Singapore’s United Overseas Bank (UOB) has boosted its 2025 GDP growth forecast for Viet Nam to 7.5% from 6.9%, pointing to the economy’s resilience and dynamism despite tariff risks and uncertainties.

If science – technology and innovation are expected to contribute 4% to GDP growth, the contribution from innovation alone accounts for up to 3%. The most important factor lies in building a sufficiently strong innovation ecosystem with many technology “unicorns.”

Viet Nam’s GDP growth of 7.96% in the second quarter is an encouraging figure, pulling first-half GDP growth to 7.52% — the highest level in the past 15 years. In the second quarter, the industrial and construction sector and the services sector posted impressive growth rates of 8.97% and 8.46% respectively, continuing to serve as the pillars of economic growth.

As challenges are on the horizon, the Government outlined several missions and measures for the final six months of the year, including closely monitoring the operations of two-tier local government model, implementing regulations on decentralisation and authority distribution to provide timely guidance and resolve local bottlenecks, ensuring smooth settlement of administrative procedures.

Vietnam’s GDP growth reaches 8.02% this year, a record high in the 2011-2022 period as the economy is recovering strongly, General Director of the General Statistics Office (GSO) Nguyen Thi Huong told a press conference in Hanoi on December 29.

The euro area (Eurozone) is at risk of falling into recession, as rising energy prices and the cost of living continue to push up inflation. The old continent is facing a cold and bleak winter.

Vietnam’s GDP growth will reach 8% this year in the base-case scenario , provided that there will be no upheavals in the market but favourable external factors for the economy during the remaining months of the year, according to Deputy Minister of Planning and Investment Tran Quoc Phuong.

Opportunities and challenges are still intertwined in the recovery and development of the Vietnamese economy; however, the positive trend has spread more widely across all fields and industries in the second half of 2022.