Press release social-economic situation in the 3rd quarter and the 9 months of 2025

INTERNATIONAL AND NATIONAL ECONOMIC CONTEXT

In the 9 months of 2025, the world situation continued to perform in a complex and unpredictable manner, strategic competition among major countries became increasingly fierce, trade tensions, military conflicts, and political instability in a number of countries and regions continued to spread and prolong; financial and currency markets fluctuated, affecting global economic growth prospects. In addition, natural disasters and climate change caused serious consequences; challenges to ensuring energy security and food security were increasing. Although macroeconomic instability relating to trade policies increased, global financial conditions were more favorable as the US effective tariff rates were lower than initially announced, and inflation continued to decline. Global stock markets were relatively buoyant[1] thanks to information related to tariff-related announcements and releases of macroeconomic data that were “better than expected”. Bank credit growth continued to recover but remained low in developed economies, portfolio capital flows to developing economies recovered. Sovereign and nonfinancial corporate bond issuance reached the high level[2].

Almost all international organizations revised global economic growth in 2025 slightly higher than their previous forecasts due to the boost in production for export ahead of the introduction of higher US tariff rates and the growth-boosting policies of several major economies. As of September 2025, the Organization for Economic Cooperation and Development (OECD)[3], the United Nations (UN)[4] and Fitch Rating (FR)[5] forecasted global economic growth in 2025 to reach 3.2% (up 0.3 percentage points), 2.5% (up 0.1 percentage points ) and 2.4% (0.2 percentage points), respectively, compared to their figures in June 2025. By July 2025, the International Monetary Fund (IMF)[6] forecasted global economic growth at 3.0%, an increase of 0.2 percentage points compared to the figure in April 2025.

In the region, as of September 2025, the Asian Development Bank (ADB)[7] forecasted the 2025 economic growth of the Philippines at 5.6%, 0.4 percentage points lower than the forecast in April 2025; Indonesia at 4.9%, 0.1 percentage points lower; Malaysia at 4.3%, 0.6 percentage points lower; Singapore at 2.5%, 0.1 percentage points lower; Thailand at 2.0%, 0.8 percentage points lower; and Viet Nam alone at 6.7%, 0.1 percentage points higher. The World Bank (WB)[8] forecasted Vietnam’s economic growth in 2025 at 6.6%, 0.5 percentage points lower than the corresponding figure in 2024; its forecasts for Philippines, Thailand were at 5.3% (down 0.4 percentage points), 1.8% (down 0.7 percentage points lower), respectively. The IMF forecasted Viet Nam’s economic growth in 2025 to reach 6.5%, 0.6 percentage points lower than the 2024 corresponding figure; the forecast figures for Philippines, Indonesia, Malaysia, and Thailand were at 5.5% (down 0.2 percentage points), 4.8% (down 0.2 percentage points), 4.5% (down 0.6 percentage points), and 2.0% (down 0.5 percentage points), respectively.

Domestically, with the highest determination to mobilize and unlock all resources for socio-economic development, in a short period, the entire political system has focused on completing a large volume of work to implement a revolution in the organization of the Government apparatus, restructure administrative units at all levels, and build a two-tier local government system. Additionally, efforts have been made to amend, supplement, and synchronize legal regulations, clarify decentralization, delegation of authority, and the definition of jurisdiction in line with the structure of the two-tier local government system. The government has also implemented major resolutions from the Central Committee on the development of science and technology, innovation, national digital transformation, international integration, the renewal of law-making and enforcement, and the development of the private sector, among others. Many activities to celebrate major holidays of the year such as the 80th anniversary of the August Revolution and National Day have arisen national pride, creating great motivation for people across the country to continue to strive and achieve socio-economic development goals, etc. Alongside closely monitoring the changes in the global and domestic economic situation, ministries, sectors, and localities have made great efforts to implement tasks and solutions to achieve the set goals. The socio-economic results for Q3 and the 9 months of 2025 in Viet Nam were very positive, each month was better than the previous month, each quarter was better than the previous quarter in the context of many uncertainties in the world and regional economy. The results achieved in various activities and sectors in Q3 and the 9 months of 2025 were as follows:

I. ECONOMIC GROWTH

1. Gross domestic product growth rate (GDP)

Gross domestic product (GDP) in the third quarter of 2025 was estimated to increase by 8.23% year-on-year, only lower than the growth rate of 14.38% in the same period in 2022 during the period 2011-2025^[9]. Of which, the agriculture, forestry and fishing sector increased by 3.74%, contributing 5.04% to the total value added growth of the entire economy; the industry and construction sector increased by 9.46%, contributing 46.41%, of which the manufacturing was the bright spot of the economy with a growth rate of 9.98%; the service sector increased by 8.56%, contributing 48.55%. Regarding GDP expenditure in the third quarter of 2025, final consumption increased by 7.79% year-on-year, contributing 59.76% to the overall growth rate of the economy; capital formation increased by 8.97%, contributing 44.67%; exports of goods and services increased by 18.30%; imports of goods and services increased by 18.53%.

GDP in the 9 months of 2025 was estimated to increase by 7.85% year-on-year, only lower than the growth rate of 9.44% in the same period in 2022 during the period 2011-2025. Of which, the agriculture, forestry and fishing sector increased by 3.83%, contributing 5.36% to the total value added of the entire economy; the industry and construction sector increased by 8.69%, contributing 43.05%; the service sector increased by 8.49%, contributing 51.59%.

Although the agricultural, forestry and fishing sector was adversely affected by storms and floods, thanks to the timely implementation of measures to respond to and overcome the consequences of natural disasters, agricultural, forestry and fishing production remained stable. The value added of the agricultural, forestry and fishing sector in 9 months of 2025 increased by 3.83%, only lower than the growth rate of the same period in 2011, 2018 and 2021 during the period 2011-2025^[10]. Of which, the value added of the agricultural activities increased by 3.46% year-on-year, contributing 3.52% to the total value added of the entire economy; the forestry activities increased by 6.46%, contributing 0.42%; the fishing activities increased by 4.48%, contributing 1.41%.

In the industry and construction sector, production of many key industrial activities increased, making an important contribution to the overall growth of the entire economy. The value added of the industry in the 9 months of 2025 increased by 8.55% year-on-year^[11], contributing 35.06% to the economy value added growth. In particular, the manufacturing was the driving force for growth with a growth rate of 9.92%^[12], contributing 31.73%. The construction increased by 9.33%, contributing 7.99%.

