Industry in Vietnam

Vietnam Industry | Economic News & Forecasts

Vietnam - Industry

Industrial activity accelerates in December

Industrial output grew 4.5% year-on-year in December, rising from November’s 2.0% increase and marking the highest reading in seven months. Looking at the details, the higher overall reading came on the back of stronger growth in the all-important manufacturing sector.

Meanwhile, annual average industrial production growth fell to 3.3% in December (November: +3.5%), signaling a slight worsening trend in the industrial sector.

Looking ahead, industrial production is projected to accelerate in 2022 from this year’s estimated level, as the pandemic abates and associated restrictions are eased. Moreover, the underlying strength of Vietnam’s industrial sector remains intact: Vietnam is an attractive low-cost base for manufacturing firms, including those looking to relocate from China due to the U.S.-China trade tensions. That said, general uncertainty regarding the pandemic poses a downside risk to the outlook.

FocusEconomics Consensus Forecast participants estimate that industrial output will grow 9.2% in 2022, which is up 1.2 percentage points from last month’s forecast. For 2023, panelists expect industrial production to expand 9.4%.

Vietnam - Industry Data

2015   2016   2017   2018   2019  
Industrial Production (annual variation in %)9.8  7.5  9.4  10.2  9.1  

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Vietnam Industry Chart

Vietnam Industry
Note: Annual variation of industrial production in %.
Source: General Statistics Office of Vietnam and FocusEconomics calculations.

Vietnam Facts

Value Change Date
Bond Yield3.38-0.13 %Dec 31
Exchange Rate23,1730.01 %Jan 01

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