Vietnam's economy remains resilient as banks pivot to partnership-focused retail services

United Overseas Bank's Q3 2026 outlook notes that Vietnam has maintained strong growth momentum despite rising energy costs and external uncertainties. Manufacturing activity improved, with the PMI rising to 52.8 in May, while inflation reached 5.6% year‑on‑year, the highest in six years. Trade activity cooled, leading to a $12.7 billion deficit in the first five months, the largest in almost three decades. UOB projects 7% GDP growth for 2026 and expects the State Bank of Vietnam to keep policy rates steady while balancing inflation and exchange‑rate stability.

Meanwhile, Standard Chartered's head of Wealth and Retail Banking in Vietnam says the retail banking market is shifting from a product‑led approach to a partnership model. The bank is emphasizing long‑term customer value, cross‑border support, digital efficiency combined with personalised advice, and integrated protection solutions such as bancassurance to meet the needs of the country's expanding middle and affluent segments.