Vietnam's Economy Accelerates Towards Double-Digit Growth Amidst Strong Exports and Investment

Vietnam's economy is gathering pace, bolstering prospects for double-digit growth amid robust export performance and expanding investment. According to the Customs Division at the Lao Cai International Border Gate, total import-export turnover reached nearly $1.6 billion as of August 26, marking a 75% year-on-year increase. Exports surged by 162% to nearly $887 million, while imports grew by 22% to almost $685 million, underscoring Vietnam's growing role in international trade. Domestically, Thanh Hoa, Nghe An, and Ha Tinh provinces are implementing comprehensive measures to achieve double-digit economic growth by 2026, laying a foundation and creating momentum for future development. In August, total retail sales of goods and consumer service revenues were estimated at VND679.8 trillion ($26 billion), up 1.6% from the previous month and 14.9% year-on-year. For the January-August period, this figure reached VND5.24 quadrillion, a 13.3% increase year-on-year. In terms of investment, foreign investors conducted 1,815 capital contribution and share purchase transactions in the first seven months of 2026, with total capital exceeding $6.5 billion. While the number of transactions decreased by 8.4% year-on-year, their value rose by 61.6%, indicating a trend towards larger-scale investments. Investment in electronics and semiconductors continues to concentrate in northern localities, which have developed relatively complete manufacturing ecosystems encompassing industrial infrastructure, technical labor, and supplier networks. This concentration is fostering the evolution of the manufacturing sector. Vietnam is a significant exporter of fruits to over 60 countries, including the US, EU, Japan, South Korea, and China. It is also among the world's leading exporters of rice, cashew nuts, pepper, and coffee, with products reaching more than 150 countries, including markets with stringent standards. Internationally, Vietnam is actively participating in global frameworks, hosting the 10th UNCITRAL Working Group III intersessional meeting and signaling its commitment to contributing to the development of international legal frameworks. Myanmar has also sought Vietnam's cooperation in digital infrastructure development, cybersecurity, and digital transformation. Under its one-party system, the Vietnamese government prioritizes economic growth and actively attracts foreign investment. However, rapid economic expansion also presents challenges related to social inequality and environmental concerns. In light of global supply chain shifts and geopolitical risks, Vietnam aims for stable and sustainable development. Its foreign policy seeks to balance economic interdependence with China while managing security concerns. Source: VietnamPlus English