UOB projects Vietnam’s Q2 GDP growth rate to hit 6%
Singapore-based United Overseas Bank (UOB) has projected the economic growth rate of Vietnam at 6% for the second quarter of this year and for the full year on increasing chip-making demand, the recovery of Chinese and regional economies, as well as ongoing supply chain shifts.
Hanoi (VNS/VNA) - Singapore-based United Overseas Bank (UOB) has projected the economic growth rate of Vietnam at 6% in the second quarter of 2024 and for the full year on increasing chip-making demand, the recovery of Chinese and regional economies, as well as ongoing supply chain shifts.
The economic growth in the second quarter will edge up to 6% from 5.66% in the first quarter.
For the full year, UOB maintained the previous forecast at 6%. Inflation will be controlled at 3.8%.
In 2025, UOB expected the Vietnamese economy to grow at 6.4%
Other recent economic indicators for Vietnam also affirm positive outlook for the Vietnamese economy.
The manufacturing purchasing managers’ index (PMI) remained unchanged at 50.3 in May, signaling a second consecutive marginal monthly improvement in business conditions in the industry.
Industrial production rose by 8.9% in May, marking the third consecutive month of growth.
Exports posted two-digit growth for the third consecutive month, at 15.8% in May, up from 10.6% in April. Imports rose 29.9% in May from 19.9% in April.
Vietnam ran a trade surplus of 7.8 billion USD in the first five months of this year.
The realised foreign direct investment rose 7.8% to reach 8.3 billion USD in January-May, the fastest pace since 2018.
The total retail sales of goods and services increased by 8.7%, supported by robust restaurant, accommodation and tourism services.
The Government has set a GDP growth target of 6-6.5% this year./.
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