Industry in Vietnam
Vietnam - Industry
Industrial output rebounds in September
Industrial output grew 3.8% compared to the same month a year earlier in September, which contrasted August's 0.6% decrease. September's rebound was largely due to an upturn in manufacturing and electricity output.
Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at plus 3.6%, down from August's 4.1% reading.
Looking ahead, industrial production should recover as economic activity ramps up abroad. Moreover, the underlying strength of Vietnam’s industrial sector remains intact despite Covid-19: 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. However, the possibility of flare-ups in infections, both in Vietnam and abroad, is a risk to the sector.
FocusEconomics Consensus Forecast participants estimate that industrial output will grow 4.8% in 2020, which is up 1.2 percentage points from last month’s forecast. For 2021, panelists expect industrial production to expand 8.4%, which is up 0.5 percentage points from last month’s forecast.
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: Central Bank slashes rates for third time this year in October
October 1, 2020
Effective from 1 October, the State Bank of Vietnam (SBV) reduced a host of interest rates, cutting the refinancing rate from 4.50% to a record low of 4.00%.
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Vietnam: Industrial output rebounds in September
September 29, 2020
Industrial output grew 3.8% compared to the same month a year earlier in September, which contrasted August's 0.6% decrease.
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Vietnam: Inflation falls to lowest level since May in September
September 29, 2020
Consumer prices increased 0.12% in September over the previous month, broadly unchanged from August's 0.07% increase.
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Vietnam: Activity gains steam in Q3 on stronger demand at home and abroad
September 29, 2020
GDP growth accelerated to 2.6% year-on-year in the third quarter, from 0.4% in the second quarter, thanks to the successful containment of the virus domestically and stronger demand abroad.
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Vietnam: Industrial output deteriorates in August
August 29, 2020
Industrial production fell 0.6% year-on-year in August (July: +1.8% yoy), chiefly due to weaker mining activity and stagnant manufacturing. The trend pointed down, with the annual average growth of industrial production coming in at plus 4.1% in August, down from July’s plus 5.0%. Looking ahead, industrial production should recover as economic activity ramps up abroad.
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