Vietnam’s economy expanded 9.95% from a year earlier during the third quarter, marking its fastest quarterly growth since the COVID-19 pandemic and extending the country’s rapid manufacturing and export expansion.
Growth accelerated from a revised 8.81% in the second quarter, according to government data released Saturday.
Exports were a major driver.
September goods exports climbed 39.1% from a year earlier to $59.48 billion, while imports increased 45.8% to $58.21 billion.
That left Vietnam with a monthly trade surplus of approximately $1.27 billion.
The broader trade picture, however, is less favorable.
During the first nine months of 2026, exports increased 24.5% to $434.30 billion while imports jumped 36.7% to $453.72 billion, producing a record $19.42 billion trade deficit.
Energy costs contributed to that imbalance.
Vietnam imported less crude oil by volume during the period but paid substantially more for it. Refined-fuel imports increased 11.5% by volume and 79.3% by value as elevated global energy prices raised the country’s import bill.
Domestic activity also remained strong.
Industrial production increased 16.7% year over year in September, while foreign investment inflows during the first nine months climbed 12.1% to $21.1 billion.
The rapid expansion is beginning to create inflation concerns.
Consumer prices increased 5.08% in September from a year earlier, raising questions about whether growth could begin generating broader price pressures.
The Asian Development Bank recently raised its 2026 growth forecast for Vietnam to 7.8% from 7.2%, citing manufacturing, consumption and foreign investment.
Vietnam is increasingly important to global supply chains as manufacturers diversify production across Asia.
The next test will be whether the country can sustain its export and industrial momentum while containing inflation, managing higher energy costs and preventing infrastructure constraints from limiting further expansion.
