Vietnam: Robust Expansion
Vietnam posted a Gross Domestic Product (GDP) growth of 8.23% year-on-year in the third quarter of 2025. According to the General Statistics Office, this represents the highest rate among the ASEAN-6 nations for the period,approaching the peak levels seen in 2022.
The performance was broad-based across key sectors:
- Industry and Construction: Expanded by 9.46%, with manufacturing continuing to act as a primary economic driver.
- Services: Increased by 8.56%, contributing nearly 50% to the overall growth.
- Agriculture: Maintained stability with a 3.74% rise.
Malaysia and Indonesia: Steady Momentum
Malaysia and Indonesia continued to demonstrate economic resilience, maintaining steady growth trajectories.
- Malaysia (5.2%): The economy was supported by stable household consumption, improved net exports, and continued investment activities.
- Indonesia (5.04%): Growth accelerated slightly compared to the previous quarter, underpinned by a strong manufacturing sector which contributed significantly to the broader economy.
Analyst scharacterize the recovery in both nations as stable, despite ongoing fluctuations in the global market.
Philippinesand Singapore: Growth Moderates
Growth momentum eased in the Philippines and Singapore as external and internal factors weighed on activity.
- The Philippines: GDP growth registered at 4%, a deceleration from 5.5% in the previous quarter. The moderation was attributed to softer domestic consumption, a decrease in fixed investment, and reduced public spending.
- Singapore: The economy grew by 2.9%, down from 4.5% in Q2. This figure reflects the impact of a high statistical base from the previous year and a softer global trade environment.
Thailand: Navigating Economic Headwinds
Thailand recorded a growth rate of 1.2% for the quarter, facing a complex economic environment.
Theeconomy encountered challenges in several areas:
- Manufacturing: The sector contracted by 1.6% following six quarters of growth.
- Exports: Growth in goods and services exports slowed to 6.9%, down from 11.2% in the prior quarter.
- Macroeconomic Factors: High household debt levels and currency appreciation have also influenced the economic outlook. Full-year growth for 2024 is projected at approximately 2.5%.
Summary: A Multi-Speed Region
Overall, the Q3 2025 data highlights a widening gap in economic trajectories within the ASEAN-6. Vietnam, Malaysia, and Indonesia are currently benefiting from strongproduction capabilities and domestic demand. Meanwhile, the Philippines, Singapore, and Thailand are navigating tighter conditions driven by global trade dynamics and specific structural challenges.