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Vietnam Industry February 2022

Vietnam: Industrial output records quickest growth since April 2021 in February

Industrial production rose 16.9% year-on-year in February (January: +3.6% yoy). The figure marked the best result since April 2021. February’s reading was largely due to faster growth in manufacturing output growth. In contrast, electricity production fell sharply.

Meanwhile, the trend improved, with the annual average growth of industrial production coming in at 3.3%, up from January’s 1.3% reading.

Looking ahead, industrial production is projected to accelerate significantly this year from 2021’s average level, as the pandemic abates and associated restrictions are eased. Moreover, 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, general uncertainty regarding the pandemic poses a downside risk to the outlook.

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