Market Highlight 21.10.2025

China reported that its Gross domestic product (GDP) grew 4,8% year-on-year in Q3 2025, down from 5,2% in the previous quarter. According to the National Bureau of Statistics (NBS), the economy expanded 5,2% during the first 9 months of the year. The slower growth trajectory may prompt Beijing to ramp up domestic stimulus measures while maintaining its firm stance in the ongoing trade conflict with the United States. Tensions between the world’s two largest economies have escalated sharply in recent weeks - the latest flashpoint in a volatile year marked by tit-for-tat tariff policies. Earlier this month, after China tightened export controls on rare earths, U.S President Donald Trump threatened to impose 100% tariffs on all Chinese goods.

The release of these economic figures coincides with the start of a four-day policy meeting in Beijing, where China’s top policymakers are discussing the country’s next Five-Year Plan, which will guide the world’s second-largest economy through the latter half of this decade. The discussions are expected to focus heavily on high-tech industries, alongside initiatives to boost household spending and curb excessive price competition among domestic firms. Last week, China’s Customs Administration reported that total exports for the first 9 months of 2025 rose 6,1% year-on-year, even as shipments to the United States fell nearly 17% during the same period.

In Vietnam, the USD/VND interbank exchange rate traded mostly within the 26.340 - 26.350 range on Monday, closing the day at 26.345. The State Bank of Vietnam (SBV) kept the effective ceiling rate unchanged at 26.356. The market is expected to remain stable, with the interbank rate continuing to trade around 26.300 - 26.350 throughout the day.

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