7M26: Solid growth momentum amid external headwinds

The second half of 2026 began on a positive note despite persistent external uncertainties, as Vietnam’s economic activity maintained solid momentum. Growth was supported by steady retail sales during the peak summer tourism season, accelerating industrial production, and further moderation in CPI inflation driven by sharp drops in domestic fuel prices. On the trade front, the trade deficit widened as import growth outpaced exports. Looking ahead, near-term exports face potential risks from US Section 301 tariff adjustments, while import cost pressures will depend on Middle East geopolitical dynamics. Regarding foreign direct investment, newly registered capital served as the main highlight, expanding to roughly four times the level recorded in the same period last year, which bodes well for sustained disbursement and industrial expansion in the future.