In the service sector, the significant increase in demand for domestic goods, services and tourism, especially during the period of many activities celebrating major national holidays, contributed positively to the growth of the trade and service activities. The value added of the service sector in the 9 months of 2025 increased by 8.49% year-on-year, only lower than the increase of 11.37% in the same period in 2022 during the period 2011-2025^[13]. The contributions of a number of market service activities with large proportions to the economy value added growth were as follows: the wholesale and retail trade increased by 8.28% year-on-year, contributing 10.72%; the transportation and storage increased by 10.68%, contributing 8.92%; the financial, banking and insurance activities increased by 7.06%, contributing 5.16%; the accommodation and food service increased by 10.15%, contributing 3.50%.

Regarding economic structure in the 9 months of 2025, the agriculture, forestry and fishing sector accounted for 11.30%; the industry and construction sector accounted for 37.58%; the service sector accounted for 42.92%; the product taxes less subsidies on products accounted for 8.20% (The corresponding structure of the same period of 2024 was 11.57%; 37.59%; 42.49%; 8.35%).

Regarding GDP expenditure in the 9 months of 2025, final consumption increased by 8.07% year-on-year, contributing 73.83% to the overall growth rate of the economy; capital formation increased by 8.52%, contributing 41.43%; exports of goods and services increased by 15.51%; imports of goods and services increased by 16.75%.

2. In the third quarter of 2025, agricultural production was adversely affected by storms, floods, lots of crop areas were flooded, especially in the North Central and the Northern provinces; pig farming faced challenges due to widespread outbreaks of African swine fever. However, thanks to the timely responsive measures of the authorities and localities to overcome the consequences of natural disasters, epidemics, and support the people to stabilize production, the situation of agricultural, forestry and fishing production nationwide in the third quarter and 9 months of 2025 witnessed a stability, meeting domestic consumption needs, and serving processing and export. Perennial crops production witnessed a positive growth year-on-year, poultry farming developed well. Afforestation and wood harvesting was as planned. Though capture fisheries were affected by storms and rains in several Northern provinces in the third quarter, thanks to the application of advance technology in aquaculture and profitable prices, capture fisheries and aquaculture in the 9 months of the year maintained a positive growth rate.

a) Agriculture

The national rice cultivation area reached 1,898.3 thousand hectares of Summer-Autumn rice, a year-on-year[14] decrease of 10.9 thousand hectares. Of which, Northern localities reached 172.7 thousand hectares, a decrease of 1.1 thousand hectares; Southern localities reached 1,725.6 thousand hectares, a decrease of 9.8 thousand hectares. The national Summer-Autumn rice yield was estimated at 57.8 quintals per hectare, a year-on-year decline of 0.6 quintals/hectare; the national Summer-Autumn rice production was estimated at 11 million tons, a year-on-year decrease of 180.2 thousand tons.

As of September 20, 2025, the national rice cultivation area reached 1,461.1 thousand hectares of Winter-Spring rice, a year-on-year decline of 7.2 thousand hectares. The Northern localities reached 979.8 thousand hectares, fell by 16.4 thousand hectares, of which, the Red River Delta basically cultivated with an area of 471.1 thousand hectares, a reduction of 10.7 thousand hectares; the Southern localities reached 481.3 thousand hectares, a surge of 9.2 thousand hectares.

The Mekong River Delta cultivated 604.4 thousand hectares of Autumn-Winter rice, a year-on-year fall of 2.5 thousand hectares.

Up to the above time, localities across the country cultivated 803.2 thousand hectares of maize, equivalent to 99.7% of the same period last year; 73.2 thousand hectares of sweet potatoes, equal to 96.6%; 28.1 thousand hectares of soybeans, equal to 100.7%; 132.1 thousand hectares of peanuts, equal to 97.6%; 936.4 thousand hectares of vegetables of all kinds, equal to 101.1%; 99.4 thousand hectares of beans of all kinds, equal to 100.9%.

Generally, in the 9 months of 2025, production of some primary industrial crops was recorded as follows: tea buds reached 962.8 thousand tons, a year-on-year growth of 3.3%; rubber reached 916.9 thousand tons, an increase of 2.0%; cashew reached 297.9 thousand tons, a rise of 2.0%; pepper reached 260.1 thousand tons, a climb of 5.1%; coconut reached 1,617.1 thousand tons, a rise of 0.7%. Production of some fruit crops was recorded as follows: lychee reached 193.8 thousand tons, a rise of 59.4%; durian reached 636.3 thousand tons, a growth of 19.3%; longan reached 332.7 thousand tons, an increase of 13.9%; mango reached 247.6 thousand tons, a rise of 7.3%; orange reached 585.8 thousand tons, a growth of 2.3%.

Cattle and buffalo farming showed a downward trend, mainly due to the narrowing of grazing areas and low economic efficiency. Pig farming faced challenges since the beginning of the third quarter due to the complicated situation of African swine fever. The outbreaks mainly occurred in small-scale farms, meanwhile, livestock enterprises and establishments of production chain maintained a stability thanks to ensuring biosafety farming conditions. Number of disposal of dead pigs in localities[15] were shown by the downturn of the total pig number during the period. Poultry farming showed a stability, epidemics were under controlled, and consumption needs showed an upturn due to pig farming was affected by epidemics, which accelerated poultry farmers to proactively increase the livestock population and production, providing timely supply to the market.

b) ForestryIn the nine months of 2025, the area of newly planted concentrated forests was estimated at 221.8 thousand hectares, a year-on-year growth of 11.0%; the number of scattered planted forest reached 70.1 million trees, a rise of 1.6%; production of wood harvesting reached 17,963.6 thousand m³, a climb of 8.7%.

In the nine months of 2025, the damaged forest area^[16] was 998.3 hectares, a year-on-year slump of 31.0%, of which the deforested area estimated at 683.6 hectares, down 3.1%; the area of forest burned was 314.7 hectares, down 57.5%.

c) Fishing

Capture fisheries and aquaculture production in the nine months of 2025 was estimated at 7,261.8 thousand tons, a year-on-year growth of 3.2% (the figure of the third quarter 2025 was estimated at 2,710.9 thousand tons, an increase of 3.3%), of which fish production reached 5,111.9 thousand tons, a spread of 2.8%; shrimp production reached 1,104.3 thousand tons, an increase of 5.7%; production of other aquatic products was estimated at 1,045.6 thousand tons, a rise of 2.4%.

