Vietnam Industry April 2022

Vietnam

Vietnam: Industrial output growth improves in April

April 29, 2022

Industrial output rose 18.0% compared to the same month a year earlier in April, which was above March's 15.2% increase. The rise was largely driven by faster growth in manufacturing output. In contrast, electricity, mining and quarrying and water supply production fell.

Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 4.0%, down from March's 4.4%.

Looking ahead, industrial activity growth this year is projected to accelerate markedly from 2021’s reading, as pandemic restrictions are removed. Moreover, Vietnam is an attractive low-cost base for manufacturing firms, including those looking to relocate from China due to U.S.-China trade tensions and ongoing tough Covid-19 measures in the Asian giant. Nevertheless, rising prices of raw materials, lingering supply chain bottlenecks and easing demand among major trade partners will pose a challenge to Vietnam’s industrial recovery.

FocusEconomics Consensus Forecast participants estimate that industrial output will grow 13.2% in 2022, which is up 2.7% from last month’s forecast. For 2023, panelists expect industrial production to expand 8.3% in 2023.


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Vietnam Industry April 2022

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


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