We've lowered our forecasts for Vietnam's GDP growth by 0.7ppts to 6.2% y/y in 2025 and by 0.4ppts to 6.2% in 2026. Growth prospects have been downgraded due mainly to tariff-related concerns. Closer Chinese cooperation shouldn't fully offset these headwinds, too. Still, upside risks to our forecasts remain, especially if Vietnam manages to strike a trade deal with the US.
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