UOB projects Vietnam's economy to expand at 5.5% in Q1, 6% in 2024

13 Mar '24

2 min read

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Vietnam's economy is projected to expand at 5.5 per cent in Q1 2024 and at 6 per cent in the full year, the United Overseas Bank Ltd recently said.
Inflation is projected at 3.8 per cent in 2024.
Exports were worth $58 billion in the first two months this year—up by 17.6 per cent YoY.
Imports were up by 17.7 per cent YoY at $54.4 billion during the period.

With manufacturing and trade regaining momentum, the economy in Vietnam is projected to expand at 5.5 per cent in the first quarter (Q1) this year and at 6 per cent in the entire year, according to the United Overseas Bank Limited (UOB). Inflation is projected at 3.8 per cent in 2024.

“We expect this pace to be sustained, especially in the second half of 2024, as the recovery in the semiconductor industry is firmer and global central banks are starting to operate more appropriate interest rate policies,” Vietnamese media reports quoted UOB executive director for global economics and markets research Suan Teck Kin as saying.

Exports were worth $58 billion in the first two months this year—up by 17.6 per cent year on year (YoY). Imports were up by 17.7 per cent YoY at $54.4 billion during the period.

Industrial production grew by 5.7 per cent during the period, while the same two-month period last year witnessed a drop of 2.2 per cent.

The drops in industrial production and export in February were because Tet (new year) holidays. Production and business are returning to normal operation.

The country’s manufacturing purchasing managers' index was above the 50 no-change mark with both output and new orders up for the second month straight in February.

Fibre2Fashion News Desk (DS)

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