Vietnam's government says the country's economy grew 7.09 percent last year, higher than the target of 6 to 6.5 percent.

In a report released Monday, the General Statistics Office said exports surged 14.3 percent year-on-year, led by shipments of electronics, smartphones and clothing.

Investment inflows from overseas jumped 9.4 percent. Foreign firms see Vietnam as an attractive alternative to China and have been offshoring there to reduce their reliance on the world's second-largest economy under the so-called China plus one strategy.

Meanwhile, the buoyant US economy has been good news for Vietnam, whose biggest export destination is America.

But there is concern that incoming US President Donald Trump will adopt protectionist policies, such as imposing tariffs, which could hurt Vietnam's economy.

The country's trade surplus with America more than doubled between 2016 and 2023, rising to the third largest globally, trailing only those of China and Mexico.