Release date: July 29, 2024 14:00
HANOI – Vietnam’s goods exports and industrial production rose significantly in July from the same month a year earlier, government data showed on Monday, further signs of accelerating economic growth in the Southeast Asian nation.
Exports in July are estimated at $35.92 billion, up 19.1 percent from the same month last year, the General Statistical Office of India (GSO) said in a report.
According to the GSO, the mining and manufacturing production index rose 11.2% year-on-year in July.
Vietnam aims to boost economic growth to meet its GDP growth target of 6.0 percent to 6.5 percent this year as the government maintains accommodative policy settings and increases public investment.
“We believe the continued recovery in the global electronics cycle will continue to support both exports and industrial production for the remainder of the year,” Oxford Economics said in a note.
The country recorded annual GDP growth of 6.93 percent in the second quarter, up from 5.87 percent in the first quarter.
Oxford Economics expects GDP growth to be 5.9% this year with the central bank’s official interest rate remaining at 3.0%.
According to the GSO, imports in July rose 24.7 percent from the same month last year to $33.8 billion, resulting in a trade surplus of $2.12 billion for the month.
A surge in imports could signal future strength in industrial production as companies import more materials and equipment to operate.
The GSO said consumer prices rose 4.36 percent in July from a year earlier, and the government aims to keep inflation below 4.5 percent this year.
Oxford Economics said it did not expect full-year inflation to exceed its target upper limit “although there are near-term upside risks due to the June credit surge”.