Southeast Asian export powerhouse Vietnam posted an economic growth of 8.2% in the third quarter of this year, among the highest increases in more than a decade, the government said Sunday, despite fresh U.S. tariffs taking effect.
Finance Minister Nguyen Van Thang said the figure, excluding the surge in 2022, driven by a post-COVID-19 recovery, was "the highest quarterly growth since 2011," according to a government statement.
The manufacturing hub achieved growth of 7.96% in the second quarter. Overall, from January to September, the gross domestic product (GDP) growth rate was 7.8% year-on-year, Thang said.
Vietnam has recorded "positive, outstanding and comprehensive" achievements despite global economic headwinds and domestic challenges, including a costly typhoon season, the government statement added.
The country has been battered by 10 strong storms this year, including Typhoon Bualoi, which triggered widespread flooding and landslides last week, killing more than 50 people and damaging homes, infrastructure and crops.
The government has estimated the total damage from natural disasters in the third quarter to be more than $620 million.
Vietnam's economy grew 7.1% last year and is aiming for 8% this year as it vies for "middle-income country" status by 2030.
However, the International Monetary Fund (IMF) last month projected growth to slow to 6.5% this year and "decelerate further in 2026 given the full year effect of the new U.S. tariffs ... and unwinding of most of the one-off 2025 government stimulus."
Under a trade deal between Hanoi and Washington announced earlier this year, the communist nation negotiated a reduction in levies on its exports to the U.S., from 46% to a minimum of 20%, in return for opening its market to U.S. products.
