Socio‑Economic Report: Q2 and First Six Months of 2025

1. GDP Growth

In Q2 2025, Vietnam’s Gross Domestic Product (GDP) posted solid growth, rising an estimated 7.96% year‑on‑year—second only to the 8.56% recorded in Q2 2022 during the 2020–2025 period. Breaking down by sector:

• Agriculture, forestry and fisheries grew by 3.89%, contributing 5.19% to total value added.
  
  

• Industry and construction rose by 8.97%, contributing 43.63%.
  
  

• Services expanded by 8.46%, contributing 51.18%.
  
  

Across the first six months of 2025, GDP growth reached 7.52% year‑on‑year—the highest for any first semester in the 2011–2025 period. Value‑added contributions by sector were:

• Agriculture, forestry and fisheries +3.84% → 5.59%
  
  

• Industry and construction +8.33% → 42.20%
  
  

• Services +8.14% → 52.21%
  
  

Within the agriculture, forestry and fisheries sector, agriculture maintained stable growth, supplying domestic demand and exports. For the first six months, agricultural value added rose 3.51%, contributing 0.29 percentage points; forestry grew by 7.42% (but low weight, contributing 0.04 pp); fisheries rose 4.21%, contributing 0.10 pp.

In industry and construction, industrial value added rose 8.07%, second only to +8.89% in H1 2022; this added 2.64 pp to total growth. Manufacturing led the way with +10.11% (+2.55 pp); electricity production/distribution grew +4.20% (+0.17 pp); water supply, waste management and treatment rose +7.30% (+0.04 pp); mining fell –4.25% (–0.12 pp). Construction surged 9.62%, the highest year‑on‑year H1 increase since 2011, contributing 0.63 pp.

In services, foreign trade, transportation and tourism surged, supporting domestic and global demand. Service sector growth in H1 reached 8.14%, again the fastest in the 2011–2025 period. Key market‑oriented services contributed strongly:

• Wholesale & retail: +7.03% → +0.76 pp
  
  

• Transportation & storage: +9.82% → +0.69 pp
  
  

• Finance, banking & insurance: +6.53% → +0.38 pp
  
  

• Accommodation & food service: +10.46% → +0.29 pp
  
  

Public services also saw marked rises: administrative & support services rose 14.58%, while activities of the Communist Party, political‑social organisations, state administration, defense, public order and compulsory social security grew 13.09%.

The economic structure in H1 2025 was:

• Agriculture, forestry & fisheries: 11.28%
  
  

• Industry & construction: 36.96%
  
  

• Services: 43.40%
  
  

• Product taxes minus subsidies: 8.36%
  (Compared to H1 2024: 11.49%; 37.0%; 42.98%; 8.53%)
  
  

On the expenditure side:

• Final consumption increased 7.95%, contributing 84.20% to GDP growth.
  
  

• Gross capital formation rose 7.98%, contributing 40.18%.
  
  

• Exports of goods/services rose 14.17%, while imports grew 16.01%.
  
  

2. Agriculture, Forestry and Fisheries

a) Agriculture

• Winter‑spring rice: planted area reached 2.9702 million hectares (+16.2 th. ha vs. 2024); yield averaged 6.85 t/ha (–0.03 t/ha); output 20.4 million tons (+17.3 th. t).
  
  

• Summer‑autumn rice: as of June 20, planted area was 1.7736 million ha (101.8% YoY); Mekong Delta area at 1.3694 million ha (102.0%).
  
  

• Annual crops: area planted with vegetables and legumes increased due to crop shifts; sweet potato, peanut and soybean area continued declining.
  
  

• Perennials: total perennial area ~3.8232 million ha (+48.3 th. ha YoY), with fruits at 1.3171 million ha (+31.0 th. ha) and industrial perennials at 2.1726 million ha (+9.2 th. ha).
  
  

• Livestock: pig numbers +3.8% YoY; poultry +4.0%; cattle –0.6%; buffalo –3.4%.
  
  

b) Forestry

• In Q2, new planted forest reached 109.0 th. ha (+19.8%); damage area decreased 30.8% to 631.8 ha.
  
