Top three remains stable with growth targets
According to the data of the General Statistics Department (Ministry of Finance), Viet Nam’s gross domestic product (GDP) in the third quarter of 2025 was estimated to increase by 8.23% compared to the same period of the previous year, second only to the increase of 14.38% recorded in the same period of 2022 during the 2011–2025 period. With this growth rate, Viet Nam continued to lead economic growth among the ASEAN-6 countries.
In particular, the agriculture, forestry, and fishery sector increased by 3.74%, contributing 5.04% to the overall increase in total value added of the economy; the industry and construction sector increased by 9.46%, contributing 46.41%, in which the manufacturing and processing industry was a highlight of the economy with a growth rate of 9.98%; the services sector increased by 8.56%, contributing 48.55%.Malaysia
ĐứMalaysia ranked second among the ASEAN-6. Accordingly, Malaysia’s economy expanded by 5.2% in the third quarter of 2025 (second quarter of 2025: 4.4%), supported by sustained domestic demand and higher net exports. Household spending was supported by favorable labor market conditions, income-related policy measures, and cash assistance programs. Investment activities were reinforced by continued capital expansion in both the private and public sectors. Regarding external factors, net exports recorded higher growth as export growth outpaced import growth.
For Indonesia, according to official figures from Indonesia’s statistics agency, the economy of the largest country in Southeast Asia grew by 5.04% year-on-year in the third quarter of 2025, marking steady improvement from the 4.95% recorded in the previous quarter.
The Philippines and Singapore decelerate
Ranking fourth in the region is the Philippines. The Philippines’ economic growth slowed significantly in the third quarter of 2025, with GDP increasing by 4% year-on-year, down from 5.5% in the previous quarter.
Domestic demand was the main factor behind this slowdown. The growth of consumer spending weakened to 0.5% quarter-on-quarter in the third quarter, compared to 1.5% in the second quarter. Both fixed investment and government consumption declined for the second consecutive quarter.
Following the Philippines is Singapore, with GDP growth estimated at 2.9% in the third quarter of 2025, lower than the 4.5% growth recorded in the previous quarter.
According to the Bank of Japan’s Mitsubishi UFJ Financial Group, although this growth rate was lower than that recorded in the second quarter, it was due to high base effects from a year earlier and reflected strong growth momentum amid challenging global trade conditions.
According to the Monetary Authority of Singapore (MAS), the economy grew by 3.9% in the first three quarters of 2025, faster than in the same period last year. MAS assessed that the output gap would remain positive throughout the year. However, the central bank added that Singapore’s gross domestic product (GDP) growth is expected to slow in the coming quarters as activity in trade-related sectors normalizes.
Thailand lags behind
Thailand’s gross domestic product (GDP) increased by 1.2% in the third quarter of 2025 compared to the same period of the previous year, lower than the forecast of 1.6%, according to the National Economic and Social Development Council (NESDC) announced on 17 November.
This figure fell sharply from 2.8% in the second quarter and was the lowest level since the third quarter of 2021, when the economy was heavily affected by the Covid-19 pandemic.
The main reason for the slowdown was the weakening of the manufacturing sector. Industrial output declined by 1.6%, compared to an increase of 1.7% in the second quarter, marking the first quarterly decline after six consecutive quarters of expansion. Product groups such as automobiles, machinery, and rubber all recorded decreases.
Exports of goods and services increased by 6.9% in the third quarter, significantly lower than the 11.2% of the previous quarter. The NESDC stated that exports of computers, industrial equipment, and tourist arrivals all slowed.
Thailand’s economy faced numerous challenges this year, including U.S. tariffs, high household debt, and a strong baht. The GDP growth rate of 2.5% in 2024 was lower than that of other countries in the region.