Aquaculture production in the nine months of 2025 was estimated at 4,284.3 thousand tons, a year-on-year growth of 5.1% (the figure of the third quarter of 2025 was estimated at 1,705.1 thousand tons, a growth of 5.5%), of which fish production reached 2,791.0 thousand tons, a growth of 4.8%; shrimp production reached 998.8 thousand tons, a rise of 6.3%; production of other aquatic products reached 494.5 thousand tons, a spread of 4.6%.

Capture fisheries production in the nine months of 2025 was estimated at 2,977.5 thousand tons, a year-on-year growth of 0.5% (the figure of third quarter of 2025 was estimated at 1,005.8 thousand tons, a decline of 0.3%)[17], of which fish production reached 2,321.0 thousand tons, a rise of 0.5%; shrimp production reached 105.5 thousand tons, an increase of 0.2%; production of other aquatic products reached 551.0 thousand tons, a growth of 0.6%.

3. Industrial production experienced positive growth in the Q3 2025 primarily thanks to enterprises boosting production for export purposes ahead of the application of higher tariffs by the United States, along with more active mining and quarrying and electricity supply in recent months. In the third quarter of 2025, the index of industrial production (IIP) was estimated to increase by 10.0% year-on-year. For the nine months of 2025, the IIP was estimated to grow by 9.1% year-on-year, with the manufacturing expanding by 10.4%, the highest growth rate recorded since 2020[18].

Generally for 9 months of 2025, the IIP was estimated to grow by 9.1% over the same period last year (the corresponding figure in 2024 was 8.4%). Specifically, the manufacturing grew by 10.4% (the corresponding figure in 2024 was 9.6%), contributing 8.4 percentage points to the overall growth; the electricity generation and distribution increased by 6.1% (versus 10.8% in 2024), contributing 0.6 percentage points; the water supply, sewerage, wastewater management and remediation rose by 8.8% (versus 9.7% in 2024), contributing 0.1 percentage points; the mining and quarrying grew by 0.1% (6.9% decline in the same period of 2024), contributing 0.01 percentage points.

In the 9 months of 2025, the index of industrial shipment (IIS) of manufacturing recorded a year-on-year increase of 9.1% (the corresponding period in 2024 saw an increase of 12.5%).

The index of industrial inventory of the manufacturing as of 31^st September 2025 experienced a month-on-month increase of 4.9% and a year-on-year rise of 13.3% (the corresponding period in 2024 saw an increase of 8.5%). The average inventory turnover ratio (ITR) for the manufacturing in the nine months of 2025 was 82.3% (the corresponding period last year saw an average figure of 76.8%).

4. The number of enterprise registrations in the nine months of 2025 increased thanks to the “motivation” of Resolution 68–NQ/TW to strongly develop the private economic sector. The number of enterprise entering the market was higher than the number of enterprise withdrew from the market.

a) Enterprise registration status

In September, the whole country had 16.8 thousand newly registered enterprises with a registered capital of 165.7 trillion VND, and a registered employees of 97 thousand employees, month-on-month decreasing by 17.9%, 49.2%, and 9.3% in the number of enterprises, the registered capital, and the number of employees, respectively. In comparison with the same period last year, the number of newly registered enterprises, the registered capital, and the number of employees showed an increase of 49.8%, 78.6%, and 53.9%, respectively.

In the nine months of 2025, the whole country had 145 thousand newly registered enterprises with a registered capital of 1,420.2 trillion VND, and a registered employee of 874 thousand persons, year-on-year increasing by 18.9%, 22.6%, and 18.9% in the number of enterprises, the registered capital and the number of employees, respectively. The average registered capital of a newly registered enterprise in 9 months of 2025 reached 9.8 billion VND, a year-on-year increase of 3.1%. The total amount of additional registered capital into the economy in 9 months of 2025 was 4,720.5 trillion VND, a year-on-year[19] increase of 104.3%. In addition, the whole country had 86.4 thousand enterprises resuming their operation (a year-on-year increase of 41.3%), bringing the total number of newly registered and resumed enterprises in 9 months of 2025 to more than 231.3 thousand enterprises, a year-on-year increase of 26.4%. On average, there were 25.7 thousand newly registered and resumed enterprises per month.

In the 9 months of 2025, the number of enterprises registered to temporarily shut down for a specific period was 99.5 thousand enterprises, a year-on-year increase of 14.5%; 53.2 thousand enterprises temporarily suspended awaiting dissolution procedures, down 13.5%; 22.3 thousand enterprises completed dissolution procedures, up 45.0%. On average, 19.4 thousand enterprises withdrew from the market per month.

b) Business tendency of the enterprise

The results of the business tendency survey of enterprises in the manufacturing in the third quarter of 2025 showed that: 33.6% of enterprises assessed that their business production situation was better than that in the second quarter of 2025; 44.2% of enterprises said that the business production situation was stable, and 22.2% of enterprises faced difficulties^[20]. It is expected that in the fourth quarter of 2025, 40.8% of enterprises presented that the tendency would get better than that in the third quarter of 2025; 41.7% of enterprises believed that the business production situation would be stable and 17.5% of enterprises predicted that it would be more difficult.

5. Trade, transport, and tourism activities in the nine months of 2025 maintained fairly good growth over the same period last year. Domestic consumption demand for goods, services, and tourism increased, especially during major national holiday celebrations, together with the strong rise in the number of international visitors to Viet Nam, which positively contributed to the growth of the trade and service in the nine months of this year.

In the third quarter of 2025, the gross retail sales of consumer goods and services at current prices were estimated to increase by 10.1% year-on-year; passenger carried and passenger traffic saw a year-on-year increase of 25.1%; 18.0%, respectively; freight carried and freight traffic recorded a year-on-year rise of 19.8%; 16.3%, respectively; telecommunications turnover grew by 6.5% and international visitors to Viet Nam increased by 23.2%.

Generally, for nine months of 2025, the gross retail sales of consumer goods and services at current prices were estimated at 5,176.0 trillion VND, a year-on-year increase of 9.5% (the same period in 2024 rose by 8.8%); excluding the price factor, the increase was 7.2% (the same period in 2024 rose by 5.8%).

