According to the Vietnam News Agency (VNA), Prime Minister Pham Minh Chinh announced at the opening session of the 9th sitting of the 15th National Assembly on May 5 (local time) that Vietnam aims to achieve GDP growth of 8% or higher in 2025, with its economic scale exceeding $500 billion. The government also plans to maintain double-digit growth targets in the coming years.

Against a backdrop of global economic volatility—particularly amid U.S. "reciprocal tariffs" and supply chain uncertainties—Vietnam has emerged as a strategic hub for multinational enterprises, leveraging its massive consumer potential and unique geographical advantages. For Chinese companies, Vietnam is increasingly becoming a springboard for production relocation and a pivotal market for expansion.

Vietnam’s stellar economic performance has prompted multiple international institutions to revise upward their 2025 growth forecasts. Key highlights:

• 2024 GDP growth: 7.09% (General Statistics Office of Vietnam)

• Q1 2025 GDP: +6.93% YoY (5-year high)

• Asian Development Bank (ADB) raised its 2025 projection from 6.2% to 6.6%—the highest in Southeast Asia

Standard Chartered Bank has also recently updated its optimistic forecast for Vietnam's 2025 economic outlook, projecting a growth rate of 6.7%. In global economic rankings, the International Monetary Fund (IMF) predicts Vietnam's GDP will reach $506 billion in 2025.

Vinacapital similarly maintains a positive stance on Vietnam's economy. In its recently released "Pathway to 2025" report, the firm forecasts Vietnam's economic growth could achieve 6.5% in 2025, driven by domestic factors such as government infrastructure spending, recovery in the real estate market, and rising consumer expenditure.

Additionally, according to the latest report by the Centre for Economics and Business Research (CEBR), Vietnam is poised to overtake Thailand as Southeast Asia's second-largest economy.

Currently, Vietnam's home appliance market remains in a rapid growth phase, with unsaturated market penetration rates across traditional air conditioning and refrigeration products, as well as emerging small appliances. Moreover, Vietnam's cooling industry supply chain is still developing, creating substantial demand for Chinese refrigeration components.

Critically, Vietnam consistently prioritizes strengthening relations with China as a strategic choice in its foreign policy, presenting significant opportunities for Chinese enterprises looking to expand in this dynamic market.