Vietnam Registers Strong Growth in Exports and Industrial Production

As per the Government data released today, they revealed a significant increase in Vietnam's exports of goods and industrial production in July compared to the previous year, showcasing a quick pace of economic growth in the Southeast Asian nation.

Vietnam is targeting to increase economic growth to accomplish the GDP growth target of 6.0 per cent-6.5 per cent this year, by maintaining accommodative policy settings and increasing public funding.

According to the General Statistics Office (GSO) the exports in in July rised by 19.1 percent from the previous year to $35.92 billion. As per the GSO, there was an 11.2 per cent increase in the industrial production index in July compared to the previous year. 

"We believe the ongoing upturn in the global electronics cycle will continue to support both exports and industrial production for the rest of the year," Oxford Economics said in a note.

The nation registered annual GDP growth of 6.93 per cent in the second quarter, up from 5.87 per cent in the first quarter. Oxford Economics anticipates GDP growth to come in at 5.9 per cent this year, with the central bank's discount rate remaining 3.0 per cent. Imports in July rose 24.7 per cent from a year earlier to $33.80 billion, resulting in a trade surplus of $2.12 billion for the month, the GSO said.

The nation saw an increase in annual GDP growth to 6.93 per cent in the second quarter, compared to 5.87 per cent in the first quarter. Oxford Economics anticipates a 5.9 per cent GDP growth for this year, while the central bank's discount rate is expected to stay at 3.0 percent. According to the GSO, July saw a 24.7 percent increase in imports compared to the previous year, reaching $33.80 billion and generating a trade surplus of $2.12 billion.