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Goods containers waiting for export at Tan Vu Port, Hai Phong city. (Photo: VNA)

Vietnam stays on course for 8% growth despite tariff risks

Despite escalating global uncertainties and the looming threat of reciprocal tariffs from the US, Vietnam remains committed to its ambitious GDP growth target of 8% for 2025.

This determination, highlighted in a resolution issued by the Government on April 10, reflects not only optimism but also a strategic readiness to absorb external shocks through coordinated and flexible policies.

Amid growing geopolitical tensions, trade disputes and supply chain disruptions, Vietnam is also contending with extreme weather events, inflation and exchange rate volatility. Nonetheless, the Government is calling on ministries, local authorities and businesses to stay optimistic, confront challenges head-on and seize emerging opportunities.

In particular, 37 provinces and cities that fell short of their Q1 growth targets have been directed to reassess their performance and revise strategies for the remainder of the year.

One of the gravest current concerns is the potential imposition of reciprocal tariffs by the US, with rates possibly reaching as high as 46%. Although Washington has granted a temporary 90-day reprieve, the urgency remains.

According to the National Statistics Office (NSO), Vietnam’s exports to the US were valued at 119.6 billion USD in 2024, making it the country’s largest export market and accounting for nearly 30% of total exports. The trade surplus with the US stood at 104.6 billion USD.

Given the significance of US trade as a key economic driver, any new tariffs could have serious consequences for Vietnam’s major export sectors and overall growth, cited VNA.

In response, the Ministry of Finance is preparing support packages for affected workers and businesses, including a proposed extension of VAT reductions from July 2025 through to the end of 2026. The State Bank of Vietnam is also planning to manage exchange rates flexibly and ensure access to credit for firms under pressure.

Phi Vinh Tuong, Deputy Director of the Institute of Vietnam and World Economy, said the politicisation of trade policy – particularly amid ongoing US–China tensions – had disrupted financial markets and weakened investor confidence.

“For an economy as open as Vietnam’s, the impact is immediate, especially for foreign-invested enterprises which have long been the backbone of our export sector,” Tuong said.

Unpredictable tax policies could lead foreign investors—many of whom shifted operations from China to Vietnam during Trump’s first term—to reconsider their strategies or even withdraw, he said. Domestic firms, although less globally integrated, would also face risks as international partners adjust supply chains to reduce exposure.

“The Fourth Industrial Revolution is further reshaping global supply chains. As Vietnam currently occupies many midstream links, the risk of disintermediation is high,” Tuong said, adding that the country must enhance domestic supply chains and develop independent export capacity to remain competitive.

Calm and proactive

Following Prime Minister Pham Minh Chinh’s call for calm and proactive measures, the Government has adjusted trade policies, bolstered relations with the US, and lowered tariffs on key imports such as LNG and cars, while increasing agricultural imports to reduce trade tensions.

This proactive stance is most visible in Ho Chi Minh City, Vietnam’s economic engine. Despite concerns about tariffs, the city is pushing ahead with its 8.5% regional GDP growth target.

Nguyen Van Duoc, Chairman of the HCM City People’s Committee, said the city had formulated multiple response scenarios and was working closely with both local and international experts to revise policies and production plans.

Key industries were working to accelerate shipments within the 90-day grace period, while also adapting operations for longer-term resilience. At the same time, the city was promoting sustainable competitiveness by boosting domestic consumption, upgrading logistics systems and supporting higher value-added exports.

Experts believe this is a crucial moment to restructure the export economy.

Pham Binh An, Deputy Director of the HCM City Institute for Development Studies, said Vietnam must tighten enforcement of rules of origin and crack down on firms abusing export loopholes. He emphasised the need to shift goods labels from “Made in Vietnam” to “Made by Vietnam”, with HCM City leading the push to build a self-reliant manufacturing sector through coordinated public-private strategies.

Nguyen Bich Lam, former Director of the National Statistics Office, said that to stay on track, Vietnam must make full use of free trade agreements to boost exports, diversify export products, reduce the service trade deficit, accelerate public investment, stimulate domestic demand through tax and welfare measures, and ensure macroeconomic stability.

Still, challenges lie ahead

A recent report by BMI Research, a subsidiary of Fitch Solutions, downgraded Vietnam’s 2025 GDP growth forecast from 7.4% to 6.4%, citing slower-than-expected export and FDI growth in Q1. GDP was 6.9% in the first quarter, down from 7.6% in Q4 2024. FDI increased by just 7.2%, while export growth slowed to 9.7%.

Investor sentiment remains cautious, with many adopting a wait-and-see approach due to tariff uncertainties.