In the nine months of 2025, passenger carried was estimated at 4,518.8 million turns of passengers, a year-on-year rise of 22.6% and passenger traffic reached 235.2 billion passengers-kilometers, a year-on-year growth of 15.2%. Of which, the corresponding figures in the third quarter of 2025 reach 1,655.1 million turns of passengers (up 25.1%), 83.0 billion passengers-kilometers (up 18.0%).

In the nine months of 2025, freight carried was estimated at 2,236.0 million tons, a year-on-year rise of 15.8% and freight traffic reached 453.4 billion tons-kilometers, a year-on-year increase of 14.6%; the corresponding figures in the third quarter of 2025 were estimated at 804.9 million tons (up 19.8%), and 161.3 billion passengers-kilometers (up 16.3%).

In the nine months of 2025, telecommunications revenue was estimated at 284.0 trillion VND, edging up 5.8% over the same period last year (excluding the 5.7% price rising factor). The total number of telephone subscribers as of the end of September 2025 was estimated at 124.1 million, a year-on-year increase of 2.7% (the number of mobile subscribers at that time was 121.9 million, a growth of 2.8% over the same period last year). The number of DSL Internet subscribers as of the end of September was estimated at 24.9 million, increasing by 5.1% year-on-year.

        In total, for the nine months of 2025, international visitors to Viet Nam reached more than 15.4 million, increasing by 21.5% year-on-year. Of which, arrivals by air reached 13.1 million arrivals, accounting for 85.2% of total international visitors and going up by 21.9% year-on-year; arrivals by road reached 2.1 million arrivals, accounting for 13.6% and going up by 19.4%; arrivals by sea reached 190.6 thousand arrivals, made up 1.2% and rose by 15.1%.

The number of outbound Vietnamese citizens^[21] in the nine months of 2025 reached 5.44 million, jumping up 33.1% year-on-year.

6. Deposit and lending interest rates remained stable, and the exchange rates were actively and flexibly managed, contributing to macroeconomic stability. Furthermore, the insurance market witnessed steady growth, the stock market was vibrant, and market liquidity showed a marked improvement.

As of September 25, 2025, the total money supply increased by 10.61% compared to the end of 2024 (the corresponding period last year saw an increase of 4.55%). Capital mobilization by credit institutions rose by 9.74% (the corresponding figure in 2024 was 4.17%), and credit growth of the economy reached 13.0% (the corresponding figure in 2024 was 8.09%).

Total premium revenue cumulatively for the nine months of 2025 was estimated to reach 171.7 trillion VND, a rise of 3.7%. Specifically: Non-life insurance premium revenue was estimated at 64.4 trillion VND, up 10.1%, while the life insurance premium revenue was estimated to achieve 107.3 trillion VND, an increase of 0.3%.

        The securities market showed signs of vibrant activity, with a clear improvement in market liquidity, attracting fresh capital flows. As of September 30, 2025, the VN-Index reached 1,661.7 points, representing a 31.2% increase compared to the end of 2024. Market capitalization of listed stocks reached 9,034.4 trillion VND, marking a 25.9% increase.

7. The disbursed investment in nine months of 2025 at current prices was estimated at 2,701.8 trillion VND, a year-on-year upturn of 11.6%, higher than the increase of 7.0% in the same period last year, showing that the government, enterprises, and investors were very determined and active in implementing investment in many sectors and fields. The disbursed foreign direct investment in Viet Nam in the nine months of 2025 was estimated at 18.80 billion USD, a year-on-year increase of 8.5%, witnessing the highest figure in the nine months of the last 5-year period.

The total disbursed investment in the nine months of 2025 at current prices was estimated at 2,701.8 trillion VND, a year-on-year upturn of 11.6% (the third quarter of 2025 was estimated at 1,100.1 trillion VND, up 13.3%), including: the State sector’s investment reached 798.4 trillion VND, accounting for 29.6% of the total investment and a year-on-year of 19.6%; the non-State sector’s investment reached 1,441.3 trillion VND, accounting for 53.3% and up 7.8%; foreign direct investment’s sector witnessed 462.1 trillion VND, accounting for 17.1% and up 11.2%.

Total inward foreign investment in Viet Nam^[22] as of September 30^th, 2025, including: Newly registered capital, adjusting registered capital and capital contribution and purchasing shares by foreign investors reached 28.54 billion USD, a year-on-year upturn of 15.2%. Of which: 2,926 projects were newly licensed with registered capital of 12.39 billion USD, a year-on-year increase of 17.4% in terms of number of projects and a decrease of 8.6% in terms of registered capital; 1,092 projects that were licensed from the previous years registered to adjust investment capital to increase by 11.32 billion USD, up 48.0% over that in the same period last year; 2,527 turns of registered capital contribution and purchasing shares by foreign investors with a total capital contribution value of 4.84 billion USD, a year-on-year increase of 35.0%. Of which, 995 turns of capital contribution and purchasing shares increased the charter capital of enterprises with a capital contribution value of 1.77 billion USD and 1,532 foreign investors re-bought domestic shares without making the charter capital increase with a value of 3.07 billion USD.

The disbursed FDI in Viet Nam in the nine months of 2025 was estimated at 18.80 billion USD, a year-on-year upturn of 8.5%.

8. State budget revenue[23] in the nine months of 2025 recorded a year-on-year increase of 30.5%. State budget expenditure increased by 31.4%, effectively meeting the needs for socio-economic development, national defense, security, state management, payment of due debts, and timely payment to beneficiaries according to regulations.

Total state budget revenue in September 2025 was 181.1 trillion VND. The accrued revenue in 9 months of 2025 reached nearly 1,926.0 trillion VND, reaching 97.9% of the annual estimate and an increase of 30.5% over the same period last year[24]. Specifically, the accrued domestic revenue in 9 months of 2025 was 1,653.2 trillion VND, reaching 99.1% of the annual estimate and going up by 35.1% over the same period last year[25].

Total state budget expenditure in September 2025 was estimated at 201.5 trillion VND. The accrued expenditure in 9 months of 2025 was 1.634,8 trillion VND, reaching 63.4% of the annual estimate and increasing by 31.4% year-on-year.

9. Export and import of goods and services in the nine months of 2025 increased sharply compared to the same period last year, many key export items increased significantly.

a) Export and import of goods^[26]

In September 2025, the total export and import turnover of goods reached 82.49 billion USD, a month-on-month reduction of 0.7%, and a year-on-year rise of 24.8%. In general, for the nine months of 2025, the total export and import turnover of goods reached 680.66 billion USD, a year-on-year increase of 17.3%, of which exports rose by 16.0% and imports increased by 18.8%^[27]. The trade balance of goods recorded a surplus of 16.82 billion USD.

