Industry in Vietnam

Vietnam Industry | Economic News & Forecasts

Vietnam - Industry

Industrial activity falls at a slower rate in October

Industrial output fell 5.9% year-on-year in October, easing from September’s 8.1% decline. The figure marked the fourth consecutive month of falling output, and reflected restrictions placed on key regions to combat the recent outbreak of Covid-19 cases. October's milder fall was largely driven by a softer drop in manufacturing production.

Meanwhile, annual average industrial production growth fell to 3.9% in October (September: +4.9%), signaling a worsening trend in the industrial sector.

Looking ahead, industrial production is projected to accelerate in 2022 from this year’s estimate 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 risk downside to the outlook.

FocusEconomics Consensus Forecast participants estimate that industrial output will grow 7.4% in 2022, which is up 1.1 percentage points from last month’s forecast. For 2023, panelists expect industrial production to expand 9.4%.

Vietnam - Industry Data

2015   2016   2017   2018   2019  
Industrial Production (annual variation in %)9.8  7.5  9.4  10.2  9.1  

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Vietnam Industry Chart

Vietnam Industry
Note: Annual variation of industrial production in %.
Source: General Statistics Office of Vietnam and FocusEconomics calculations.

Vietnam Facts

Value Change Date
Bond Yield3.38-0.13 %Dec 31
Exchange Rate23,1730.01 %Jan 01

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