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NAC Weekly No. 31: Vietnam's Q3 GDP Grows 9.95%
Vietnam's Q3 GDP grows 9.95%, Australia lifts rates to 4.60% and Cyprus moves to tighten its golden visa. Five stories from the week.
Vietnam's economy grew 9.95% in the third quarter, its fastest pace this year, while September inflation stood at 5.08%. Abroad, Australia raised rates to 4.60%, Cyprus and the EU both moved to tighten investment residence and citizenship routes, and Malaysia's MM2H drew 7,650 applications in 23 months. In the US, payrolls rose by only 29,000 in September, far below forecasts.
Market pulse, week of 28/9–4/10/2026
Source: Statistics Office via VietnamPlus and Tạp chí Công Thương (3 Oct); Doanh nghiệp Hội nhập (2 Oct); RBA (29 Sep); Fox Business (2 Oct); IMI Daily (1 Oct)
Signals this week
Source: NAC, compiled from the sources in this issue
🇻🇳 Vietnam · Q3 GDP grows 9.95%, the fastest this year
▲+9.95%Q3 2026 GDP growth year on year, after 8.15% in Q1 and 8.81% in Q2Statistics Office, via VietnamPlus 3 OctPhoto: Nathan.cima, Wikimedia Commons, CC BY-SA 4.0
On 3 October the Statistics Office, part of the Ministry of Finance, estimated third-quarter GDP growth at 9.95% and nine-month growth at 9.01%, VietnamPlus reported. Industry and construction led with 12.5%, and Q3 exports of goods and services rose 23.27%. The same day it put September CPI 5.08% higher than a year earlier and nine-month FDI disbursement at USD 21.07 billion, of which real estate took USD 1.59 billion.
For Vietnamese investors: growth is fast, but so are prices, with inflation above 5% in September. The dong is calm: the domestic dollar price index fell 1.34% year on year in September, and on 2 October the State Bank set its central rate at VND 25,624 per dollar. For families planning to move part of their wealth abroad, a stable currency makes the plan easier to build.
🇦🇺 Australia · The central bank lifts its cash rate to 4.60%
▲4.60%Australia's cash rate target after a 0.25-point rise on 29 SeptemberRBA, 29 SepPhoto: Danausi, Wikimedia Commons, public domain
On 29 September the Reserve Bank of Australia raised its cash rate target by 25 basis points to 4.60%, a unanimous decision. The board said inflation remains elevated, global energy prices are much higher than assumed in August as conflict in the Middle East has broadened, and it will raise rates further if needed. The statement also noted that housing prices have fallen in most capital cities and new housing loans have declined noticeably.
For Vietnamese investors: dearer credit gives cash buyers a stronger hand at the negotiating table. Per NAC's listing data, 180 George in Parramatta, Sydney, was completed in 2023, is priced from about AUD 1.1 million and carries an estimated 5% gross yield. 640 in Melbourne's CBD starts at AUD 658,000, with handover expected in 2029.
🇨🇾 Cyprus · Golden visa set to tighten, 12,000 permits under review
▼12,000investor permanent residence permits issued since 2013 now being checked against the rulesIMI Daily, 28 SepPhoto: Στέφανος Νικολάου, Wikimedia Commons, CC BY-SA 4.0
As IMI Daily reported on 28 September, Deputy Minister of Migration Nicholas Ioannides told the House audit committee on 24 September that Cyprus will tighten its golden visa before joining Schengen. Officials are also checking whether about 12,000 permits issued since 2013 still meet the conditions. The current minimum investment is €300,000. No new threshold or timeline has been published.
For Vietnamese investors: lawyers quoted by IMI Daily expect a higher threshold, and note that past reforms often let applicants who had already signed or paid a deposit keep the old terms. Per NAC's listing data, Limassol Blu Marine is move-in ready from €748,000. The current rules are in NAC's Cyprus residence programme guide.