Export turnover of goods in September 2025 was 42.67 billion USD, a year-on-year decline of 1.7%. In the third quarter of 2025, export turnover reached 128.57 billion USD, a year-on-year spread of 18.4% and a quarter-on-quarter growth of 9.6%. Generally, for the nine months of 2025, the export turnover of goods reached 348.74 billion USD, a year-on-year rise of 16.0%.

The import turnover of goods in September 2025 reached 39.82 billion USD, a month-on-month rise of 0.4%. In the third quarter of 2025, import turnover was estimated at 119.66 billion USD, a year-on-year increase of 20.2% and a quarter-on-quarter rose of 6.3%. In the nine months of 2025, the import turnover of goods reached 331.92 billion USD, a year-on-year surge of 18.8%.

According to preliminary data, the trade balance of goods recorded a surplus of 2.85 billion USD in September. Generally, in the nine months of 2025, the trade balance of goods posted a surplus of 16.82 billion USD (in the same period last year, the trade surplus was 21.15 billion USD).

b) Export and import of services

In the third quarter of 2025, export turnover of service was estimated at 7.52 billion USD, a year-on-year increase of 20.2% and a quarter-on-quarter upturn of 10.0%; import turnover of service was estimated at 10.97 billion USD, a year-on-year growth of 13.9% year-on-year and a quarter-on-quarter rise of 8.4%.

In the nine months of 2025, export turnover of service was estimated at 21.99 billion USD, a year-on-year expansion of 19.1%, of which tourism services reached 11.12 billion USD (accounting for 50.6% of the total turnover), surging up 26.5% and transport services reached 6.3 billion USD (accounting for 28.7%), and shooting up 20.9%.

Import turnover of service in nine months of 2025 was estimated at 30.29 billion USD (including 10.48 billion USD for transportation and insurance service fees of imported goods), a year-on-year surge of 16.3%, of which transportation services gained 12.41 billion USD (accounting for 41.0% of the total turnover), accelerating by 18.5% and tourism services reached 11.44 billion USD (accounting for 37.8%), going up 23.7%.

The trade deficit of services in the nine months of 2025 was 8.3 billion USD.

10. The Consumer Price Index (CPI) in September increased by 0.42% compared to that in the previous month, mainly due to a rise in prices of educational services in non-public schools, prices of food and housing maintenance materials. The CPI in September saw an increase of 2.61% compared to that in December 2024 and a year-on-year soar of 3.38%. The average CPI in the third quarter of 2025 jumped up 3.27% year-on-year; core inflation expanded by 3.19%.

a) Consumer price index

In the month-on-month increase of 0.42% in the CPI, ten groups of goods and services possessed a rise in the CPI, while the CPI of culture, entertainment, and tourism group witnessed a decrease. The average CPI in the third quarter of 2025 expanded by 3.27% compared to that in in the third quarter of 2024.

The average CPI in nine months of 2025 witnessed a year-on-year expansion of 3.27%.

Core inflation[28] in September witnessed a month-on-month soar of 0.20% and a year-on-year surge of 3.18%. The average core inflation in nine months of 2025 saw a year-on-year increase of 3.19%, lower than the rise of 3.27% in the average CPI[29].

b) Gold and US dollar index

The gold price index in September recorded a month-on-month rise of 6.53%; a year-on-year spike of 55.4%; a surge of 45.42% compared to that in December 2024; the average gold price index in nine months of 2025 possessed a year-on-year soar of 41.86%.

The domestic US dollar price index in September experienced a month-on-month increase of 0.30% due to increasing demand for foreign currency to meet the demands for the import of goods and the people’s psychological factor behind the US dollar holding in the context of loosening monetary policy by the State Bank of Viet Nam; a year-on-year rise of 6.64%; a soar of 3.98% compared to that in December 2024; the average US dollar price index in the third quarter of 2025 climbed up 4.81% and the average US dollar price index in nine months of 2025 witnessed a upturn of 3.8% year-on-year.

c) Produce Price Index

The produce price index; input price index; merchandise export and import price index in the third quarter and the nine months of 2025 also witnessed a year-on-year increase.

In the third quarter of 2025, the producer price index of the agriculture, forestry and fishing was estimated to decrease by 1.25% quarter-on-quarter, and increase by 1.87% year-on-year. The producer price index of the industrial products rose by 1.06% and 2.73. The producer price index of the service increase by 0.86% and 5.30%. The input price index for production soared by 1.29% and 4.60%.

In the nine months of 2025, the producer price index of the agriculture, forestry and fishing products saw a year-on-year increase of 4.91; the producer price index of the industrial products experienced a year-on-year rise of 2.23%; the producer price index of service possessed a year-on-year surge of 5.05%; The input producer price index for production witnesses a year-on-year upturn of 4.09%.

II. SOME SOCIAL ISSUES

1. The labor force, the number of employed persons and the average monthly income of workers in the third quarter of 2025 all increased compared to the previous quarter and the same period last year. The unemployment rate and the underemployment rate decreased compared to the previous quarter and the same period last year. In the nine months of 2025, the labor force aged 15 and over was 53.1 million persons, an increase of 556.3 thousand persons compared to the same period last year; the number of employed persons was 52.0 million, an increase of 552.3 thousand persons; the unemployment rate of labor force at working age was 2.22% and the underemployment rate at working-age persons was 1.65%.

The labor force aged 15 and over nationwide in the third quarter of 2025 was 53.3 million persons, a quarter-on-quarter increase of 254.5 thousand persons and a year-on-year growth of 583.6 thousand persons; The proportion of trained employees with diplomas/certificates in the third quarter of 2025 was 29.5%, a growth of 0.4 percentage points over the previous quarter and a rise of 1.0 percentage points over the same period last year. In the nine months of 2025, the labor force aged 15 and over was 53.1 million persons, an increase of 556.3 thousand persons over the same period last year; the proportion of trained employees with diplomas/certificates was 29.1%, an augment of 1.0 percentage points over the same period last year.

The number of employed persons in the third quarter of 2025 was 52.3 million, a quarter-on-quarter increase of 261.3 thousand persons and a year-on-year growth of 580.8 thousand persons. In the nine months of 2025, the number of employed persons was 52.0 million, an increase of 552.3 thousand persons over the same period last year.

