It also raised its 2026 growth forecast for the country from 6.2% to 7.2% in its latest macroeconomic report.
Standard Chartered highlighted Vietnam’s growing role in the global supply chain, driven by robust trade performance and deeper integration into global trade through multiple free trade agreements.
The country’s exports reached US$42.7 billion in September, up 24.7% year-on-year, driven by strong growth in key sectors such as electronics and computers (up 66.2%), telephones (17.5%) and machinery (11.6%).
Imports also rose by 24.9% to $39.8 billion, led by electronics and computer supplies (up 43.6%) and machinery (up 33.6%), signaling continued expansion in production and industrial capacity.
The bank noted that Vietnam’s external position remains resilient, supported by robust trade and a resilient foreign exchange outlook. After being depleted amid the U.S. dollar strengthening prior to this year, the country’s FX reserves are likely to be rebuilt, reflecting improved macroeconomic stability and a healthy trade performance.
Domestic credit growth has also accelerated, signaling continued economic recovery even without policy rate cuts. Credit growth is now above 15% year-on-year, indicating improving business confidence and rising finance demand. Lending growth remains robust, supported by favorable liquidity conditions and government measures to stimulate growth.
Foreign direct investment continues to be a key growth driver. In the first nine months of 2025, disbursed FDI rose 8.5% year-on-year to $18.8 billion while registered FDI increased 15.2% to $28.5 billion.
Standard Chartered economists expect the refinancing rate to remain at 4.5% for the rest of this year and 2026, with accommodative conditions supporting investment and expansion.
Tim Leelahaphan, senior economist for Vietnam and Thailand at Standard Chartered, said Vietnam’s resilience and adaptability are reflected in its strong FDI inflows and robust export growth, cementing its strategic role in global supply chain diversification and pointing to strong prospects for continued economic expansion.
The bank kept its forecast for the USD/VND exchange rate at VND26,300 this year and VND26,750 in 2026. It also lowered inflation projections to 3.4% for 2025 and 3.7% for next year, citing stronger-than-expected growth momentum and easing price pressures.
