Sputnik: Vietnam Emerges as a Powerhouse in Asia
The article highlights a newly released forecast by the international magazine Monocle, which states that Vietnam is rising strongly “by maintaining stable growth, strengthening its increasingly powerful foreign policy position, and continuing to attract significant international investment. These factors are shaping Vietnam’s increasingly prominent leadership role in Asia.”
Sputnik notes that Monocle is a prestigious independent international magazine specializing in analyzing global issues related to politics, business, culture, design, and lifestyle.
According to Sputnik, Vietnam emerges as a powerhouse in a turbulent Asia. Image: Getty
This publication is widely known for its “Most Livable Cities” survey and the Monocle Design Awards—content products that significantly influence how the international community evaluates the quality of life in urban areas.
Currently, Monocle has offices in major centers such as Tokyo, Hong Kong, and Los Angeles, and maintains a global network of correspondents.
Amid widespread instability, Southeast Asia’s prospects are less positive. However, Vietnam and Malaysia remain rare bright spots in the region.
According to Monocle, Vietnam impresses with its stable, continuous, and deep development trajectory.
Two “Trump Cards” Driving Vietnam’s Success
Assessing Vietnam’s economic landscape, Sputnik notes that despite facing numerous external shocks—particularly tariff risks and global financial volatility—Vietnam’s economy in 2025 still achieved most of its key macroeconomic goals.
These results not only strengthen the foundation for growth but also pose a central challenge for 2026: finding a new balance in an increasingly uncertain environment.
Macroeconomic indicators show GDP maintaining a quarterly growth trend, with growth rates in Q2 and Q3 higher than the previous quarter. Despite a volatile international trade environment, the industrial production index (IIP) in Q3/2025 still recorded a 10% increase year-on-year. Notably, growth is not confined to a few sectors but is widespread.
The service sector has recovered significantly, driven by domestic trade and tourism-related activities. Retail sales in Q3 increased by 12% compared to the same period last year. Transport and accommodation sectors continue to thrive, with international visitor numbers recovering to about 120% of 2019 levels—the highest among ASEAN countries.
Vietnam’s economy in 2025 still achieved most of its key macroeconomic goals. Image: media.istockphoto
Merchandise trade activity maintains positive momentum, with both export and import turnover increasing by nearly 20% year-on-year. The trade surplus in Q3 more than doubled compared to the first half of the year, reaching approximately $3 billion, bringing the 11-month trade balance to a surplus of $20.53 billion.
According to Sputnik, the slowdown in trade growth in the final months primarily reflects the gradual decline of the push to expedite deliveries before tariff measures take effect.
In the overall picture, electronics exports emerge as a notable highlight. Since the beginning of 2025, electronic goods have surpassed textiles and light industries to become Vietnam’s largest export category to the U.S. market.
In just the first half of December, the export turnover of this group approached $5 billion. Cumulatively from the beginning of the year to December 15, export value reached nearly $102 billion, making computers, electronic products, and components the first Vietnamese product group to surpass the $100 billion mark.
This milestone not only confirms its role as a pillar in the export structure but also creates an increasingly large gap compared to traditional industries.
Compared to the same period in 2024, the export turnover of computers, electronic products, and components increased by over $33.4 billion—a level analysts describe as groundbreaking. Notably, compared to the total turnover of $72.6 billion in 2024, the export value of this group increased by nearly $30 billion in less than a year.
This rare growth momentum demonstrates a strong expansion in production scale, investment capacity, and international market demand for electronic products and components labeled “Made in Vietnam.”
More importantly, Vietnam is increasingly asserting its position in the electronics and semiconductor value chain, especially in higher value-added stages compared to traditional assembly, amid escalating U.S.-China trade tensions.
Alongside trade, foreign direct investment (FDI) continues its positive growth. Total registered FDI in the first 11 months of 2025 reached approximately $33.7 billion—the highest in the past five years.
Disbursed FDI reached about $23.6 billion, up nearly 9% year-on-year. Notably, investment from China and the U.S. increased significantly, offsetting declines from some traditional partners, indicating Vietnam remains a beneficiary of the global supply chain restructuring trend.
Moving into 2026, Vietnam’s economic outlook is seen as a mix of challenges and opportunities. Early indicators like the PMI continue to signal positivity, with the November PMI maintaining 53.8 points, reflecting expanding production activity. New export orders increased for the second consecutive month, indicating stabilizing external demand.
Public investment remains a growth pillar. Infrastructure spending currently accounts for about 6–7% of GDP, significantly higher than many regional countries. With limited monetary policy space, fiscal room remains relatively wide due to the lowest public debt ratio in ASEAN, making increased public investment strategically significant.
Long-term, trade market diversification is identified as a key strategy to minimize risks from tariff shocks. While the U.S. remains the largest export market, Vietnam is accelerating opportunities in the EU and other potential markets, leveraging its network of free trade agreements and strategic partnerships signed and upgraded in recent years.
“2026 will continue to be a year of challenges for Vietnam, but opportunities abound. Finding a balance will help the nation enter a new, stronger era,” said expert Vu Binh Minh – CFA, Director of Capital Markets and Currency Trading at HSBC Vietnam.
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