Vietnam's gross domestic product grew 9.95% year on year from July to September 2026, according to data from the National Statistics Office in Hanoi, marking the fastest pace since the third quarter of 2022, supported by rising foreign investment and factory activity.
Growth exceeded the average forecast of 8 economists, at 8.65%, and also surpassed the second-quarter rate, which was revised to 8.81%.
Targeting growth of at least 10%
Vietnam's government is targeting growth of at least 10% in 2026 as it seeks to move the economy up the value chain and achieve high-income country status by 2045, alongside a wide-ranging infrastructure investment drive.
Vietnam's economy grew 9.01% in the first nine months of the year. The statistics office said most sectors posted positive results, supported by government measures aimed at achieving double-digit growth and structural reforms designed to improve governance and resource use.
Surge in trade and foreign investment
Vietnamese exports rose 39.1% year on year in September, exceeding the 26.6% forecast, while imports jumped 45.8% against expectations for a 38.1% increase.
The trade balance returned to a surplus of 1.27 billion dollars after a deficit in the first eight months of the year.
Foreign direct investment pledges rose 76.4% in the first nine months of 2026 to 50.4 billion dollars, with a significant share concentrated in manufacturing and real estate. Disbursed foreign direct investment also increased 12.1% over the same period.
Inflation exceeds government target
Consumer prices rose 5.08% year on year in September, compared with a forecast of 5.10%, as transport and construction costs continued to rise due to the effects of the Iran war.
Inflation therefore exceeded the government's target for this year of 4.5%, adding to the pressures accompanying efforts to maintain the high growth rate.
Trade imbalances with the United States and China
Vietnam's trade surplus with the United States rose 23.8% in the first nine months of the year to 122.6 billion dollars, keeping the US market as the largest destination for Vietnamese exports.
The widening surplus comes as Washington conducts investigations under Section 301, while the two countries have been negotiating a final trade agreement for months amid disagreements over goods transshipment and non-tariff barriers.
To Lam said in late September that his country was “very close” to reaching a trade agreement with the United States, pledging to increase purchases of high-tech goods.
By contrast, Vietnam's trade deficit with China, its largest source of raw materials and components, reached 121.5 billion dollars in the first nine months of the year, up 43% from the same period in 2025.