  

• For H1, new forest was 153.5 th. ha (+18.9%), with damage area down 27.2% to 847.8 ha.
  
  

c) Fisheries

• Q2 output reached 2.5555 million tons (+3.3%).
  
  

• H1 output was 4.5509 million tons (+3.1%), with aquaculture at 2.5792 million tons (+4.9%), and capture fisheries at 1.9717 million tons (+1.0%).
  
  

3. Industrial Production

• Industrial Production Index (IIP) grew 9.2% in H1 (compared to +8.0% in 2024).
  
  

  • Manufacturing: +11.1%, contributing 9.1 pp
    
    

  • Electricity production/distribution: +4.5%, contributing 0.4 pp
    
    

  • Water supply & waste treatment: +11.3%, contributing 0.2 pp
    
    

  • Mining: –3.0%, reducing growth by 0.5 pp
    
    

• IIP rose in 62 localities; only Ba Ria–Vung Tau recorded a decline (–2.6%).
  
  

• Manufacturing consumption index: +0.6% MoM, +10.1% YoY in June; +9.8% YoY in H1 2025.
  
  

• Manufacturing inventory: +6.7% MoM, +12.0% YoY as of June 30. Average inventory rate reached 85.7% (vs. 76.9% in H1 2024).
  
  

• Industrial employment: +1.2% MoM and +4.7% YoY as of June 1, 2025.
  
  

4. Business Activity

a) Business registration

• In June, 24.4 thousand new businesses (+61.4% MoM, +60.5% YoY); 14.4 thousand businesses resumed operations (+79.5%, +91.1%); 6,433 registered temporary suspension (+8.6%, +18.7%); ~10.1 thousand suspended pending dissolution (+54.0%, –86.2%); 2,761 completed dissolution (+44.6%, +59.6%).
  
  

• In H1 2025, more than 152.7 thousand businesses registered or resumed (+26.5% YoY); averaging 25.5 thousand per month. Meanwhile, 127.2 thousand exited the market (+15.5%), averaging about 21.2 thousand per month.
  
  

b) Business sentiment

• In Q2, 35.7% of manufacturing enterprises reported better business conditions than Q1; 37.3% expect improvement in Q3.
  
  

5. Service Sector

• Total retail sales and service revenue in June reached VND 570.2 trillion (–0.2% MoM, +8.3% YoY); Q2 at VND 1,713.8 trillion (+0.6% QoQ, +9.0% YoY); H1 total of VND 3,416.8 trillion (+9.3% YoY), with real growth (excluding price effects) at 7.2%.
  
  

• Passenger transport: June at 520.3 million trips (+2.4% MoM), 26.4 billion passenger‑km (+5.5%); Q2 at 1,462.8 million trips (+25.9% YoY), 76.0 billion passenger‑km (+15.1%); H1 at 2,857.1 million trips (+20.9%), 151.9 billion passenger‑km (+13.5%).
  
  

• Freight transport: June at 247.7 million tons (+2.2%), 51.8 billion ton‑km (+2.4%); Q2 at 730.7 million tons (+14.4%), 150.6 billion ton‑km (+16.2%); H1 at 1,438.6 million tons (+14.3%), 291.3 billion ton‑km (+13.4%).
  
  

• Telecommunications revenue: Q2 at VND 94.5 trillion (+5.4% YoY); H1 at VND 189.4 trillion (+5.3% YoY, +5.0% real growth).
  
  

• International arrivals: June at 1.46 million (–4.3% MoM, +17.1% YoY); H1 at nearly 10.7 million (+20.7% YoY).
  
  

• Vietnamese outbound travelers: Q2 at 1.3795 million (–2.3% YoY); H1 at 4.0628 million (+53.9%).
  
  

6. Banking, Insurance & Capital Markets

• As of June 26, 2025:
  
  

  • Broad money (M2) +7.09% vs. end‑2024 (+2.48% YoY)
    
    

  • Deposit mobilization +6.11% (+1.82% YoY)
    
    

  • Credit growth +8.30% (+4.85% YoY)
    
    

• Insurance premiums in Q2 reached VND 58.9 trillion (+5.4% YoY); H1 totaled VND 114.8 trillion (+5.0% YoY).
  
