Economy grew 8pc in 2025 despite US tariffs: Vietnam

Vietnam said on Monday its economy grew 8.0 per cent last year, thanks to strong gains in services, construction and exports, including to the United States -- despite fresh tariffs taking effect.

"GDP in 2025 is projected to grow significantly at an estimated rate of 8.02 per cent compared to the previous year," the General Statistics Office (GSO) said in a statement.

Vietnam has long been a success story among Asian economies. Last year's growth rate was the highest since 2022 when GDP also hit 8.0 per cent.

Vietnam posted strong growth despite new trade levies from the United States, its largest export market, on a range of products including clothing and shoes.

The value of exports to the United States jumped 28 per cent, from $119.6 billion in 2024 to $153.2 billion in 2025.

The global manufacturing hub's exports rose 17 per cent to $475 billion while imports climbed to $455 billion, up 19 per cent from 2024, according to the GSO.

China was its largest source of imports, the office said.

When US President Donald Trump announced his "Liberation Day" tariffs in April, Vietnam had the third-largest trade surplus with the United States of any country after China and Mexico, and was targeted with one of the highest rates in Trump's tariff blitz.

But by July, Hanoi secured a minimum 20 per cent tariff with Washington, down from more than 40 per cent, in return for opening its market to US products including cars.

"Despite potential downside risks from tariffs imposed by the US, Vietnam has shown resilience through strong domestic consumption, business investment growth and government spending," said Chad Ovel, a partner at private equity firm Mekong Capital.

Its 2025 growth "reflects the continued strong fundamentals of the Vietnamese economy and the government's pro-private sector direction", Ovel told AFP on Monday.

Vietnam's industry and construction sector grew nearly nine per cent while its services sector rose 8.6 per cent from the previous year, according to the GSO.

In the fourth quarter of 2025, Vietnam's year-on-year economic growth was 8.46 per cent, "reaching the highest growth rate for a fourth quarter in the 2011-2025 period", the GSO said.

The economy grew just over five per cent in 2023 and topped seven per cent in 2024.

Vietnam aims to grow its economy by at least 10 per cent this year, and is vying for "middle-income country" status by 2030.