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HSBC upgrades Vietnam’s growth forecast to 6.9%

HSBC has raised its forecast for Vietnam’s economic growth this year to 6.9%, from the previous prediction of 6.6%, which is possibly the fastest pace in the region.
HSBC upgrades Vietnam’s growth forecast to 6.9% ảnh 1Vietnam's economy is predicted to grow by 6.9% this year, according to the latest Vietnam At A Glance report by HSBC. (Photo: VNA)
HCM City (VNA) – HSBC hasraised its forecast for Vietnam’s economic growth this year to 6.9%, from theprevious prediction of 6.6%, which is possibly the fastest pace in the region.

In the Vietnam At A Glance report inJuly, HSBC Global Research noted that decreasing risks posed by the Omicronvariant and eased restrictions have paved the way for Vietnam to return to thenormality.

Thanks to widespread recovery, thecountry recorded an impressive GDP growth rate of 7.7% in the second quarter comparedto the same period last year. The service sector, which has suffered fromsevere economic impacts, have bounced back strongly while manufacturing hascontinued growing and exports hit historic highs.

However, the growth forecast for 2023was revised down to 6.3% from 6.7% due to growing risks, especially in theenergy sector, according to the bank.

HSBC Global Research pointed outgrowing impacts of soaring energy prices. Escalating goods prices have led to tradedeficit in Q2 and may worsen the current account situation, which has not alreadybeen optimistic. On the other hand, though household consumption has recoveredsteadily, people’s budgets may suffer from high oil prices, thus deceleratingthe recent recovery speed.

Vietnam’sinflation is forecast to stand at about 3.5% this year, but it may surpass the ceiling of 4% betweenQ4 of 2022 and Q2 of 2023, requiring the State Bank of Vietnam begin normalising themonetary policy.

According to the report, Vietnam hasbenefited from economy reopening, and domestic demand has returned whileexternal drivers remain favourable. However, it is necessary to stay alert toincreasing growth risks, especially the ones posed by surging energy prices./.
VNA
#economic growth #HSBC #GDP growth #energy prices #Omicron #oil prices #State Bank of Vietnam #economy reopening #monetary policy #updated Vietnam news #Vietnamplus #Vietnam News Agency
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