Vietnam is the only Asia-Pacific (Apac) economy to experience a significant upward revision in GDP growth as forecast by Moody’s Analytics.

A corner of Ho Chi Minh City.

According to economists from the analysis firm, a very slow reopening of Vietnam’s economy earlier in the year has now turned into a rapid improvement in industrial production and export trade, supported by continued inward foreign direct investment.

While economists highlighted a deceleration of exports as reported in July’s data, they believe demand could stabilise from the US, as its labour market is “quite strong”, in their view.

They also warned that South and Southeast Asia face the greatest risk from a surprise in inflation, which could slow local demand for goods and services, including housing.

Industrial parks, economic zones make important contributions to GDP growth

Vietnam has about 335 industrial parks across the country together with 17 economic zones, which play an important role in investment attraction and State budget collection.

Q2 GDP growth highest since 2011

Vietnam’s GDP rose 7.72 percent year-on-year in Q2, the highest since 2011, driven by a strong rebound in manufacturing as the economy recovers from two years of Covid-19.

Vietnam’s GDP estimated to expand 4.48% in Q1

Vietnam’s gross domestic product (GDP) in the first quarter of 2021 is estimated to rise 4.48%, higher than 3.68% recorded in the same period last year, the General Statistics Office (GSO) General Director Nguyen Thi Huong reported at a press conference on March 29.

Source: NDO