The underemployment rate of labor force at working age[30] in the third quarter of 2025 was 1.50%, a reduction of 0.23 percentage points compared to the previous quarter and a decrease of 0.37 percentage points compared to the same period last year. In the nine months of 2025, the underemployment rate of working-age persons was 1.65%, a reduction of 0.34 percentage points compared to the same period last year.

Average income of employees in the third quarter of 2025 was 8.4 million VND/month, an increase of 124 thousand VND compared to the second quarter of 2025 and a growth of 748 thousand VND compared to the same period in 2024. In the nine months of 2025, the average income of employees was 8.3 million VND/month, a rise of 10.0%, equivalent to an increase of 756 thousand VND compared to that in the same period last year.

The unemployment rate at working age[31] in the third quarter of 2025 was 2.22%, a decrease of 0.02 percentage points quarter-on-quarter and 0.01 percentage points year-on-year. In the nine months of 2025, the unemployment rate at working age was 2.22%, a reduction of 0.04 percentage points over the same period last year, of which the rate in the urban area was 2.53%; the rate in the rural area was 2.00%.

The labor underutilizion rate[32] in the third quarter of 2025 was 3.4% (equivalent to about 1.83 million persons). In the nine months of 2025, the labor underutilizion rate was 3.7%, a reduction of 0.6 percentage points over the same period last year. Of which, the figure in the urban area was 3.6%, a decline of 0.2 percentage points; the figure in the rural area was 3.8%, a drop of 0.8 percentage points.

The number of owned-account workers in the third quarter of 2025 was 3.8 million, a decrease of 72.5 thousand persons compared to the previous quarter and a decrease of 76.6 thousand persons compared to the same period last year. In the nine months of 2025, the number of owned-account workers was 3.8 million, a decline of 83.4 thousand persons over the same period last year.

2. People’s living conditions and social security

 The living standards of households in the nine months of 2025 showed improvement over the same period last year. According to the Labor Force Survey report in the third quarter of 2025, 96.3% households reported that their income increased and remained unchanged compared to the same period in 2024 (a quarter-on-quarter decline of 0.3 percentage points and a year-on-year rise of 0.2 percentage points).

As of September 25, 2025[33], the total amount of social security support for target groups was nearly 56.8 trillion VND, of which: Central and local leaders, departments, organizations, and philanthropists organized visits, encouraged and gave gifts to social protection beneficiaries according to the Decree No. 20/2021/ND-CP dated March 15, 2021 with an amount of more than 23.3 trillion VND; poor households, near-poor households, households in difficult circumstances, and social policy households with 3.5 trillion VND; national devotees and martyrs’ relatives with 29.5 trillion VND; sudden and unusual support in the locality with 371.9 billion VND. In addition, the social insurance issued more than 27.3 million health insurance cards/books/free medical examination and treatment cards to beneficiaries.

In the nine months of this year, the Government supported people with nearly 11.3 thousand tons of rice, particularly: more than 6 thousand tons of rice for 402.6 thousand persons for hunger relief during the Lunar New Year; nearly 4.3 thousand tons of rice for 284.5 thousand persons during the 2025 pre-harvest season; 990 tons of rice for about 66 thousand persons for overcoming the consequences of natural disasters and floods.

3. Education and training

Regarding the high school graduation exam, the 2025 exam marked the first year of implementation under the “2+2” model, with two compulsory subjects Literature and Mathematics and two elective subjects (from a set of nine subjects), aligned with their career orientation during upper secondary education. The exam was concurrently administered under 02 separate regulations and 02 exam question sets corresponding to 02 general education curricula 2006 and 2018. The duration of the exam was shortened from four sessions to three. In 2025, the country had over 1.1 million candidates registered to take the exam, an increase of nearly 100 thousand candidates compared to that in 2024.

The 2025 high school graduation exam marked a significant transition, as the score distribution was published prior to the release of individual results, demonstrating enhanced transparency in the exam administration. The national high school graduation rate in 2025 reached 99.25% (compared to 99.40% in 2024)[34].

Regarding the opening of the 2025-2026 school year, on the morning of September 5, 2025, millions of teachers and students across the country participated in the opening ceremony of the new school year. This year’s ceremony was held in conjunction with the celebration of the 80th anniversary of the establishment of the Ministry of National Education (now the Ministry of Education and Training) and connected online to all educational and training institutions nationwide with the participation of approximately 1.6 million teachers and nearly 26 million pupils and students[35]. For the first time, the Ministry of Education and Training organized a single opening ceremony nationwide, during which all educational institutions simultaneously conducted the flag-raising and National anthem singing as part of the 2025-2026 school year opening ceremony at the same time.

For the 2025-2026 school year, the Ministry of Education and Training adopted the theme “Discipline – Innovation – Breakthrough – Development”, reflecting a clear orientation that emphasizes maintaining order and discipline while promoting innovation in management and teaching methods, encouraging creativity and aiming to foster significant breakthroughs to meet the requirements of national development in the new period.

4. Epidemic, food poisoning[36]

According to the Ministry of Health’s report, during the month (from August 18 to September 17, 2025), the country recorded 21,152 cases of dengue fever; 6,320 cases of hand, foot and mouth disease; 1,074 cases of rash fever suspected of measles. Generally, for nine months of 2025, the country had 112.8 thousand cases of rash fever suspected of measles (11 deaths); 86.3 thousand cases of dengue fever (17 deaths); nearly 45.9 thousand cases of hand, foot and mouth disease; 257 cases of viral encephalitis (01 death); 82 cases of meningococcal meningitis and 58 deaths of rabies.

As of September 17, 2025, the total number of people living with HIV nationwide was nearly 252 thousand persons; the number of deaths from HIV/AIDS was 117.1 thousand persons.

Regarding food poisoning, in September, there were 04 cases of food poisoning, causing 140 persons poisoned (02 deaths). Generally, in the nine months of 2025, there were 51 cases nationwide, with 725 persons poisoned (16 deaths).

5. Authorities demonstrated a strong commitment in cultural preservation and promotion efforts, maintained a vibrant mass sports movement, and saw remarkable achievements in elite sports.

