Vietnam Economic Update (August 2026): Sustained Activity Gains and Rising Inflation

Vietnam's August macroeconomic activity sustained moderate gains, led by steady retail sales and tech exports alongside a pickup in state investment. However, headline CPI inflation accelerated to 4.9% yoy on higher oil prices, and the seasonally adjusted trade deficit widened to a historical high of -US$3.9bn.

Key Takeaways

• 1.Vietnam's economic activity indicators sustained moderate growth in August, though industrial production momentum slowed to 0.5% mom sa (14.4% yoy).
• 2.Headline CPI inflation rebounded to 4.9% yoy in August driven by higher oil prices, exceeding consensus, while core inflation remained flat at 4.6% yoy.
• 3.Trade dynamics weakened as the seasonally adjusted trade deficit widened to -US$3.9bn, the largest recorded since 2005, amid robust tech exports offset by a 1.5% mom sa contraction in imports.

Table of Contents

• Monthly Activity Indicators
• Investment
• Foreign Trade
• Inflation
• Disclosure Appendix

Report data

Exhibit 6: Headline CPI inflation rebounds above the central bank target

Reports in this series

Economics Research is shown in chronological order through this edition, published on September 3, 2026.

Part of the Economics Research series — view all 7 editions

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