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Vietnam's exports see 17% YoY rise in H1, growth may slow in H2: HSBC

20 Aug '22

1 min read

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Exports in Vietnam witnessed a year-on-year (YoY) rise of 17 per cent in the first half (H1) this year, but it will be tough for overseas shipments to meet expectations in the second half (H2), according to HSBC, which recently said a slower-than-expected pace has been observed since the beginning of H2. Textile, garment and footwear exports rose sharply, by 30 per cent YoY.

The Vietnam Textile and Apparel Association (VITAS) forecast the amount ordered will decline in the months ahead.

The main cause is a growth slowdown in the electronics industry, especially mobile phones, according to a news agency report.

In its ‘Vietnam at a Glance’ report, it said import growth in July slowed down to only 3.4 per cent compared to the double-figure growth in previous months, partly due to lower energy prices, thereby reducing import orders of such commodities as steel, coal and crude oil.

Despite an unpredictable global economic situation, the domestic economy has continued to reap certain successes, the HSBC report showed.

Retail sales posted a record growth rate of over 55 per cent in July compared to the same period last year.

Fibre2Fashion News Desk (DS)

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