(Illustrative photo: chinhphu.vn)

UOB noted that Vietnam's economic performance so far this year has exceeded expectations, despite US tax policies. Vietnam recorded a 7.85% growth rate in the first three quarters, prompting UOB to raise its full-year forecast from 7.5% to 7.7%. UOB cautioned, however, that trade tensions and tariff measures could pose a challenge toward the end of the year. As a result, UOB has maintained its fourth-quarter growth projection at 7.2%.

Suan Teck Kin, Head of Global Market and Economic Research at UOB, said Vietnam's outlook through the end of the year remains very positive, driven by a strong export performance. Vietnam is now among the fastest-growing economies in ASEAN, with a growth forecast above 7%, surpassing Indonesia (5%), Malaysia (4.6-5.3%), Singapore (3.52%) and Thailand (2-3%).

UOB said manufacturing continues to be Vietnam’s key growth engine, offering higher added value than resource sectors like agriculture and mining.