Vietnam’s economy is expanding rapidly in 2026. In the third quarter, gross domestic product (GDP) grew 9.95% from a year earlier, the fastest quarterly growth since the COVID pandemic, according to Reuters. One of the fastest growing economies in the world, Vietnam has an estimated 8.4% GDP growth rate on the back of high-tech manufacturing, foreign investment and infrastructure spending, per the International Monetary Fund (IMF).
Industrial production volume in Vietnam increased by 10.8% year-over-year in the first half of 2026, the fastest first-half expansion since 2019, the East Asia Forum reported, while manufacturing increased by 11.4%, exports grew 21% and foreign direct investment disbursements rose by 11.2%. All this contributed to a total of $13 billion in GDP.
Though promising, weaker global demand and heightened uncertainty may hinder exports and investment for Vietnam, per the Asian Development Bank. Additionally, higher energy prices and tighter global financial conditions could compound inflation and exchange-rate pressures.
To lower borrowing costs, the State Bank of Vietnam (SBV) mandated commercial banks trim listed annual deposit rates by at least half a percentage point for terms of six months or longer and reduce lending rates by 1.5 to 2 percentage points on loans for production, business activities and priority sectors, the Asia News Network reported.
Failure to comply would mean significant cuts to their remaining credit growth quotas for 2026, lower targets for 2027 or tighter prudential requirements. As a result, bankers are placed in a difficult position, caught between accommodating borrowers while financing a growing economy.
Vietnam business activity is in line with growth expectations. In September, the FCIB’s Credit & Collections Survey recorded an average of 10 days beyond terms for Vietnamese customers, with 50% of credit professionals saying that payment delays stayed the same, 33% not experiencing any and only 17% seeing an increase.
Of the survey respondents trading in Vietnam, 75% reported billing disputes as the most common cause of payment delays while 50% attributed them to supply chain or shipping issues, cultural norms and customers, customer payment policy and other disputes.
“Know your customer before extending credit and verify ownership, authority and financial stability with a trusted local source,” one respondent wrote.
“Use contracts tailored to Vietnam,” wrote another respondent. “Clearly define payment terms, acceptance criteria and dispute resolution.”
“Be extremely cautious before extending credit,” another advised.
