Prime Minister Pham Minh Chinh said at a business conference on Monday, November 10, that Vietnam's economy is strong enough to endure shocks from the outside world.
Chinh stated that a growth rate of 8% this year was feasible. Chinh informed lawmakers last month that even though the US levied a 20% tariff on Vietnamese imports, the government still planned to achieve 10% growth in 2026.
The largest export market for Vietnam is the United States. Despite Vietnam's $111 billion trade surplus with Washington for the first 10 months of the year, government data released last week showed that shipments to the US have decreased month over month since August.
Meanwhile, Singapore's United Overseas Bank (UOB) has revised its full-year gross domestic product (GDP) growth forecast for Vietnam on Monday to 7.7 percent from 7.5 percent previously.
Vietnam's economy is expected to grow at a 7.85 percent annual rate in the first three quarters of 2025, according to UOB.
However, the Vietnamese economy is anticipated to encounter difficulties in the last quarter of this year due to tariff and trade tensions, as a result of a high comparison base in the fourth quarter of 2024.
The bank has kept its growth forecast for the fourth quarter at 7.2 percent.
According to state-owned media, the Vietnamese government has set a goal for GDP growth of more than 8% by 2025.
As Vietnam continues to balance ambitious growth targets with external trade pressures, the government's confidence in the economy's resilience underscores its broader vision for sustainable expansion.
While challenges such as tariffs and shifting global demand could temper momentum in the short term, Vietnam's strong manufacturing base, export diversification efforts, and proactive policy measures position it well to maintain robust growth in the years ahead.
