The Index of Industrial Production (IIP) in January 2026 grew a strong 21.54% YoY, while softening slightly by 0.24% MoM. Within this, the manufacturing and processing sector (the main driver) rose 0.69% MoM and 23.58% YoY. The Manufacturing PMI stayed in expansionary territory for the seventh straight month, hitting 52.5 points in January. Production activity remained upbeat as new orders continued to rise.

Total retail sales of goods and consumer services in January 2026 reached an estimated VND 632.4 trillion, representing a 2.6% increase MoM and a 9.32% growth YoY. Retail sales of goods remained the dominant component at 77%, with growth reaching 9.3% YoY. Under Resolution 01/NQ-CP on economic development, the Government has set a retail sales growth target of 13–15%, marking the highest goal in over a decade. Therefore, support measures will likely be sustained to bolster consumption in the near term.

State Budget investment reached VND 43,122 billion in January, falling 61.34% MoM due to typical seasonal trends (usually 55–61% in January) but maintaining a strong upward trajectory with a 19.28% YoY growth rate. The 2026 public investment target set by the Prime Minister stands at VND 995.4 trillion, representing a 10% increase over the 2025 plan and a 20% rise compared to last year’s actual disbursement.

January 2026 CPI increased 2.53% YoY and 0.05% MoM. Housing and Construction Materials led the price increases at 5.6% YoY, while Restaurants and Catering Services followed at 3.64% YoY. Driven by the Lunar New Year consumption surge in February, prices for various goods are projected to stay high. That said, the elevated base figures from last year for petroleum, rice, and healthcare services should act as a buffer, mitigating the overall impact on the CPI. CPI is projected to trend steadily at 2.7–3.3% during the Tet holiday month.

As of February 4, 2026, the VND has appreciated 1.16% YTD against the USD, supported by a weakening DXY Index, a sustained trade surplus, and a widening VND-USD interest rate differential. Driven by USD weakness and robust remittance inflows during the Tet season, the VND is expected to stay stable with potential for further appreciation throughout February.