  

• Average daily turnover:
  
  

  • Equities: VND 21,297 trillion (+1.4%)
    
    

  • Bonds: VND 14,050 trillion (+19.0%)
    
    

  • Derivatives: 191,321 contracts/day (–9.3%)
    
    

  • Covered warrants: 48.4 million units/day (–2.4%); turnover VND 42.4 billion (+1.0%).
    
    

7. Investment

• Total social investment in Q2 amounted to VND 921.5 trillion (+10.5% YoY); H1 at VND 1,591.9 trillion (+9.8%).
  
  

• Registered FDI as of June 30 totaled USD 21.52 billion (new, adjusted, and capital contributions)—+32.6% YoY.
  
  

• FDI disbursed in H1 was USD 11.72 billion (+8.1%), the highest mid‑year level in the past five years.
  
  

• Outbound investment by Vietnamese entities: 86 new projects certified (USD 357.7 million, 3× YoY); 18 projects increased capital (+USD 129.4 million, 7× YoY); total outbound investment USD 487.1 million (3.6×).
  
  

8. State Budget Revenue and Expenditure

• June revenue: VND 176.6 trillion; H1 revenue: VND 1,332.3 trillion (67.7% of annual plan, +28.3% YoY).
  
  

• June expenditure: VND 282.6 trillion; H1 expenditure: VND 1,102.1 trillion (43.2% of plan, +38.5% YoY).
  
  

9. Trade in Goods & Services

a) Merchandise Trade

• Exports in June: USD 39.49 billion (–0.3% MoM, +16.3% YoY); Q2: USD 116.93 billion (+18.0% YoY); H1: USD 219.83 billion (+14.4%). Domestic firms accounted for USD 58.28 billion (+9.4%), FDI‑related for USD 161.55 billion (+16.4%, 73.5%).
  
  • Of total exports, manufactured goods: USD 194.28 billion (88.4%).
  
  

• Imports in June: USD 36.66 billion (–6.1% MoM, +20.2% YoY); Q2: USD 112.52 billion (+18.8% YoY); H1: USD 212.2 billion (+17.9%). Domestic imports: USD 72.82 billion (+10.4%); FDI-related: USD 139.38 billion (+22.3%).
  
  • Industrial inputs accounted for USD 198.92 billion (93.7%).
  
  

• Top trade partners H1 2025: Exports – USA (USD 70.91 billion); Imports – China (USD 84.7 billion).
  
  

• June goods trade surplus: USD 2.83 billion; H1 surplus: USD 7.63 billion (vs. USD 12.15 billion YoY). Domestic sector ran a trade deficit of USD 14.54 billion; FDI sector a surplus of USD 22.17 billion.
  
  

b) Trade in Services

• Q2: services exported USD 7.15 billion (+19.7% YoY, –6.3% QoQ); services imported USD 10.28 billion (+19.6% YoY, +11.6% QoQ).
  
  

• H1: services exports USD 14.79 billion (+21.2% YoY), including tourism (USD 7.62 billion, 51.5% of total, +24.7%) and transport (USD 4.35 billion, 29.4%, +31.0%).
  
  

• H1 services imports: USD 19.5 billion (includes USD 6.72 billion transport‑insurance fees), +18.8% YoY, with transport at USD 8.0 billion (40.8%, +18.5%) and tourism USD 7.3 billion (37.4%, +31.5%).
  
  

• H1 2025 services trade deficit: USD 4.71 billion.
  
  

10. Price Indices

a) CPI, gold, and USD exchange rate

• June CPI rose 0.48% MoM, 2.02% vs Dec 2024, 3.57% YoY. Q2 average CPI +3.31% YoY; H1 average CPI +3.27%, core inflation +3.16%.
  
