NAC Weekly No. 18: Vietnam's Q2 GDP Grows 8.39%
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NAC Weekly No. 18: Vietnam's Q2 GDP Grows 8.39%

Vietnam's Q2 GDP grows 8.39%, the US adds just 57,000 jobs and Sydney home values fall 1.2% in June. Five stories from the week.

Vietnam's economy grew 8.39% in Q2 2026, lifting first-half growth to 8.18%. Elsewhere the news ran the other way: the US added just 57,000 jobs in June and Sydney home values fell 1.2% in a month. Inflation eased slightly in the euro area and Turkey, while UK house prices rose 2.2% over the year.

Market pulse, week of 29/6–5/7/2026

Vietnam GDP, Q28.39%▲ first half 8.18%Statistics Office, 3 Jul
Vietnam inflation, June4.69%▼ CPI down 0.39% on MayStatistics Office, 3 Jul
VND central rate25,203 per USD▼ 2 dong on 3 JulState Bank of Vietnam
New US jobs, June57,000▼ May revised to 129,000BLS, 2 Jul
Euro-area inflation, June2.8%▼ 0.4 pt below MayEurostat flash, 1 Jul
Sydney home values, June−1.2%▼ Australia −0.4%Cotality

Source: Statistics Office via VietnamFinance and Báo Đấu thầu (3 Jul); VOV (3 Jul); BLS (2 Jul); Eurostat (1 Jul); Cotality via Trading Economics (30 Jun)

Signals this week

Prices and dealsMoney and ratesRules and process
🇻🇳 VietnamPrices and dealsJune CPI down 0.39% on MayMoney and ratesFDI disbursed up 11.2% in H1Rules and process—
🇺🇸 United StatesPrices and deals—Money and ratesOnly 57,000 jobs added in JuneRules and process—
🇦🇺 AustraliaPrices and dealsSydney values down 1.2% in JuneMoney and ratesHigher borrowing costs biteRules and processTax squeeze on investment property
🇬🇧 United KingdomPrices and dealsHouse prices up 2.2% in a yearMoney and ratesFixed mortgage rates easingRules and process—
🇹🇷 TurkeyPrices and dealsHousing costs up 45.14%Money and ratesInflation eases to 32.11%Rules and process—
🇪🇺 Euro areaPrices and deals—Money and ratesInflation eases to 2.8%Rules and process—
▲rising▼falling●steady / watch

Source: NAC, compiled from the sources in this issue

🇻🇳 Vietnam · Q2 GDP grows 8.39%

Cat Lai port, Ho Chi Minh City, at dawn8.39%

GDP growth in Q2 2026, year on year; first-half growth reached 8.18%Statistics Office, via VietnamFinance 3 JulPhoto: Bem photography, Wikimedia Commons, CC BY 2.0

Figures from the Statistics Office under the Ministry of Finance, reported by VietnamFinance on 3 July, put Q2 2026 GDP growth at an estimated 8.39% year on year, taking the first half to 8.18%, up from 7.63% in the first half of 2025. Industry and construction grew 10.51% and supplied about half of the gain. Disbursed foreign direct investment reached USD 13.03 billion in six months, up 11.2%. June CPI was 4.69% higher than a year earlier but fell 0.39% on May as fuel prices eased, Báo Đấu thầu reported.

For Vietnamese investors: with inflation near 4.7%, money left idle has to earn more than that just to hold its value. For property at home, set rental yield against that figure. Per NAC's listing data, estimated gross yields run at 5.8% for Grand Marina Saigon and 5% for The Sycamore in Binh Duong.

🇺🇸 United States · The US adds just 57,000 jobs in June

The New York Stock Exchange at Wall Street and Broad Street+57,000

nonfarm payrolls added in June 2026; April and May revised down by a combined 74,000BLS, 2 JulPhoto: Arild Vågen, Wikimedia Commons, CC BY-SA 4.0

On 2 July the US Bureau of Labor Statistics reported that the economy added only 57,000 nonfarm jobs in June. April was revised down from 179,000 to 148,000 and May from 172,000 to 129,000. Unemployment stood at 4.2%, and average hourly earnings were up 3.5% on a year earlier.

