Wed. Jun 19th, 2024
UOB predicts a 6% growth in Vietnam’s GDP for the second quarter

UOB Bank (Singapore) has forecasted a 6% increase in Vietnam’s GDP for the second quarter. This positive outlook is based on data until the end of May, which indicates that the country’s growth trajectory is on the right track. In particular, indicators such as the Purchasing Managers’ Index (PMI) and the Index of Industrial Production (IIP) have shown positive trends in recent months.

Export numbers have been strong, with double-digit growth reported last month. The PMI reached 50.3 last month, marking the fourth consecutive increase in five months. Additionally, the IIP saw a 6.8% growth in the first five months of the year compared to the same period in 2023. Foreign Direct Investment (FDI) has increased by 7.8% since the beginning of the year, reaching $8.3 billion, reflecting investors’ continued trust in Vietnam’s political stability, economic value, and competitiveness.

UOB Bank noted that domestic economic activities have also been positive, specifically retail sales of goods and consumer service revenue. Despite challenges such as inflationary pressures and currency fluctuations affecting these sectors, UOB forecasts a recovery in consumer spending and exchange rates in Vietnam during this period.

Overall, UOB has maintained its forecast of 6% GDP growth for full-year Vietnam’s economy and expects key policy interest rates to remain stable despite inflationary pressures and currency fluctuations affecting some sectors positively or negatively

By Aiden Nguyen

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