UOB forecasts 6% GDP growth for Vietnam in Q2

By VNA   June 11, 2024 | 02:50 am PT
UOB forecasts 6% GDP growth for Vietnam in Q2
People shop in a supermarket in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
Singapore-based United Overseas Bank (UOB) has projected the economic growth rate of Vietnam at 6% in the second quarter of 2024.

For the full year, UOB maintained the previous forecast at 6%. Inflation will be controlled at 3.8%. In 2025, UOB expected the Vietnamese economy to grow at 6.4%

Recent economic indicators affirm positive outlook for the Vietnamese economy. The manufacturing purchasing managers’ index (PMI) remained unchanged at 50.3 in May, signaling a second consecutive marginal monthly improvement in business conditions in the industry.

Industrial production rose by 8.9% in May, marking the third consecutive month of growth.

Exports posted two-digit growth for the third consecutive month, at 15.8% in May, up from 10.6% in April. Imports rose 29.9% in May from 19.9% in April.

Vietnam ran a trade surplus of $7.8 billion in the first five months of this year.

The realised foreign direct investment rose 7.8% to reach $8.3 billion in January-May, the fastest pace since 2018.

The total retail sales of goods and services increased by 8.7%, supported by robust restaurant, accommodation and tourism services.

The Government has set a GDP growth target of 6-6.5% this year.

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