Regarding culture, in September and the quarter III of 2025, a series of commemorative activities took place nationwide to celebrate the great national anniversaries, especially 80^th anniversary of the August Revolution and the National Day September 2 (A80) with various themes, such as: the parade and march with the participation of about 30,000 delegations at Ba Dinh Square; many other cultural activities were also widely organized across the country[37]. In addition, Vietnamese music made its mark on the international stage, with the impressive achievement of Vietnamese representative, singer Duc Phuc who won the first place at the International Music Competition Intervision 2025 held in the Russian Federation…

Regarding sports, several notable sports activities took place during the period, including: the 2026 AFC U23 Asian Cup Qualifiers, with matches between Viet Nam U23 and Bangladesh U23 on September 3, Singapore U23 on September 6, and Yemen U23 on September 9. From August 28 to September 1 in Indonesia, the Viet Nam Kurash Team participated in the 2025 Southeast Asian Kurash Championship and the 2025 Southeast Asian Beach Kurash Championship, achieving 40 gold, 22 silver, and 7 bronze medals, reaffirming Viet Nam’s leading position in the region.

6. The number of cases of traffic accident^[38], deaths and injuries in nine months of 2025 saw a year-on-year decline of 23.0%, 6.5%, and 30.8%, respectively.

In September (from August 26 to September 25, 2025), there were 1,521 cases of traffic accident nationwide, causing 796 deaths and 1,050 injuries. Compared to the figures of the same period in 2024, the number of accidents, deaths, and injuries decreased by 16.1%, 18.1%, 15.7%, respectively.

Generally, in the nine months of 2025, there were 13,716 cases of traffic accident nationwide, resulting in 7,672 deaths and 9,186 injuries. Compared to the figures of the same period last year, the number of traffic accidents cases, deaths, and injuries decreased by 23.0%, 6.5%, and 30.8%, respectively. On average, in the nine months of 2025, there were 50 traffic accidents, causing 28 deaths and 33 injuries a day.

7. Natural disasters, environmental pollution and fires and explosions significantly impacted the lives of people in some localities.

Disaster-induced loss[39]: In the nine months of 2025, natural disasters caused 187 deaths and missing persons, 210 injuries; 246.4 thousand hectares of rice and more than 40.0 thousand hectares of other crops were damaged; over 762.0 thousand heads of livestock and poultry were killed; 38.4 thousand houses collapsed, were swept away, and damaged. In the nine months of 2025, the estimated total value of property damage caused by natural disasters was 16,135.2 billion VND, a year-on-year decrease of 80.8%.

Specifically, the typhoon No. 10[40] caused 56 deaths, 11 missing persons, and 172 injuries; 389 houses were collapsed or destroyed; 179,881 houses were damaged or unroofed; 12,287 houses were flooded; 100,672 hectares of rice and other crops were inundated and damaged; 19,095 hectares of aquaculture areas were lost, 3,477 heads of livestock, and 590,772 heads of poultry were killed; 6,819 transport sites experienced flooding, landslides, or traffic disruption; 29,681 meters of embankments, riverbanks, and coastlines were eroded; 9,898 power poles and 84,841 trees were broken or uprooted; and 1,409 schools were affected and damaged. The preliminary estimate of economic loss was approximately 18,803 billion VND.

Environmental protection[41]: In the nine months of this year, the functional authorities detected 11,611 cases of environmental violations, of which, 10,306 cases were addressed with a total fine of nearly 165.0 billion VND, recording a year-on-year reduction of 26.6%.

Fire and explosion[42]: During the month (from August 15 to September 14, 2025), 259 cases of  fire and explosion occurred nationwide, causing 7 deaths and 8 injuries, with an estimated loss of 26.9 billion VND, a month-on-month decrease of 17.3% and a year-on-year decline of 60.3%. In the nine months of 2025, there were 2,470 cases of fire and explosion nationwide, causing 83 deaths and 97 injuries, with an estimated loss of nearly 239.0 billion VND, a year-on-year increase of 1.2%./.

[1] Reuters (2025), S&P 500, Nasdaq close at records; Deckers soars on Ugg demand, https://www.reuters.com/business/sp-500-nasdaq-close-records-deckers-soars-ugg-demand-2025-07-25, accessed 4 October 2025.

[2]  WB (July 2025), Global Monthly July 2025”, https://thedocs.worldbank.org/en/doc/de57f32fdf177170d1fe413327b553dd-0050012025/related/Global-Monthly-July2025.pdf, accessed 26 September 2025.

[3] OECD (September 2025), “OECD Interim Economic Outlook, September 2025: Finding the right balance in uncertain times”, https://www.oecd.org/content/dam/oecd/en/publications/reports/2025/09/oecd-economic-outlook-interim-report-september-2025_ae3d418b/67b10c01-en.pdf, accessed 26 September 2025.

[4] UN (September 2025), “World Economic Situation and Prospects 2025 September Update”, https://desapublications.un.org/publications/world-economic-situation-and-prospects-2025-september-update, accessed 26 September 2025.

[5] FR (September 2025), “Global Economic Outlook – September 2025”, https://www.fitchratings.com/research/sovereigns/global-economic-outlook-september-2025-09-09-2025, accessed 26 September 2025.

[6] IMF (July 2025), “World Economic Outlook Update – Global Economy: Tenuous Resilience amid Persistent Uncertainty”, https://www.imf.org/en/Publications/WEO/Issues/2025/07/29/world-economic-outlook-update-july-2025, accessed 26 September 2025.

[7] ADB (September 2025), “Asian Development Outlook September 2025: Growth Slows as a New Global Trade Environment Takes Shape”, https://www.adb.org/publications/asian-development-outlook-september-2025, accessed 30 September 2025.

[8] Report issued on June 2025; Vietnam’s data was updated according to the report “Viet Nam – Economic Update: Taking Stock September 2025” by WB and the report “IMF Executive Board Concludes 2025 Article IV Consultation with Vietnam” by IMF.

[9] The year-on-year GDP growth rate in the third quarter of the years in the period 2011-2025 was respectively: 6.37%; 5.50%; 5.71%; 6.59%; 7.16%; 6.92%; 7.54%; 7.20%; 7.62%; 3.0%; -6.03%; 14.38%; 5.38%; 7.43%; 8.23%.

[10] The year-on-year growth rate of value added of the agriculture, forestry and fishing sector in 9 months of the years in the period 2011-2025 was respectively: 3.97%; 2.75%; 2.32%; 2.80%; 2.23%; 0.90%; 3.14%; 4.01%; 2.50%; 1.90%; 3.84%; 3.52%; 3.64%; 3.39% and 3.83%.

