Vietnam's statistics office announced 7.96% growth in the second quarter, export concentration before U.S. tariffs, first half growth rate, 7.5%, highest since 2011, and 29% trade surplus with the U.S

Vietnam's economy grew by nearly 8% in the second quarter of this year (April-June) as it recently focused on exports before the Donald Trump administration imposed mutual tariffs.

According to the official Vietnam News (VNA) on the 6th (local time), the Vietnam National Statistical Office (GSP) announced the day before that Vietnam's gross domestic product (GDP) grew 7.96% in the second quarter of this year from the same period last year. It is close to the Vietnamese government's annual growth target of 8%.

The growth rate for the second quarter is the highest since 8.56% in the second quarter of 2022, as a result of significantly exceeding the Bloomberg aggregated market forecast of 6.85% and the growth rate of 7.05% in the previous quarter. .

As a result, Vietnam's growth rate in the first half of this year was 7.52%, the highest since 2011.

"Despite many uncertainties in the global and regional economies, Vietnam's socio-economic performance in the first half of 2025 achieved very positive results, approaching its goal," Vietnam's statistics agency said in a statement.

Vietnam's exports in the first half of the year were $219.8 billion (about 300 trillion won), up 14.4% from the same period last year, leading to growth. Imports rose 17.9 percent to $212.2 billion.

When President Trump predicted a 46 percent mutual tariff on Vietnam in early April, exports are believed to have increased as exports to the U.S. are flocking to complete customs clearance before the tariff is imposed.

As a result, Vietnam's trade surplus with the U.S. in the first half of the year increased 29.1% to $62 billion (about 84.7 trillion won).

"The new 20% tariffs could accelerate the Vietnamese government's industrial advancement and shift exports from low-margin products to high-value-added products such as semiconductors," Fitch said.

However, the trade deficit with China, which mainly imports intermediate goods needed for export, also surged 42.2% to $55.6 billion (about 75.9 trillion won).

Recently, Vietnam and the United States concluded a trade deal with the aim of imposing a 20% tariff on Vietnamese goods imported into the United States and not tariffs on American goods exported to Vietnam.

Through this, Vietnam avoided the worst of being beaten by a 46% ultra-high tariff, but the 20% tariff rate was about five times higher than before the second Trump administration, Bloomberg Economics noted.

AFP also observed that uncertainties related to China's supply chain, which the Vietnamese manufacturing industry heavily depends on, are intensifying as the U.S. has decided to impose 40% tariffs on Vietnam's transshipment products (the volume that a third country exports to the U.S. via Vietnam).

Source: Maeil Business Newspaper