800) per worker, an increase of $626 compared with 2024. At constant prices, labour productivity rose by 6.8 per cent. Improvements in workforce quality continued, with the proportion of trained workers holding qualifications or certificates in 2025 estimated at 29 per cent, up 0.8 percentage points from 2024. Economic growth remained robust, and the overall size of the economy continued to expand.

OECD projects moderation in Vietnam’s GDP growth over next two years Vietnam’s economic growth is expected to slow in the coming years, with real GDP projected at 6.2 per cent in 2026 and 5.8 per cent in 2027, the OECD has said.

UOB sees Vietnam growth easing in fourth quarter United Overseas Bank (UOB) expects Vietnam’s economic growth to ease in the fourth quarter, though full-year expansion remains robust.

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