Vietnam's economy to bounce back faster in H2 2022: Standard Chartered

30 Aug '22

2 min read

Pic: Shutterstock/ PerlaStudio

Vietnam’s economy is expected to recover faster in the latter half (H2) of 2022 as the nation’s GDP growth is forecast to go up by 10.8 per cent and 3.9 per cent in the third and fourth quarters of 2022, leading to a full-year growth up to 6.7 per cent, according to a report by financial services company Standard Chartered.

Moreover, garment, footwear, and textile exports reflected a 30 per cent jump from last year. Revenue from retail grew more than 55 per cent when compared to the same time in 2021. Earnings from tourism-related segments showed a double-digit development for four consecutive months.

Retail sales are anticipated to accelerate up to 60.2 per cent in August 2022 compared to 42.6 per cent in July 2022, as per the report. Export, import, and industrial production are also predicted to rise by 15 per cent, 15.2 per cent, and 15.2 per cent in August 2022, the report added.

Inflation is also likely to touch 3 per cent in August 2022 even as the figure was 3.2 per cent in July 2022. Price pressure may rise in the July-December period of 2022 and in 2023.

“High global oil prices may have negative impacts on the Vietnamese economy,” said Tim Leelahaphan, Standard Chartered economist for Thailand and Vietnam.

Fibre2Fashion News Desk (NB)

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