Vietnam Industry April 2021

Vietnam

Vietnam: Industrial output growth gains momentum in April

April 29, 2021

Industrial production rose 24.1% year-on-year in April (March: +6.1% yoy). Looking at the details of the release, April's pick up was broad-based, with manufacturing, electricity and mining and quarrying sub-sectors all accelerating.

Meanwhile, the trend improved significantly, with the annual average growth of industrial production coming in at plus 6.6% in April, up from March's 3.4%.

After last year’s slowdown, industrial production is projected to gain momentum on the back of returning demand from key international partners. Despite the ongoing Covid-19 pandemic, 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, a relatively slow vaccine rollout, coupled with general uncertainty regarding the pandemic, pose a risk to the outlook.

FocusEconomics Consensus Forecast participants estimate that industrial output will grow 9.2% in 2021, which is down 0.2 percentage points from last month’s forecast. For 2022, panelists expect industrial production to expand 8.4%.


Author:, Economist

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Vietnam Industry April 2021 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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