Vietnam enters 2026 with growth still holding up. The key question is whether growth can translate into real economic gains, given constraints around infrastructure stress, policy decisions, and capital allocation. Our latest macro report examines the growth potential and policy constraints shaping the year ahead.

Vietnam’s macro landscape strengthened significantly in 2025, highlighted by Q3 GDP growth of 8.23% YoY, the strongest since 2022 with steady inflation at 3.2-3.3%, and a USD16.8B trade surplus driven by high-tech manufacturing. Industrial production continued its upward trajectory, supported by resilient FDI inflows and stable domestic demand. Our October Vietnam Macro Outlook Report breaks down the global and domestic drivers shaping the country’s economic trajectory as it

We issue an Overweight  rating for FPT Corporation (FPT, FPT.HM ) with a target price of VND115,000, with a 24.9% upside from the current price. FPT’s digital transformation and global IT services continue to grow, supported by government initiatives. Vietnam’s digital transformation is no longer theoretical — it’s accelerating. With the domestic IT market projected to grow at a 9.34% CAGR from 2024–2029, and supported by the “four horsemen” of government initiatives — 57-NQ/