Industry in Vietnam
Vietnam - Industry
Industrial production declines in January on Lunar New Year celebrations
Industrial production contracted 5.5% in January year-on-year, contrasting December’s 6.2% expansion. January’s reading was driven chiefly by lower output in the manufacturing and mining sectors. However, the Lunar New Year holiday distorted the reading, since there were fewer working days in January 2020 compared to a year prior.
Industrial production growth should bounce back in February, and is forecast to remain elevated in 2020, 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. However, due to its open nature, the economy will remain vulnerable to a potential global economic slowdown, while possible U.S. tariffs would also hurt industrial activity.
FocusEconomics Consensus Forecast participants estimate that industrial output will grow 9.1% in 2020, which is unchanged from last month’s forecast. For 2021, panelists expect industrial production to expand 9.4%.
Vietnam - Industry Data
|Industrial Production (annual variation in %)||7.6||9.8||7.5||9.4||10.2|
5 years of economic forecasts for more than 30 economic indicators.
Vietnam Industry Chart
Source: General Statistics Office of Vietnam and FocusEconomics calculations.
|Bond Yield||3.38||-0.13 %||Dec 31|
|Exchange Rate||23,173||0.01 %||Jan 01|
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February 3, 2020
According to data released by IHS Markit, the manufacturing Purchasing Managers’ Index (PMI) registered 50.6 in January, down from 50.8 in December.
January 29, 2020
According to the General Statistics Office of Vietnam, consumer prices rose 1.23% in January over the prior month, down from December’s 1.40% increase.
January 29, 2020
Industrial production contracted 5.5% in January year-on-year, contrasting December’s 6.2% expansion.
January 2, 2020
According to data released by IHS Markit, the manufacturing Purchasing Managers’ Index (PMI) registered 50.8 in December, marginally below November’s 51.0 reading.
December 29, 2019
Industrial production rose 6.2% in December year-on-year, up slightly from November’s revised 5.5% expansion (previously reported: +5.4% in November year-on-year).