For the full year, the bank sustained its previous forecast at 6 percent. Inflation will be controlled at 3.8 percent.

The positive outlook is mainly driven by increasing chip-making demand, the recovery of Chinese and regional economies as well as ongoing supply chain shifts, according to the UOB.

In 2025, UOB expected the Vietnamese economy to expand 6.4 percent.

The Vietnamese economy expanded 5.66 percent in January-March period, reported the General Statistics Office (GSO).

The manufacturing purchasing managers’ index (PMI) remained unchanged at 50.3 in May, signaling a second consecutive marginal monthly improvement in business conditions in the industry.

Industrial production rose by 8.9 percent in May, marking the third consecutive month of growth.

Exports posted two-digit growth for the third consecutive month, at 15.8 percent in May, up from 10.6 percent in April.

Imports grew 29.9 percent in May from 19.9 percent in April.

Viet Nam ran a trade surplus of US$7.8 billion in the first five months of this year.

The foreign direct investment disbursement grew 7.8 percent to reach US$8.3 billion in January-May, the fastest pace since 2018.

The Government has set a GDP growth target of 6-6.5 percent this year.