For Vietnamese investors: the Fed held rates at 3.5–3.75% at its 16–17 June meeting, and these figures go into its next decision on 28–29 July. At home, the State Bank set the central rate at VND 25,203 per dollar on 3 July, down 2 dong. Families planning to move money abroad should watch the Fed minutes due on 8 July.

🇦🇺 Australia · Sydney home values fall 1.2% in June

Sydney's CBD seen from Barangaroo Reserve−1.2%

Sydney home values in June 2026; Australia fell 0.4%, the steepest drop in three and a half yearsCotality, via Trading Economics 30 JunPhoto: Rob Deutscher, Wikimedia Commons, CC BY 2.0

Cotality's June home value index, reported by Trading Economics on 30 June, shows national values down 0.4% in the month, the steepest fall in three and a half years, though still 7.3% higher than a year earlier. Sydney fell 1.2% and Melbourne 1%, while Brisbane rose 0.3% and Perth 0.7%. Higher borrowing costs and a tax crackdown on investment property are weighing on demand.

For Vietnamese investors: a falling market gives buyers more time and more room to negotiate, especially on completed apartments. Per NAC's listing data, Alba in Zetland (completed 2024) starts at about AUD 1.1 million with an estimated gross yield of 4.8%, and 180 George in Parramatta yields an estimated 5%.

🇬🇧 United Kingdom · House prices up 2.2% in a year

Colourful terraced houses on Cliftonwood Crescent, Bristol+2.2%

average UK house price, year on year, June 2026, up from 1.7% in MayNationwide, 1 JulPhoto: Ruth Sharville, Wikimedia Commons, CC BY-SA 2.0

The Nationwide index published on 1 July shows the average UK house price flat in June but up 2.2% on the year, at £278,784. London rose 1.6% to £540,903. As Landlord Today noted on 2 July, annual growth was 1.7% in May, and Nationwide chief economist Robert Gardner credited a shift in expectations for the Bank of England base rate with pulling fixed mortgage rates lower.

For Vietnamese investors: with London lagging the national market, rental income drives most of the return. Per NAC's listing data, estimated gross yields are 5.2% at Fulham Reach, 5.5% at Oval Village and 5.8% at Bermondsey Place, with prices from about £500,000.

🇹🇷 Turkey · Inflation eases to 32.11%

A Kadıköy ferry on the Bosphorus, İstanbul32.11%

annual inflation in June 2026, down from 32.61% in MayTurkStat, via RTTNews 3 JulPhoto: Tarik Kaan Muslu, Wikimedia Commons, CC BY-SA 4.0

On 3 July TurkStat put June inflation at 32.11%, down from 32.61% in May and close to the 32.1% forecast, RTTNews reported. Housing costs rose 45.14% on the year, a touch slower than May's 45.59%.

For Vietnamese investors: high inflation pushes up rents in lira, but once converted to dollars part of that gain can be lost to a weaker currency. Per NAC's listing data, Bağcılar Garden and Referans Residence in İstanbul are both completed and start at USD 400,000, the threshold for citizenship by investment. The conditions are in NAC's Turkey citizenship programme guide.

Next week

Mon6/7
Tue7/7
Wed8/7Fed minutes of the 16–17 June meeting
Thu9/7Bank Negara Malaysia rate decision, OPR now 2.75%ECB account of the 10–11 June meeting
Fri10/7
Sat11/7
Sun12/7

Source: The Fed, Bank Negara Malaysia and the ECB

NAC strategic insight

At home, growth is strong but inflation is close to 4.7%. Abroad, Sydney prices are falling and UK prices are rising only slowly. We favour completed homes in cooling markets, where buyers have time on their side and room to negotiate, and keeping part of a family's wealth in foreign currency. If you'd like to see where your family's portfolio stands after this week, book a consultation with NAC.

Markets in this issueVietnam led the week's news; Sydney and London are the two housing markets with fresh price data
🇻🇳 VietnamBranded homes in Da Nang, Ho Tram and HCMCSaigon by nightExplore the market →🇦🇺 AustraliaNew apartments in Sydney and MelbourneCentral SydneyExplore the market →🇬🇧 United KingdomNew homes in London's regeneration districtsTower Bridge, LondonExplore the market →

Grand Marina Saigon · Alba Zetland · 180 George Parramatta · Fulham Reach · Bağcılar Garden · The NAC Residence Index

Sources