Industry in Vietnam
Vietnam - Industry
Industrial output growth improves in April
Industrial output rose 18.0% compared to the same month a year earlier in April, which was above March's 15.2% increase. The rise was largely driven by faster growth in manufacturing output. In contrast, electricity, mining and quarrying and water supply production fell.
Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 4.0%, down from March's 4.4%.
Looking ahead, industrial activity growth this year is projected to accelerate markedly from 2021’s reading, as pandemic restrictions are removed. Moreover, Vietnam is an attractive low-cost base for manufacturing firms, including those looking to relocate from China due to U.S.-China trade tensions and ongoing tough Covid-19 measures in the Asian giant. Nevertheless, rising prices of raw materials, lingering supply chain bottlenecks and easing demand among major trade partners will pose a challenge to Vietnam’s industrial recovery.
FocusEconomics Consensus Forecast participants estimate that industrial output will grow 13.2% in 2022, which is up 2.7% from last month’s forecast. For 2023, panelists expect industrial production to expand 8.3% in 2023.
Vietnam - Industry Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Industrial Production (annual variation in %) | 9.8 | 7.5 | 9.4 | 10.2 | 9.1 |
Vietnam Industry Chart
Source: General Statistics Office of Vietnam and FocusEconomics calculations.
Vietnam Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 3.38 | -0.13 % | Dec 31 |
| Exchange Rate | 23,173 | 0.01 % | Jan 01 |
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Economic News
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Vietnam: Inflation comes in at highest level since August 2021 in April
April 29, 2022
Consumer prices increased 0.18% in April over the previous month, which was below March's 0.70% rise.
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Vietnam: Industrial output growth improves in April
April 29, 2022
Industrial output rose 18.0% compared to the same month a year earlier in April, which was above March's 15.2% increase.
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Vietnam: Industrial output in March records quickest growth since April 2021
March 30, 2022
Industrial output increased 21.1% in year-on-year terms in March, which was above February's 18.2% increase.
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Vietnam: Inflation comes in at highest level since August 2021 in March
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Consumer prices increased 0.70% in March over the previous month, a smaller increase than the 1.00% increase seen in February.
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GDP growth eased to 5.0% year-on-year in the first quarter of 2022, slowing slightly from the 5.2% growth clocked in the fourth quarter of last year.
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