Vietnam’s economic recovery to accelerate remarkably in H2
Vietnam’s economic recovery to accelerate remarkably in H2: Standard Chartered
Vietnam’s economic recovery will be stronger in the second half of 2022, particularly as the country resumed its tourism activities after a two-year closure, according to Standard Chartered’s latest Vietnam report.
Hanoi (VNA) - Vietnam’s economic recovery will bestronger in the second half of 2022, particularly as the country resumed its tourism activities after atwo-year closure, according to Standard Chartered’s latest Vietnam report.
The report said the Vietnamese economy will continue recovering inAugust as the recovery has shown signs of broadening.
The bank maintained itsforecast for Vietnam’s GDP growth at 10.8% and 3.9% in the third and fourthquarters of this year, respectively, taking the full-year growth to 6.7%.
Tim Leelahaphan, Standard Chartered Economist for Thailandand Vietnam, anticipated that the recovery will accelerate remarkably. However,he also warned that high global oil prices may have negative impacts on the Vietnamese economy.
Retail sales are estimated to grow strongly, at 60.2% inAugust, from 42.6% in the previous month, the report added.
Industrialproduction, export and import are expected to increase by 15.2%, 15% and 15.2%,respectively, this month compared to 9.8%, 3.4% and 11.2% in July.
Vietnam may record a trade deficit this month which islikely to stand at around 1.4 billion USD. Electronic products remained the country’sbiggest currency earner.
Inflation is projected to stand at 3% in August, compared to3.2% in July, which is within a manageable level. Price pressure may increasein the second half of 2022 and in 2023.
The bank recommended the State Bank of Vietnam to be wary offinancial instability risks.
Illustrative image. (Photo: VNA)
Experts from HSBC have also predicted that despite a lessrosy external picture, Vietnam’s economy continued to gain traction.
Textile, garment and footwear exports rose by 30% from ayear earlier. Retail sales posted a record growth rate of over 55% last monthcompared to the same period last year. In particular, revenue of tourism-relatedsectors was considerable, witnessing a double-digit expansion for four straightmonths.
Also in July, Vietnam attracted more than 350,000 foreigntourist arrivals, tripling the monthly average in H1, and bringing totalvisitors to the country so far to over 1 million. Those from the Republic ofKorea, Europe and the US accounted for nearly half of the total figure./.
Standard Chartered has forecast Vietnam’s GDP growth at 10.8% in the third quarter and 3.9% in the last quarter of 2022, contributing to annual expansion of 6.7%.
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Illustrative image. (Photo: VNA)
Illustrative image. (Photo: VNA) 
