Industrial
and export activities surged in February, while retail sales and inflation
eased during the month. Looking ahead, we expect Vietnam’s real GDP to grow
by 5.9% in 2017, albeit at a more moderate pace compared with +6.2% in
2016. This is premised on:
1.Resilient exports due to a recovery in global demand;
2.Strong inflows of FDI;
3.Robust private investment;
4.Structural reform initiatives.
Industrial
production (IPI) growth surged in February, on account of a pick-up in manufacturing
activities and electricity output due to a normalisation of activities
after the festive season in January.
Export
growth gained pace during the month amid a wider margin of growth in
exports from both the foreign direct investment (FDI) and domestic sectors.
By commodity, the acceleration was mainly led by quicker growth in
manufacturing exports and a rebound in exports of agricultural products.
Retail
sales grew at a slower pace, dragged mainly by a slower rate of growth in
the trade and services sectors.
Headline inflation rate eased in February, mainly due
to lower costs of food and foodstuff
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