Economic growth relies on the contributions of regional powerhouses to meet objectives set for 2025
Vietnam's economic growth is gathering momentum, with several localities outpacing the central government's targets and contributing significantly to the nation's development.
The Ministry of Finance (MoF) reported encouraging signs in the national economic landscape for the first eight months of 2025. Many localities, including Quang Ninh, Haiphong, Phu Tho, Dong Nai, and Danang, have set growth targets surpassing those assigned by the central government. Notably, Phu Tho aims for an average annual growth rate of 11-12 percent in the 2026-2030 period.
Ho Chi Minh City, the country's economic powerhouse, continues to play a pivotal role as a national growth driver. The city's Index of Industrial Production (IIP) rose by nearly 6 percent on-year during the eight-month period, and its export value touched $61.2 billion, marking a 6.35 percent increase on-year. To achieve its assigned target of 8.5 percent regional GDP growth in 2025, Ho Chi Minh City has mapped out a scenario projecting 10.22-10.38 percent growth in Q3, and 10.4 percent in Q4.
The city's strong performance is underpinned by robust foreign direct investment (FDI), with Dong Nai attracting over $2 billion in FDI and seeing the establishment of 4,971 new businesses. Phu Tho, in addition to leading in IIP growth, also recorded strong FDI inflows with 39 new projects.
Elsewhere, Bac Ninh overtook Ho Chi Minh City to become the country's top exporter in August, with export value reaching nearly $8.7 billion, up 33 percent on-year. Da Nang remained a major tourism magnet with 12.8 million tourist arrivals over eight months. Hanoi's tourism sector saw a strong recovery with 3.18 million visitors in August alone, up 27.5 percent year-on-year.
Investment in infrastructure is also driving growth. Hung Yen province launched three major development projects on August 19 with a combined investment of approximately $720 million. The three most important projects started in August 2025 in Hung Yen include the Sunshine Legend City eco-friendly urban development project, a major fiber spinning project by Tra Ly Fiber Joint Stock Company, and the operation start of the 500-kV Hai Phong – Thai Binh transmission line.
Regional growth is not limited to the urban areas. Ninh Binh, Hue, Nghe An, and Quang Ninh showed significant growth in IIP, while An Giang's industrial production value rose 13.9 percent, and Lam Dong in the Central Highlands region sustained stable growth, with exports up 64.7 percent on-year.
A forum was held in Hanoi to discuss energy development and economic growth, further underscoring the government's commitment to fostering a conducive environment for economic growth. Construction of hundreds of projects is hoped to be a major propellant for national economic growth this year.
In conclusion, Vietnam's economic growth is on an upward trajectory, with several localities outperforming expectations and contributing significantly to the nation's development. The government's focus on infrastructure development and investment in key sectors such as tourism and industry is expected to further drive growth in the coming months.
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