[11] The year-on-year growth rate of value added of the industrial activities in 9 months of the years in the period 2011-2025 was respectively: 8.79%; 7.92%; 4.62%; 5.51%; 8.93%; 7.07%; 6.92%; 8.90%; 8.64%; 2.30%; 3.06%; 9.99%; 1.45%; 8.31% and 8.55%.

[12] The year-on-year growth rate of value added of the manufacturing in 9 months of the years in the period 2011-2025 was respectively: 12.06%; 8.10%; 5.91%; 6.21%; 8.78%; 10.49%; 10.76%; 11.51%; 9.91%; 3.20%; 4.36%; 11.05%; 1.74%; 9.77% and 9.92%.

[13] The year-on-year growth rate of value added of the service sector in 9 months of the years in the period 2011-2025 was respectively: 7.42%; 6.80%; 6.59%; 7.21%; 6.97%; 7.30%; 6.97%; 7.25%; 7.52%; 1.87%; 0.27%; 11.37%, 6.87%; 7.06% and 8.49%.

[14] Due to some localities converted a part of rice area to other crops for higher economic efficiency.

[15] According to information from the Department of Animal Health, Ministry of Agriculture and Environment: Number of dead pig disposal in the third quarter was estimated at 946 thousand pigs, made up 95% of  total number of dead pig disposal in nine months of 2025.

[16]  The figures released by Ministry of Agriculture and Environment as of September 15, 2025.

[17] Due to the impact of storms and tropical depressions in the North East Sea, many capture trips were postponed, time spent out at sea was reduced, causing  a reduction of capture fisheries production, year-on-year.

[18] The IIP of manufacturing in the 9 months during the period 2020 to 2025 compared with the same period last year were: 3.9%; 5.3%; 10.0%; 0.1%; 9.6%; and 10.4%, respectively.

[19] Of which, the additional registered capital of active enterprises in 9 months of 2025 reached 3,300.3 trillion VND (a year-on-year increase of 186.5%).

[20]Corresponding index of the second quarter of 2025: 35.7% of enterprises assessed better than the first quarter of 2025; 43.0% of enterprises said that the production and business situation was stable and 21.3% of enterprises assessed that they encountered difficulties.

[21] A Vietnamese citizen leaves the territory of Vietnam through a border gate of Viet Nam.

[22] According to the report of the Foreign Investment Agency, Ministry of Finance, received on October 1^st, 2025.

[23] Data received from the State Budget Department – Ministry of Finance on September 30, 2025.

[24] Supportive fiscal and monetary policies, along with efforts to address business challenges proved effectiveness in stimulating economic growth and generating revenue for the State budget. In addition, efforts intensified regarding revenue management, broadening the tax base, reviewing local taxpayers and revenue sources, and digital transformation.

[25] This achievement was attributed to robust domestic revenue collections, specifically including: Revenue from land and housing, driven by the positive recovery of the real estate market, strong economic growth, accelerated public investment, and effective implementation of the 2024 Land Law and Official Telegram No. 124/CD-TTg by local authorities; and healthy corporate income tax collection, resulting from enterprises completed four out of five required payments to the State budget and the emergence of increased revenue from real estate transfers.

[26] The preliminary data of export and import of goods in September 2025 were provided by the Viet Nam Customs on October 3^rd, 2025.

[27] Total import and export turnover of goods in nine months of 2024 reached 580.15 billion USD, a year-on-year increase of 16.6%, of which export reached 300.65 billion USD, an expansion of 15.8%; import gained 179.5 billion USD, a surge of 17.6%.

[28]The CPI after excluding prices of fresh food, foodstuff, energy, and State-managed goods, which include healthcare and education services.

[29] The main due to the impacts of prices of food, foodstuff, household electricity, healthcare services, and education services causing an increase in the CPI but were excluded from the list of core inflation calculation.

[30] Underemployed persons at working age include employed persons who want to work overtime; are willing to work overtime; and actually work less than 35 hours/week.

[31] Unemployed person is a person aged 15 years and over who, during the reference period, meets all three conditions: currently not working, looking for a job and ready for work. The unemployment rate is the percentage of unemployed persons compared to the labor force.

[32] The labor that is in need of working but their need is not fully met (also known as underutilized labor) includes the unemployed, underemployed, and a group outside the labor force who are willing to work but not actively seeking employment or are seeking employment but not immediately available to start. The labor underutilization rate is the ratio of the labor force that is in need of working but are not fully satisfied to the total labor force that is in need of working in the economy.

[33] According to reports from localities.

[34] https://moet.gov.vn/tintuc/Pages/tin-tong-hop.aspx?ItemID=11154

[35] https://baochinhphu.vn/cap-nhat-ky-niem-80-nam-truyen-thong-nganh-giao-duc-va-le-khai-giang-dac-biet-102250904100325441.htm

[36] According to the Ministry of Health’s report.

[37] A special art program themed “80 years – The Journey of Independence, Freedom, and Happiness” took place at My Dinh National Stadium on September 1; the music journey “Proud of Viet Nam” was held at Dong Kinh Nghia Thuc Square on September 2; the special art performance “The Light of Independence” took place in Ho Chi Minh City on September 2; the program “A Tribute – The River of Fire” and the ceremony to announce and receive the certificate of recognition for Long Dai ferry terminal II, where 16 young volunteers sacrificed their lives in September 1972, were held in Quang Tri on September 18; and the V Fest – Viet Nam Today grand music festival at the National Convention and Exhibition Center on September 20, with the participation of the Prime Minister, concluded the series of activities celebrating the 80th Anniversary of the August Revolution and the National Day of Viet Nam.

[38] According to a quick report from the Office of the Ministry of Public Security and the Viet Nam Maritime and Waterways Administration (Ministry of Construction ) dated September 29, 2025.

[39] According to reports compiled by provincial and centrally-run Municipalities Statistics Offices, reporting period from 26 August to 25 September 2025.

[40] According to the Department of Dyke Management and Natural Disaster Prevention, Ministry of Agriculture and Environment (as of 07:00 October 5, 2025).

[41] According to data compiled by Provincial Statistics Offices from the reports of Provincial Departments of Agriculture and Environment and Provincial, Municipal Police Departments.

[42] According to a quick report from the Ministry of Public Security dated September 23, 2025.