Vietnam Industry June 2022

Vietnam

Vietnam: Industrial output expands at fastest pace since January 2021 in June

June 29, 2022

Industrial output rose 22.8% year on year in June (May: +20.0% yoy). The result marked the strongest expansion since January 2021. The notable upturn largely reflected pickups in manufacturing and electricity output.

Meanwhile, annual average industrial production growth rose to 5.7% in June (May: +4.1%). This signals an improving trend in the industrial sector.

Looking ahead, industrial activity is projected to grow faster in 2022 than it did last year, as pandemic restrictions are gradually removed. That said, rising production costs, lingering supply chain bottlenecks and downturn among major trading partners will pose a challenge to Vietnam’s industrial recovery.

Our panelists estimate that industrial output will grow 14.4% in 2022, which is up 1.2 percentage points from last month’s forecast, and expand 8.4% in 2023.


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