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Rising oil costs could hamper Vietnam’s economic growth: Expert

IFM_Vietnam Economy
HSBC experts projected that Vietnam's economy would continue to grow despite a less optimistic external outlook

According to Standard Chartered’s most recent study on Vietnam, the country’s economic recovery will be stronger in the second half of 2022, particularly as the nation resumed its tourism activities after a two-year hiatus.

The economy of Vietnam would continue to improve in August, according to the report, which was obtained by the Vietnam News Agency (VNA).

In the third and fourth quarters of this year, the bank kept its prediction for Vietnam’s GDP growth at 10.8% and 3.9%, respectively, bringing the full-year growth to 6.7%.

Tim Leelahaphan, Standard Chartered’s Thailand and Vietnam economist, predicted that the recovery will pick up speed significantly. But he also issued a warning about how rising oil costs could harm the economy of Vietnam.

According to the survey, retail sales are predicted to increase significantly in August, rising by 60.2% from 42.6% in the preceding month.

HSBC experts also projected that Vietnam’s economy would continue to grow despite a less optimistic external outlook.

Exports of clothing, footwear, and textiles increased by 30% from a year earlier. When compared to the same month last year, retail sales showed a record growth rate of nearly 55% last month. Particularly, the revenue of industries connected to tourism was significant, with double-digit growth for four straight months.

Additionally, in July, Vietnam welcomed over 350,000 foreign tourists, more than triple the monthly average in H1 and boosting Vietnam’s overall visitor figure to more than 1 million. Nearly half of the overall number came from people in the US, Europe, and the Republic of Korea.

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