GDP in Vietnam
Vietnam - GDP
Economy grows at a stellar pace in the first six months of the year
The economy expanded 7.1% over the same period of the previous year in the January–June period, slightly down from the 7.5% expansion recorded in January–March, as growth in the second quarter decelerated to 6.8%. Among the fastest-growing economies worldwide, Vietnam has been powered by thriving exports, a surge in foreign direct investment (FDI) and a buoyant tourism sector.
A breakdown by production, reported in cumulative terms, shows that all key sectors expanded in the first six months of the year. The industry and construction sector expanded at a marked pace of 9.1% in the period (January–March: +9.7% year-on-year). The industrial sector grew at a robust pace, thanks to solid growth in exports, which translated into a notable upturn in manufacturing output. Moreover, the construction sector also posted healthy growth. Services grew at a slightly swifter rate of 6.9% in the January–June period, marginally up from 6.7% in the January–March period. Among subcomponents, wholesale and retail trade; and repair of automobile, motorcycles and other motor vehicles rose at the strongest pace. Meanwhile, the agriculture, forestry and fishing sector grew at a more moderate stride of 3.9%, following growth of 4.1% in the first three-month period of the year.
Recent government data showed that FDI in the first half of the year has already surpassed the figure for all of 2017: Realized FDI surged 8.4% compared to the same period of last year, reaching USD 8.37 billion. Robust inflows of overseas funds come amid favorable business conditions, which should continue supporting growth as the government attempts to diversify into high-value added areas. With FDI constituting a long-term investment decision, intensifying trade tensions between China and the U.S. are likely steering more overseas investment into Vietnam as an alternative destination to China for investors.
Panelists participating in the Met the why particular Consensus Forecast expect GDP to expand 6.6% in 2018, which is unchanged from last month’s forecast. The panel also foresees GDP growing 6.6% 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||5.03||-0.13 %||Aug 07|
|Exchange Rate||23,303||0.01 %||Aug 07|
|Stock Market||957||0.15 %||Aug 07|
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August 1, 2018
Vietnam’s manufacturing sector lost pace in July, as reflected by a drop in the Nikkei Purchasing Managers’ Index (PMI) reported by IHS Markit, which fell from 55.7 in June to 54.9.
July 2, 2018
The Nikkei Purchasing Managers’ Index (PMI) reported by IHS Markit shot up to 55.7 in June from 53.9 in May and was one of the highest readings since the survey began in March 2011.
June 29, 2018
According to the General Statistics Office of Vietnam, consumer prices rose 0.61% over the previous month in June, which marked a slightly bigger increase than the 0.55% month-on-month rise in May.
June 29, 2018
Vietnam’s industrial sector grew again at a robust pace in June, with growth of the sector accelerating to 12.3% in annual terms from 7.1% in May. Looking at a breakdown of the data, two out of the four sectors showed an improved performance, while the other two sectors deteriorated.
June 29, 2018
The economy expanded 7.1% over the same period of the previous year in the January–June period, slightly down from the 7.5% expansion recorded in January–March, as growth in the second quarter decelerated to 6.8%.