However, a bright spot remains: domestic consumption, which rose by 7.5% thanks to relatively low inflation. Economists said this internal demand could serve as a stabilising force against external volatility if further supported.

In the long run, Vietnam’s growth will depend on its ability to nurture strong, tech-savvy domestic enterprises capable of weathering global trade fragmentation.

Tuong said that as global markets split into separate regulatory spheres—especially between the US and China—Vietnamese firms might face rising compliance costs. In this context, government support for access to finance, technology, and global integration would be essential.

While full decoupling from global trade is unlikely in the short term, Vietnam must prepare for possible long-term scenarios. Deepening bilateral ties, expanding the domestic market and enhancing productivity is the best path forward to achieve the 8% growth target—not just in principle, but in practice.

Mekong Delta boosts diverse types of tourism

For a long time, localities have developed eco-tourism, offering experiences rich in the culture of the Southwestern region of Vietnam. However, the mindset of relying solely on rivers and gardens to develop tourism is outdated in the modern era.

Provinces are gradually learning to leverage and promote traditional values while integrating other forms of tourism to diversify products and experiences, helping the “land of nine dragons” grow.

In 2024, the Mekong Delta welcomed over 52 million visitors, with total tourism revenue estimated at over 62 trillion VND (2.39 billion USD). Of that, Can Tho City was estimated to have received around 6.3 million visitors, generating about 6.23 trillion VND (240.82 million USD) in revenue. Besides “riverine” spaces, historical sites like the Hung Kings Temple, Binh Thuy Ancient House, and entertainment areas like Ninh Kieu Pedestrian Street and the night food market also attract a large number of tourists.

Meanwhile, Dong Thap Province has effectively utilised tourism products from traditional craft villages such as Sa Dec Flower Village, handicraft villages, and local cuisine. Among the nine million visitors in An Giang Province last year, famous destinations contributed significantly, including Cam Mountain tourist area, the Memorial Site of President Ton Duc Thang, Ba Chua Xu Temple on Sam Mountain, and the Chau Phong Cham Village.

Many experts believe that tourism in the Mekong Delta is now more than just eco-tourism, and the diversity of tourism products is increasingly evident. Coastal and island resources, historical and cultural relics, and traditional cultural values are being increasingly promoted.

Although the region no longer relies solely on “rivers and gardens”, diversifying tourism types in the Southwest region still faces many obstacles. While there has been innovation and creativity, it remains fragmented and spontaneous rather than part of a long-term development plan, according to NDO.

Fruit trading activities in the riverine orchards of the Southern region of Vietnam always attract tourists. (Photo: Ngoc Mai)

Tourist destinations are not yet well-connected with travel and tour companies, limiting the variety of tours and routes. Often, visiting one province feels like experiencing the entire region. Tourism development is still largely uncoordinated, with ineffective promotion of destinations on social media and other media platforms.

Traditional craft villages receive little investment for preservation and development, with many at risk of disappearing. There’s a lack of effective coordination mechanisms for regional linkages and value chain integration in the tourism sector. Few tourism projects are being invested in, and many are delayed. Apart from Phu Quoc Island (Kien Giang Province), the Mekong Delta lacks large-scale entertainment zones.

To make tourism in the Mekong Delta more diverse and appealing, localities must focus on selective exploitation and diversification of tourism types, promoting traditional cultural values and creating distinctive features for each area. Mobilising resources and attracting investment for tourism development is essential. Conditions should be made to help tourism businesses build and develop new tourism products. Active and effective participation in linking and cooperating to boost tourism, especially inter-sector and inter-regional cooperation, is crucial.

A clear legal framework and a model for directing and coordinating regional linkages in the Mekong Delta are needed to effectively develop tourism. The connection should not only rely on government-to-government agreements lacking legal binding, but also involve market linkages between businesses, tourism operators, media, and branding agencies.

Vietnamese cuisine highly appreciated at Brunei’s Hari Raya Festival

The Vietnamese Embassy’s booth was a standout attraction at the traditional Hari Raya Festival hosted by the Brunei Ministry of Foreign Affairs on April 19, captivating guests with the enticing aroma of 'pho' (noodle soup) and 'nem ran' (fried spring rolls) crafted by famous Vietnamese restaurant Yi’s Nation.

Originally a Western-style eatery, Yi’s Nation has undergone a transformation, blending traditional Vietnamese dishes like pho, banh mi, fresh and fried spring rolls, and signature Vietnamese salads into its menu. Each dish tells a story of culture, family memories, and homeland pride, as showcased at the festival.

The festival brought together nearly 20 overseas representative agencies, each showcasing uniquely themed booths highlighting their national identities, contributing to an atmosphere of unity, friendship, and rich cultural identity, cited VNA.

