Vietnam Industry May 2022

Vietnam

Vietnam: Industrial output posts quickest growth since April 2021 in May

May 29, 2022

Industrial production increased 20.9% year-on-year in May (April: +18.6% yoy). May's result was the best since April 2021. The notable upturn largely reflected an improvement in manufacturing and electricity output.

Meanwhile, annual average industrial production growth rose to 4.2% in May (April: +3.3%), signaling an improving trend in the industrial sector.

Looking ahead, industrial activity is projected to grow faster this year 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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Vietnam Industry May 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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