🇲🇾 Malaysia · MM2H draws 7,650 applications in 23 months
▲7,650new MM2H applications from 1 Oct 2024 to 31 Aug 2026, worth RM8.85 billionIMI Daily, 1 OctPhoto: CEphoto, Uwe Aranas, Wikimedia Commons, CC BY-SA 3.0
According to IMI Daily on 1 October, Deputy Tourism, Arts and Culture Minister Chiew Choon Man said the MM2H long-stay programme received 7,650 new applications in 23 months, worth RM8.85 billion. More than RM5 billion went into property and RM3.82 billion into fixed deposits. Chinese nationals filed 50.3% of applications and Taiwanese 13.8%.
For Vietnamese investors: the MM2H Silver tier requires a property investment from RM600,000 and Gold from RM1 million, and a programme home cannot be sold for ten years. With a hold that long, a finished unit that can be let straight away makes sense. Per NAC's listing data, The Conlay in central Kuala Lumpur is complete and priced from USD 387,000. The tiers are set out in NAC's MM2H programme guide.
🇦🇬 Caribbean · No deal with the EU on the June 2028 deadline
▼1 Jun 2028the date the EU wants Antigua and Barbuda to end its citizenship by investment programmeIMI Daily, 26 SepPhoto: Matt H. Wade, Wikimedia Commons, CC BY-SA 3.0
On 24 September, on the sidelines of the UN General Assembly in New York, the prime ministers of Saint Lucia and Antigua and Barbuda met EU Migration Commissioner Magnus Brunner, IMI Daily reported on 26 September, two days before this week. A Commission letter dated 25 June asks Antigua to end its citizenship by investment programme by 1 June 2028; Dominica, Grenada, St Kitts and Nevis and Saint Lucia received similar letters. The meeting produced no agreement.
For Vietnamese investors: the request rests on the EU's revised visa suspension mechanism, in force since 30 December 2025. Many families choose a Caribbean passport for visa-free Schengen travel, so watch the EU report due in December 2026 before committing. NAC currently lists InterContinental Grenada from USD 270,000.
Next week
Source: Federal Reserve calendar, October 2026
NAC strategic insight
This week pulled in two directions. At home, growth is strong and the dong is steady; abroad, investment residence and citizenship routes are tightening, from Cyprus to the Caribbean, and Australian rates are still rising. We favour locking in applications under programmes whose terms are still clear, and buying finished assets with equity. In the US, weak September payrolls have markets leaning toward a Fed hold in October, though a December hike is not ruled out. If you'd like to know where your family should start, book a consultation with NAC.
Related on NAC
180 George Parramatta · Limassol Blu Marine · The Conlay Signature Suites · InterContinental Grenada · The NAC Residence Index
Sources
- VietnamPlus — GDP growth for nine months of 2026 estimated at 9.01% (3 Oct 2026, Vietnamese)
- Tạp chí Công Thương — Nine-month CPI up 4.52%, core inflation up 4.26% (3 Oct 2026, Vietnamese)
- Mekong ASEAN — Registered FDI into Vietnam tops USD 50 billion in nine months (3 Oct 2026, Vietnamese)
- Doanh nghiệp Hội nhập — USD exchange rate, 2 October 2026 (2 Oct 2026, Vietnamese)
- Reserve Bank of Australia — Statement by the Monetary Policy Board: Monetary Policy Decision (29 Sep 2026)
- Fox Business — US economy added 29,000 jobs in September (2 Oct 2026)
- IMI Daily — Cyprus to Tighten Golden Visa Before Schengen Entry, Reviews 12,000 Permits (28 Sep 2026)
- IMI Daily — Malaysia's MM2H Draws 7,650 Applications and Over US$2 Billion in 23 Months (1 Oct 2026)
- IMI Daily — Antigua and Saint Lucia Leaders Meet EU Commissioner Over CBI Phase-Out (26 Sep 2026)
- Federal Reserve — October 2026 calendar
