Vietnam's economy maintains very positive recovery momentum

Standard Chartered Bank forecasts that Vietnam's GDP growth in the second quarter of 2024 will reach 5.3% over the same period.

Vietnam's economy has a solid foundation and strategic momentum to continue growing in 2024. Illustrative photo. (Source: Vietnam Insider)

The above information was provided by economists of Standard Chartered Bank in the latest economic update report on Vietnam.

Accordingly, in June 2024, retail sales growth is forecast to decline to 8.2% yoy, export growth to decline to 14.2% yoy, and electronics exports to continue to improve this year.

Imports and industrial production are likely to have risen 26.0% and 5.2% year-on-year in June, respectively.

Meanwhile, inflation may have risen to 4.5% year-on-year in June - marking the third consecutive month of inflation above 4%.

Prices of education services, housing and building materials, health care and food have driven inflation recently, a trend that is likely to continue in the coming months.

“Although growth in the second quarter of 2024 is likely to slow, we believe that Vietnam will maintain a very positive recovery momentum,” said Tim Leelahaphan, Standard Chartered’s economist for Vietnam and Thailand.

The economy may still face challenges in the third quarter of 2024, amid price pressures, exchange rates and weak global demand.

Source: https://baoquocte.vn/chuyen-gia-standard-chartered-kinh-te-viet-nam-giu-da-phuc-hoi-rat-kha-quan-276011.html