GDP in Vietnam
Vietnam - GDP
Economy continues expanding at robust pace in Q1
The economy continued to grow at a stellar, albeit slightly slower, pace in the first quarter of the year, after expanding at an over 11-year high rate in the previous quarter. GDP growth moderated in year-on-year terms from 7.7% in Q4 2017 to 7.4% in Q1. Vietnam remains among the world’s fastest growing economies thanks to flourishing exports, high inflows of foreign direct investment (FDI) and a thriving tourism sector.
Looking at a breakdown by production, reported in cumulative terms, all three major sectors expanded in the first quarter. The industry and construction sector registered the brightest performance, expanding 9.7% yoy in the January–March period, up from 8.0% yoy in the January–December period of last year. An upturn in the industrial sector was behind the improved reading. A stellar 22.0% yoy expansion in exports in the January–March 2018 period, slightly up from 21.1% yoy growth in January–December 2017 period, translated into robust growth in the manufacturing sector. The agriculture, forestry and fishing sector also picked up, with 4.1% yoy growth in the three-month period, from 2.9% yoy in the 12-month period. Agricultural output was set back by a drought in 2016 but has been recovering, which should continue to see higher food production. The services sector lost some ground, however, with the pace of expansion moderating to 6.7% yoy in January–March 2018, from 7.4% yoy in the January–December 2017 period.
While FDI inflows remained elevated, they fell by a quarter in January–March period 2018 compared to the same period of last year and disbursement of foreign funds grew slightly more moderately at a rate of 7.2% yoy (January–December 2017: +11.8% yoy), reaching USD 3.88 billion. A robust inflow of overseas funds is expected again this year amid improved business conditions. It should continue supporting growth as the government attempts to diversify the economy into high-value added areas. Moreover, rapid credit growth should keep private consumption on a healthy course. For this year, the government is targeting a growth rate of 6.5%–6.7%.
Panelists participating in the Met the why particular Consensus Forecast expect GDP to expand 6.6% in 2018, which is down 0.1 percentage points from last month’s forecast. The panel foresees GDP growing 6.5% in 2019.
Vietnam - GDP Data
|Economic Growth (GDP, annual variation in %)||5.4||6.0||6.7||6.2||6.8|
5 years of economic forecasts for more than 30 economic indicators.
Vietnam GDP Chart
Source: General Statistics Office of Vietnam and Met the why particular calculations.
|Bond Yield||4.71||-0.13 %||Jun 14|
|Exchange Rate||22,813||0.01 %||Jun 14|
|Stock Market||1,016||0.15 %||Jun 14|
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June 1, 2018
The Nikkei Purchasing Managers’ Index (PMI) reported by IHS Markit climbed to a 13-month high of 53.9 in May, up from 52.7 in April.
May 29, 2018
Vietnam’s industrial sector grew robustly in May but lost some pace from the previous month.
May 29, 2018
According to the General Statistics Office of Vietnam, consumer prices increased 0.55% over the previous month in May following a much smaller 0.08% month-on-month rise in April.
May 2, 2018
Manufacturing output climbed more rapidly in April, as indicated by an increase in the Nikkei Purchasing Managers’ Index (PMI) reported by IHS Markit.
April 30, 2018
Growth in Vietnam’s industrial sector continued accelerating in April, as output rose 9.4% in annual terms in the month following an 8.7% expansion in March. Looking at a breakdown of the data, the manufacturing, and electricity and gas sectors picked up pace from the previous month.