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UOB projects Việt Nam’s Q2 GDP growth rate to hit 6 per cent

Tuesday, 11/06/2024 | 14:00:14 [GMT +7] A  A

Singapore - based United Overseas Bank (UOB) has projected the economic growth rate of Việt Nam at 6 per cent in 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.

A container depot in Hải Phòng Port. UOB maintains the forecast at 6 per cent for the Vietnamese economy this year. — VNA/VNS Photo Tuấn Anh

Singapore-based United Overseas Bank (UOB) has projected the economic growth rate of Việt Nam at 6 per cent 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.

The economic growth in the second quarter will edge up to 6 per cent from 5.66 per cent in the first quarter.

For the full year, UOB maintains the previous forecast at 6 per cent. Inflation will be controlled at 3.8 per cent.

In 2025, UOB expects the Vietnamese economy to grow at 6.4 per cent

Other recent economic indicators for Việt Nam 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 per cent in May, marking the third consecutive month of growth.

Exports posted two-digit growth for the third consecutive month, at 15.8 per cent in May, up from 10.6 per cent in April.

Imports rose 29.9 per cent in May from 19.9 per cent in April.

Việt Nam ran a trade surplus of US$7.8 billion in the first five months of this year.

The realised foreign direct investment rose 7.8 per cent to reach $8.3 billion in January-May, the fastest pace since 2018.

The total retail sales of goods and services increased by 8.7 per cent, supported by robust restaurant, accommodation and tourism services.

The Government has set a GDP growth target of 6-6.5 per cent this year.

Source: VNS