Vietnam's economy continued to gain traction in November despite a rare combination of external economic pressures and relentless storms that caused widespread flooding across multiple regions.
According to government leaders, the country remains on track to accelerate toward its 2025 economic goals.
Key indicators for the month showed steady growth across several sectors. Industrial output, exports, domestic spending and new business formation all rose, demonstrating the economy's resilience even as severe weather damaged infrastructure, disrupted livelihoods and hindered production.
Finance Minister Nguyen Van Thang said that the nation had achieved "important and comprehensive results," while Prime Minister Pham Minh Chinh noted that socio-economic conditions had improved month-on-month, with most sectors also outperforming last year's figures for the first 11 months.
Industrial activity remained a crucial engine of growth. The Index of Industrial Production (IIP) increased an estimated 2.3% from October and 10.8% from a year earlier. Over the first 11 months, industrial output expanded 9.3%, buoyed by a strong 10.6% rise in manufacturing and processing as companies raised production to meet domestic and overseas orders heading into the year-end period.
Exports also maintained strong momentum. Shipments for the January–November period reached an estimated US$430.14 billion, up 16.1% year-on-year, a performance the Ministry of Finance described as a "solid double-digit recovery."
Consumer spending strengthened as well, with retail sales of goods and services rising 9.1% from a year earlier, or 6.8% after inflation adjustments, compared with 5.8% in the same period of 2024.
Business activity saw an upswing, with more than 275,000 enterprises entering or returning to the market, a 26.1% jump that the ministry said reflected renewed confidence.
Vietnam's performance has also been recognised internationally. S&P Global's Purchasing Managers' Index for November rose to 53.8, indicating continued expansion despite weather-driven supply chain disruptions.
More growth is expected in the coming months as firms work through backlogged orders, said Andrew Harker, Director at S&P Global Market Intelligence.
However, policymakers acknowledged that significant hurdles remain. Minister Thang said the year's growth target of 8% is still within reach but stressed that achieving it would require substantial effort in the remaining weeks.
Public investment, which a key lever for economic expansion, has lagged, with only 60.6% of planned funds disbursed so far this year. Major infrastructure projects have suffered delays due to landslides and extended flooding.
Private investment has yet to rebound fully, and challenges persist in attracting large-scale foreign direct investment. External risks, including global market volatility and US trade measures, also weigh on prospects.
To address these issues, the government is working to boost investment, consumption and exports. Some targets have exceeded expectations, such as e-commerce, which has grown 25–27%, surpassing its annual goal.
Export growth has also already outpaced its 12% target. But other areas — including public investment disbursement, tourism arrivals and industrial expansion — require stronger interventions.
In response, Prime Minister Chinh has issued Directive No. 237/CD-TTg, calling for urgent acceleration of public investment spending in the remaining weeks of 2025. Officials say faster disbursement will be critical to maintaining economic momentum and ensuring a strong finish to the year.
