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Vietnam’s Economy Surges 8.22% in Q3 Despite U.S. Tariffs and Storm Damage

Fresh trade data due Monday will show the export impact of new U.S. tariffs alongside recent storms.

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Overview

  • Growth accelerated from 7.96% in the second quarter and was the strongest quarterly pace since 2011 excluding the 2022 rebound.
  • A 20% U.S. tariff on most Vietnamese goods took effect on Aug. 7, halfway through the quarter, with detailed trade figures expected on Monday.
  • Eight storms struck in the quarter, including Typhoon Bualoi, causing an estimated 16.5 trillion dong (US$625.5 million) in damage.
  • GDP rose 7.84% in the first nine months as the government targets full‑year expansion of 8.3% to 8.5%.
  • Inflation ran at 3.27% year to date with September at 3.38%, while a UNDP report warns U.S. duties could cut Vietnam’s U.S.-bound exports by up to one‑fifth.