The economy of Vietnam grew by more than 7.5 percent in the first half of this year, the largest growth in more than ten years. This is mainly due to strong exports. The Vietnamese economy is also increasingly benefiting from tourism.
The growth figures were announced after the United States reached a trade agreement with Vietnam, after weeks of heavy diplomatic negotiations.
Exports to the US account for approximately 30 percent of the size of the Vietnamese economy. The country is a major producer of athletic shoes and apparel, including for the American brand Nike. Vietnam is aiming for economic growth of 8 percent for the whole of 2025.
According to the trade deal, American companies will pay a levy of 20 percent on products from Vietnam, with a levy of 40 percent on transit. This is significantly less than previously expected. Vietnam was initially expected to face a levy of 46 percent.