Vietnam’s economy grew 8% in 2025, up from the previous year’s growth, driven by strong exports despite U.S. tariffs, according to preliminary government data released Monday. The country also recorded its largest annual trade surplus with Washington.
The Southeast Asian nation, which is one of the top exporters to the United States, is still in talks with Washington over a possible trade deal but has largely shrugged off U.S. duties of 20% imposed on its goods by the Trump administration to cut Vietnam’s huge trade advantage.
Vietnam’s total exports rose by 17% to about $475 billion last year, the data showed, with shipments to the United States worth $153 billion, far outstripping 2024’s record figure of $119.5 billion.
That has led to an unprecedented trade surplus with Washington of nearly $134 billion last year, far higher than the previous peak reached in 2024, according to the Vietnamese figures, which are usually more conservative than U.S. data.
Accusation of Transshipment
Vietnam’s imports of Chinese goods reached a record level last year of $186 billion, the data showed, from $144.2 billion in 2024.
The Trump administration has accused Vietnam of being a transshipment hub for Chinese goods exported to the United States. Illegally transshipped goods face U.S. tariffs of 40%, but the White House has not yet indicated its criteria to determine what can be considered as illegal transshipment.
Roaring Growth
Vietnam’s growth rate was 8.02% last year, up from 7.09% in 2024, showing no immediate disruption from U.S. tariffs or floods. The government had set a target of more than 8%. In the fourth quarter, the economy grew 8.46%, the strongest quarterly rate of the year.
Average annual growth for the five‑year period stood at 6.25%. For 2026‑2030, the government is targeting at least 10%. Growth was backed by domestic consumption and higher infrastructure spending. Industrial production and retail sales both rose 9.2% in 2025. Inflation was 3.31%.
Foreign investment inflows rose 9% to $27.6 billion, while pledges were flat at $38.4 billion.
(With inputs from Reuters)
