Vietnam Industry August 2019

Vietnam

Vietnam: Industrial production growth accelerates in August

August 29, 2019

Industrial production rose 10.5% in August, up from July’s revised 9.8% increase (previously reported: +9.7% year-on-year). August’s figure was underpinned by strong momentum across all sectors: mining and quarrying, manufacturing, electricity and water supply.

Industrial output growth should remain elevated going forward, spearheaded by a burgeoning manufacturing sector. Vietnam is an attractive low-cost base for manufacturing firms, including those looking to relocate from China due to the U.S.-China trade spat, thanks to a cheap workforce and business-friendly government.

FocusEconomics Consensus Forecast participants estimate that industrial output will grow 9.1% in 2019 and 9.0% in 2020.


Author:, Economist

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Vietnam Industry August 2019

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


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