NEW DELHI, November 7: Vietnam’s consumer prices rose 5.09% in October 2026 from a year earlier, while industrial production jumped 15.0%, according to figures released by the country’s National Statistics Office (NSO). Prices rose 0.20% from September, and the domestic gold price index fell 2.85% in the month as world gold prices eased.
Key highlights
- Inflation: consumer prices up 5.09% year on year in October and 4.41% since December 2025.
- Ten-month average: inflation averaged 4.57% in January–October; core inflation averaged 4.24%.
- Factory output: the industrial production index rose 15.0% from a year earlier and 2.3% from September.
- Manufacturing: up 15.7%; electricity production and distribution also up 15.7%.
- Gold and dollar: the gold price index fell 2.85% in the month; the US dollar price index fell 0.26%.
| Indicator (October 2026) | Change |
|---|---|
| Consumer price index, month on month | +0.20% |
| Consumer price index, year on year | +5.09% |
| Consumer price index, vs December 2025 | +4.41% |
| Average CPI, January–October (year on year) | +4.57% |
| Average core inflation, January–October | +4.24% |
| Gold price index, month on month | −2.85% |
| Gold price index, average January–October (year on year) | +37.28% |
| US dollar price index, month on month | −0.26% |
| Industrial production index, year on year | +15.0% |
| Manufacturing and processing, year on year | +15.7% |
| Electricity production and distribution, year on year | +15.7% |
| Mining, year on year | +4.9% |
Factories running hot
The NSO said industrial production “continued to follow a positive growth trend” in October. Among the big industrial provinces and cities, output rose most from September in Quang Ngai (+6.5%), Quang Ninh (+5.9%), Ho Chi Minh City (+4.9%) and Hai Phong (+4.2%), and fell in Vinh Long (−2.3%) and Da Nang (−3.6%). Water supply and waste management grew 7.8% and mining 4.9%.
Prices and gold
Although monthly price growth slowed to 0.20%, the annual rate of 5.09% is above the ten-month average of 4.57%, showing price pressure built up through the year. Gold, which Vietnamese households widely hold as savings, rose 37.28% on average over the first ten months compared with a year earlier, but its price index fell 2.85% in October and is now 6.77% below its December 2025 level.
Our calculation
- October’s 5.09% annual inflation is 0.52 percentage points above the January–October average of 4.57%.
- Headline inflation has averaged about a third of a percentage point above core inflation this year (4.57% vs 4.24%).
- Industrial output is growing about three times as fast as consumer prices.
What it means for India and Asia
Vietnam is one of Asia’s biggest manufacturing hubs for electronics, textiles and footwear, so 15% growth in factory output points to strong export orders even as prices rise. For India, which competes with Vietnam for factory investment and is also building closer ties with it, the numbers show how strong that competition is. India’s National Security Adviser visited Viet Nam on November 1–2, according to the Ministry of External Affairs.
What to watch
- Vietnam’s November price and production figures, due in early December.
- Whether inflation stays above 5% as fuel and food costs move.
- Export data for the final months of the year.
Dong Xuan market in Hanoi’s Old Quarter. Image: Juliana Ng from Singapore, CC BY 2.0, via Wikimedia Commons. Photo source · Licence
Sources
- National Statistics Office of Viet Nam: Consumer Price Index (CPI), Gold Price Index and US Dollar Price Index in October and ten months of 2026
- National Statistics Office of Viet Nam: Index of industrial production in October of 2026
- Ministry of External Affairs: NSA’s visit to Viet Nam (November 01–02, 2026)
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