In a newly released report, UOB cited data from the General Statistics Office showing first-quarter growth eased from 8.46% in the fourth quarter of 2025 but came in above forecasts of 7% by UOB and 7.6% by Bloomberg. Growth continued to be driven by key sectors including processing and manufacturing, construction and services, supported by robust export activity.
Manufacturing output rose more than 9.7% year-on-year, close to the 10.6% expansion in the previous quarter and higher than levels seen in 2025, underscoring the sector’s continued role as a key pillar of the economy.
Trade activity remained strong in the first quarter, with exports rising more than 19% to nearly 123 billion USD. The US retained its position as Vietnam’s largest export market, with shipments reaching nearly 34 billion USD, up more than 24% and accounting for about 28% of total exports.
Meanwhile, realized foreign direct investment reached more than 5.4 billion USD in the first quarter, an increase of over 9%, reflecting sustained confidence among foreign investors in Vietnam’s business environment.
UOB said that while external demand and manufacturing activity remained resilient in early 2026, an energy shock linked to the Middle East conflict is creating short-term pressure on Vietnam and other Asian economies.
