Vietnam said on Monday its economy expanded 8.0% last year, thanks to strong gains in services, construction and exports, including to the U.S., despite fresh tariffs taking effect.
"GDP (gross domestic product) in 2025 is projected to grow significantly at an estimated rate of 8.02% 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%.
Vietnam posted strong growth despite new trade levies from the U.S., its largest export market, on a range of products including clothing and shoes.
The value of exports to the U.S. jumped 28%, from $119.6 billion in 2024 to $153.2 billion in 2025.
The global manufacturing hub's exports rose 17% to $475 billion while imports climbed to $455 billion, up 19% from 2024, according to the GSO.
China was its largest source of imports, the office said.
When U.S. 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% tariff with Washington, down from more than 40%, in return for opening its market to U.S. products, including cars.
"Despite potential downside risks from tariffs imposed by the U.S., 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 added.
Vietnam's industry and construction sector grew nearly 9% while its services sector rose 8.6% from the previous year, according to the GSO.
In the fourth quarter of 2025, Vietnam's year-over-year economic growth was 8.46% "reaching the highest growth rate for a fourth quarter in the 2011-2025 period," the GSO said.
The economy grew just over 5% in 2023 and topped 7% in 2024.
Vietnam aims to grow its economy by at least 10% this year, and is vying for "middle-income country" status by 2030.
