Vietnam Industry June 2020

Vietnam

Vietnam: Industrial output bounces back in June

June 29, 2020

Industrial output rose 7.0% year-on-year in June (May: -0.4% yoy). June's rebound was largely driven by recoveries in manufacturing and electricity production.

Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 5.7% in June, down from May's 5.8%.

Looking ahead, industrial production should continue to recover as economic activity ramps up. 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 spat, thanks to a cheap workforce and business-friendly government.

FocusEconomics Consensus Forecast participants estimate that industrial output will grow 2.7% in 2020, which is up 0.2 percentage points from last month’s forecast. For 2021, panelists expect industrial production to expand 9.2%.


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Vietnam Industry June 20 20 0

Note: Year-on-year variation of industrial production index in %.
Source: General Statistics Office of Vietnam (GSO) and FocusEconomics calculations.


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