In 2025, Vietnam's economy faces several systematic risks that need close monitoring, including risks from the real estate market, banking non-performing loans and exchange rate volatility.
The real estate market still contains liquidity risks, especially in the high-end apartment and resort project segments. Banking NPLs tend to increase due to the impact of the previous economic recession.
USD/VND exchange rate volatility is also a factor of concern, especially in the context of the Fed maintaining high interest rates and a strong USD.