Vietnam Industry October 2022

Vietnam

Vietnam: Industrial output records lowest expansion since March in October but stays robust

October 29, 2022

Industrial output expanded 17.4% compared to the same month of the previous year in October, which was a deceleration from September's 21.4% increase. October's result marked the weakest expansion since March. The slowdown came on the back of weaker growth in manufacturing, energy, mining and water production. Of the key subsectors, manufacturing growth remained by far the strongest, supported by the country’s attractiveness as a low-cost manufacturing base for foreign firms—particularly those looking to diversify supply chains away from China.

Meanwhile, the trend improved, with the annual average growth of industrial production coming in at 15.3% in October, up from September's 13.2% reading.

FocusEconomics Consensus Forecast panelists estimate that industrial output will grow 8.0% in 2023, which is up 0.8 percentage points from last month’s forecast, and expand 8.0% in 2024.


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Vietnam Industry October 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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