Industry in Vietnam
Vietnam - Industry
Industrial output falls in May, albeit at reduced rate
Industrial output declined 3.1% compared to the same month a year earlier in May, which was a smaller contraction than April's 9.4% decrease.
May's result came on the back of a rebound in electricity generation and a smaller decline in manufacturing, likely as economic activity resumed following the lifting of lockdown restrictions.
Looking ahead, industrial production should continue to recover as economic activity ramps up. 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 spat, thanks to a cheap workforce and business-friendly government.
FocusEconomics Consensus Forecast participants estimate that industrial output will grow 2.5% in 2020, which is up 1.3 percentage points from last month’s forecast. For 2021, panelists expect industrial production to expand 9.0%.
Vietnam - Industry Data
| 2014 | 2015 | 2016 | 2017 | 2018 | |
|---|---|---|---|---|---|
| Industrial Production (annual variation in %) | 7.6 | 9.8 | 7.5 | 9.4 | 10.2 |
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: Industrial output falls in May, albeit at reduced rate
May 29, 2020
Industrial output declined 3.1% compared to the same month a year earlier in May, which was a smaller contraction than April's 9.4% decrease.
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Vietnam: Inflation drops to lowest level since October in May
May 29, 2020
Consumer prices dropped 0.03% over the prior month in May, a smaller fall than April's 1.54% drop.
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Vietnam: Central Bank cuts rates for second time this year in May
May 13, 2020
On 13 May, the State Bank of Vietnam (SBV) reduced a host of interest rates, with the refinancing rate being cut from 5.00% to 4.50%.
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Vietnam: Manufacturing PMI plummets in April
May 4, 2020
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) registered 32.7 in April, down from 41.9 in March.
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Vietnam: Industrial activity plunges on Covid-19 contagion in April
May 1, 2020
Industrial output fell a staggering 11.4% in year-on-year terms in April, which contrasted March's 5.4% increase.
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