Viet Nam recorded the fastest economic growth among the five ASEAN countries that have released their third-quarter 2026 figures. Its economy expanded by 9.95% year-on-year, nearly twice the rates recorded by Indonesia, Singapore, and Malaysia, which all grew by around 5%. The Philippines ranked last, with growth of just 2.1%.
Based on data from each country's official statistical agency, here is a comparison of economic growth in Viet Nam, Indonesia, Singapore, Malaysia, and the Philippines in Q3 2026. Thailand's figures were not yet available at the time of writing.
1. Viet Nam: 9.95%
Viet Nam recorded the highest economic growth among the five countries. The National Statistics Office of Viet Nam announced on October 3, 2026, that the economy grew by 9.95% year-on-year. This marked an increase from 8.15% in Q1 and 8.81% in Q2.
Growth was driven by the industry and construction sector, which expanded by 12.50%. Services followed with 9.54% growth, while agriculture, forestry, and fishing grew by 4.21%. Overall, Viet Nam's economy expanded by 9.01% in the first nine months of 2026.
This performance brings Viet Nam closer to its annual growth target of 10% or higher. However, achieving that target remains a significant challenge before the end of the year.
2. Indonesia: 5.47%
Indonesia ranked second, with economic growth of 5.47% year-on-year in Q3 2026. Statistics Indonesia (BPS) announced the figure on November 5, 2026, up from 5.29% in the previous quarter.
On a quarter-on-quarter basis, Indonesia's economy grew by 1.59%. According to BPS, the slower pace compared with Q2 was consistent with the seasonal pattern typically observed during this period.
3. Singapore: 5.4%
Singapore's economy grew by 5.4%, according to the preliminary estimate released by the Ministry of Trade and Industry (MTI) on October 14, 2026. This was slower than the 6.2% growth recorded in Q2. On a seasonally adjusted quarter-on-quarter basis, growth reached 1.1%, down from 1.5% in the previous quarter.
Singapore's manufacturing sector expanded by 7.5%, slowing from 12.9% in Q2. In contrast, construction growth accelerated to 8.8%, up from 6.1% in the previous quarter. The Q3 figure remains a preliminary estimate and is subject to revision.
4. Malaysia: 5.3%
Malaysia ranked fourth, recording 5.3% economic growth based on the preliminary estimate released by the Department of Statistics Malaysia (DOSM) on October 16, 2026. This was lower than the 6% growth recorded in Q2. However, on a quarter-on-quarter basis, the economy grew by 4.6%, up from 1.9% in the previous quarter.
DOSM also reported that Malaysia's economy expanded by 5.5% in the first nine months of 2026, higher than the 4.8% recorded during the same period a year earlier.
By sector, manufacturing grew by 7.5%, services by 5.4%, and construction by 6%. Meanwhile, mining and quarrying contracted by 4.9%, largely due to lower crude oil and condensate production. Malaysia's final Q3 growth figures are scheduled for release on November 18, 2026.
5. The Philippines: 2.1%
The Philippines recorded the slowest economic growth among the five countries, at 2.1% in Q3 2026. The figure, reported by the Philippine Statistics Authority (PSA), marked a slowdown from the revised 2.4% growth in Q2.
On a seasonally adjusted quarter-on-quarter basis, the Philippine economy grew by just 0.1%. One of the main pressures came from the agriculture, forestry, and fishing sector, which contracted by 4.8%.
Despite the slowdown, the services sector continued to expand by 3.7%, making it the largest contributor to economic growth. Household consumption increased by 2.4%, while exports of goods and services grew by 8.6%.
The figures highlight the differing growth trajectories among ASEAN economies. Viet Nam led the group with growth approaching double digits, while Indonesia, Singapore, and Malaysia recorded relatively similar rates. The Philippines, meanwhile, experienced the slowest expansion among the five countries.
