Vietnam’s gross domestic product (GDP) growth this year is projected to reach 8.5 per cent—the highest among its peers in the Asia-Pacific—despite moderation in July exports, according to Moody’s Analytics, whose economists said a slow reopening of the economy early this year has now led to a rapid improvement in industrial production and exports, supported by continued inward foreign direct investment.Vietnam is the only Asia-Pacific economy to witness a significant upward revision in GDP growth by Moody’s Analytics, a unit of Moody’s Corporation.
While a deceleration of exports as reported in July’s data was highlighted by the economists, they believe demand could stabilise from the United States, as its labour market is ‘quite strong’, a news agency reported.
Vietnam's GDP growth this year is projected to reach 8.5 per cent—the highest among its peers in the Asia-Pacific—despite moderation in July exports, according to Moody's Analytics, whose economists said a slow reopening of the economy early this year has now led to a rapid improvement in industrial production and exports, supported by continued inward FDI.
South and Southeast Asia face the highest risk from a surprise in inflation, which could slow domestic demand for goods and services, they cautioned.
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