Vietnam Industry March 2021

Vietnam

Vietnam: Industrial output rebounds in March

March 29, 2021

Industrial production rose 6.1% year-on-year in March, rebounding markedly from February’s 7.2% decline. March’s rebound was largely driven by manufacturing and electricity output.

As a result, the trend improved, with the annual average growth of industrial production coming in at 3.4% in March, slightly up from February's 3.1% reading.

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 sluggish rollout of the vaccine, coupled with an uncertain development of the pandemic, pose a risk to the outlook.

FocusEconomics Consensus Forecast participants estimate that industrial output will grow 9.4% in 2021, which is up 1.1 percentage points from last month’s forecast. For 2022, panelists expect industrial production to expand 8.5%.


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Vietnam Industry March 2021

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


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