Vietnamese Ambassador to Brunei Tran Anh Vu introduces 'pho' and 'nem ran' to a Brunei official (Photo: VNA)

Hari Raya Aidilfitri, marking the end of the holy month of Ramadan, is the most important festival for Muslims. It is a time of reunion, with families and friends gathering to enjoy traditional dishes, share joyful moments, and celebrate with music and festivities.

With Islam as the official religion and Muslims comprising around 80% of Brunei’s 500,000 residents, the festival holds deep cultural significance in this sparsely populated Southeast Asian nation, where 76% live in urban areas.

International troops to march in Vietnam’s reunification day parade

Vietnam will host foreign military delegations in a landmark parade marking 50 years of reunification.

General Phan Van Giang, Vietnam’s Minister of National Defense, announced that three international military contingents from China, Laos, and Cambodia will join Vietnamese armed forces in the upcoming parade commemorating the 50th anniversary of national reunification on April 30.

On the night of April 18, General Giang and Minister of Public Security General Luong Tam Quang co-chaired an inspection of joint training for participating forces.

This was the first rehearsal held on Le Duan Street in District 1, Ho Chi Minh City. The session aimed to evaluate the quality of training and coordinate logistics for the official parade.

General Giang noted that military, police, and militia units showed relatively consistent performance across formations.

He emphasized that soldiers must maintain a confident and composed posture during the parade and avoid excessive stiffness.

He also recommended mixing formations by force and color for visual harmony, maintaining appropriate spacing, and adjusting the conductor’s position to align with formation dynamics.

He encouraged unit commanders to continue motivating troops, improve performance quality, and foster a strong sense of commitment to fulfilling their duties during the commemorative events.

Sharing personal memories, General Giang recalled participating in the 1985 national parade, when he and his fellow soldiers trained for six months at Hoa Lac Airport under extreme heat and challenging conditions. Despite the hardships, they remained determined to accomplish their mission, reported VNN.

General Phan Van Giang encourages officers and soldiers during the joint training for the April 30 parade in Ho Chi Minh City. Photo: The Bang.

He expressed confidence that with lessons learned from the 70th anniversary parade of the Dien Bien Phu victory, the forces would once again fulfill their responsibilities with excellence, contributing to a successful celebration of Vietnam’s reunification.

Security and safety are top priorities, General Giang emphasized. He instructed the military to conduct bomb and mine clearance, tighten surveillance, and ensure proper living conditions and healthcare for participating officers and soldiers.

Notably, he revealed that three military units from China, Laos, and Cambodia would join the parade, calling their participation a rare and highly valued gesture of solidarity. He stressed the importance of providing comprehensive logistical support for these international delegations.

At a press conference earlier on April 18, Deputy Chairwoman of the Ho Chi Minh City People's Committee, Tran Thi Dieu Thuy, confirmed that the parade will include four ceremonial flag contingents, 36 military parade formations, and 12 civilian march formations. Troops from Laos and Cambodia are expected to participate, along with the newly confirmed Chinese contingent.

Vietnam’s most hospitable cities in 2025 announced

As part of the 13th annual Traveller Review Awards 2025, Booking.com announced the Top 10 most hospitable cities and Top 5 most hospitable regions in Vietnam.

Based on more than 360 million verified reviews from global travelers, the awards recognize and honor partners who consistently deliver outstanding service quality and contribute to elevating the travel experience. In 2025, 13,003 accommodation partners in Vietnam were honored thanks to their exceptional hospitality and service that exceeded guest expectations.

Each city must have at least 50 eligible properties to qualify for the rankings. Rankings are determined by the ratio of awarded properties to the total number of properties in each destination. For regional rankings, each region must have at least 200 eligible properties, and rankings are based on the percentage of properties receiving awards compared to the total number of properties in the area, cited NDO.

Hanoi tops the list of the most hospitable cities in Vietnam. (Photo: Huy Le)

This year’s results show that Hoi An leads the list of Vietnam’s most hospitable cities, followed by Ninh Binh, Ha Giang, Phong Nha (Quang Binh), Con Dao (Ba Ria-Vung Tau), Cao Bang, Phu Quoc (Kien Giang), Cat Ba (Hai Phong), Sa Pa (Lao Cai), and Ha Long (Quang Ninh).

In addition to the list of hospitable cities, Booking.com announced the Top 5 most hospitable regions in Vietnam in 2025. The honored regions reflect the geographic diversity and cultural richness of Vietnam’s tourism landscape.

Leading the list is Kien Giang, known for its pristine beaches, lush tropical forests, and peaceful resort atmosphere. Ninh Binh ranks second, followed by Quang Nam in third place. The remaining two spots are held by Ha Giang and Lao Cai.

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