  

• June gold price index fell –1.27% MoM, rose +48.01% YoY, +33.54% since Dec 2024; Q2 average +43.62% YoY; H1 average +37.4%.
  
  

• USD price index in June: +0.32% MoM, +3.06% YoY, +2.92% since Dec 2024; Q2 average +2.98% YoY; H1 average +3.3%.
  
  

b) Producer Price Indices (PPI)

• PPI, input cost, and export price indices rose YoY in Q2 and H1, while import prices declined due to global trends.
  
  

  • Agricultural PPI +6.47%, industrial PPI +1.95%, service PPI +4.93%, raw materials index +3.84%, export prices +3.68%, import prices –1.57%.
    
    

11. Social Issues

a) Labor & Employment

• Labor force aged 15+ in Q2 2025 estimated at 53.1 million (+169.8k QoQ, +553.2k YoY). H1: 53.0 million (+542.6k YoY).
  
  

• Trained workers (with qualification/certificate) in H1: 29.0% (+1.0 pp YoY).
  
  

• Employed labor in Q2: 52.0 million (+138.6k QoQ, +544.1k YoY). H1: 51.9 million (+538.1k YoY).
  
  

• Underemployment rate Q2: 1.73% (+0.01 pp QoQ, –0.33 pp YoY); H1: 1.72% (1.23% urban; 2.05% rural).
  
  

• Average worker income Q2: VND 8.2 million/month (–58k vs Q1, +800k YoY); H1 average: VND 8.3 million (+10.1%, +760k YoY).
  
  

• Unemployment rate Q2: 2.24% (urban 2.49%, rural 2.08%); H1: 2.22% (urban 2.44%, rural 2.08%), down 0.05 pp YoY.
  
  

b) Living Standards & Social Welfare

• According to monthly surveys, 96.6% of households rated their income stable or improved in June YoY. Welfare programs (cash, rice, healthcare cards) have been timely and effective.
  
  

• As of June 25, central/local authorities, organizations and charities provided VND 16.8 trillion to social protection beneficiaries, VND 3.2 trillion to poor/near‑poor households, VND 20.6 trillion to war‑related beneficiaries, and VND 507.7 billion to emergency cases. Social insurance issued over 27.1 million free health insurance cards.
  
  

• Over 10.3 thousand tons of rice were distributed; the “Eliminate makeshift and dilapidated houses” campaign aided 262,843 homes as of June 19.
  
  

c) Culture & Sports

• Q2 saw national anniversaries: 50 years since Southern liberation & national reunification (Apr 30, 1975–2025); 135th birth anniversary of President Ho Chi Minh; 100 years of Vietnamese revolutionary journalism (June 21, 1925–2025).
  
  

• Vietnam won 3rd place in the 2025 Asian Canoe Championship, topped Muay Thailand 2025, hosted national youth Vovinam in Binh Thuan, youth traditional martial arts in Thanh Hoa, youth archery in Vung Tau, and national 7‑a‑side football championship in the Central Highlands.
  
  

d) Traffic Accidents

• H1: 8,999 accidents nationwide, causing 5,024 deaths and 6,087 injuries. Daily average: 49 accidents, 27 deaths and 33 injuries.
  
  

e) Natural Disaster Damage

• H1: natural disasters caused 74 deaths/missing, 51 injuries; damaged 57,200 ha of paddy and 11,600 ha of crops; destroyed or damaged 5,500 homes. Total estimated loss: VND 2.0038 trillion (1.2 times H1 2024).
  
  

f) Environmental Protection & Fire Prevention

• H1: authorities recorded 8,273 environmental violations, handled 7,416 cases with VND 115.5 billion in fines (–26.4% YoY); and recorded 1,723 fire/explosion incidents, resulting in 48 deaths, 75 injuries and VND 252 billion in damage (up 96.9%).
  
  

Summary

The positive outcomes in Q2 and H1 2025 reflect the effective coordination of Vietnam’s political system under central leadership, including proactive, flexible, and timely policy decisions by the Government, Prime Minister, ministries and localities, alongside strong support from businesses and citizens, despite complex and volatile domestic and global conditions.