Exports forecast to reach new peak

Exports are expected to grow 18% year-on-year, the biggest growth rate since 2021, a report by Singapore-based bank UOB has shown.

As of Nov. 15 exports have reached around $352 billion, slightly lower than last year’s total, according to Vietnam Customs.

Categories with high growth rates include computers and electronics (26.1%) and machines and equipment (21.7%).

Imports went up 16.6% to $329 billion, driven by the expansion of foreign companies.

Actual foreign direct investment inflows amounted to $19.6 billion in the first 10 months, and is on track for the third straight year of record FDI inflows.

"Vietnam’s growth trajectory remains on track," UOB said.

But the manufacturing sector is growing at a slower pace, with the Purchasing Managers' Index locking at 50.8 points last month, compared to 51.2 in October.

"To some extent, the slowdown in growth reflects weaker international demand," said Andrew Harker, economics director at S&P Global Market Intelligence, which keeps track of the index.

But S&P Global’s survey has found that Vietnamese manufacturers remain optimistic about production growth next year, driven by expectations related to new product launches, business expansion plans, and increased new orders.