The bank also slightly revised its inflation forecasts to 3.4% for 2025 and 3.7% for 2026, reflecting stronger-than-expected growth momentum and easing price pressures.

Vietnam continues to strengthen its role in the global supply chain, supported by robust trade performance and deeper integration into global trade through multiple free trade agreements (FTAs).

Total export value reached US$42.7 billion in September, up 24.7% year-on-year, driven by strong growth in key sectors such as electronics and computers (+66.2%), telephones (+17.5%), and machinery (+11.6%).

Imports rose 24.9% to US$39.8 billion, driven by electronics and computer supplies (+43.6%) and machinery (+33.6%), signalling continued expansion in production capacity.

Vietnam’s external position remains resilient, supported by robust trade and a resilient foreign exchange (FX) outlook. After being depleted amid US$ strength prior to this year, FX reserves are likely to be rebuilt, reflecting improved macroeconomic stability and a healthy trade performance.

Domestic credit growth has accelerated, indicating continued economic recovery even without policy rate cuts. Credit growth is now above 15% year-on-year, reflecting improving business confidence and rising finance demand. Lending growth remains robust, supported by favourable liquidity conditions and government measures to stimulate growth.

Foreign direct investment (FDI) continues to be a key growth driver. Disbursed FDI rose 8.5% year-on-year (US$18.8 billion) in the first nine months of 2025, while pledged FDI rose 15.2% year-on-year (US$28.5 billion). Standard Chartered economists expect the refinancing rate to remain at 4.5% for the rest of 2025 and 2026, with accommodative conditions supporting investment and expansion.

Tim Leelahaphan, Senior Economist for Vietnam and Thailand, Standard Chartered Bank, said: “Vietnam's resilience and adaptability are evidenced by its successful attraction of strong FDI and robust export growth, solidifying its strategic role in global supply chain diversification and pointing to strong prospects for continued economic expansion.”

Standard Chartered projects strong Q1 growth despite trade headwinds

VOV.VN - Standard Chartered Bank predicts Vietnamese GDP will grow by 7.7% in the first quarter of the year, up from 7.6% in the fourth quarter of last year, according to its latest macroeconomic update on Vietnam.