Vietnam’s industrial production in May witnessed an expansion of 10.4 per cent year on year (YoY) while retail sales rebounded with a growth of 4.2 per cent month on month (MoM) and 22.6 per cent YoY, suggesting strong recovery of private consumption, according to the June edition of the World Bank’s Vietnam Macro Monitoring released recently.
Economic recovery remained strong despite heightened global uncertainties, while export growth slowed and import growth plateaued, it said.Sale of consumer services, which was hit harder than the sale of goods last year, experienced a stronger rebound of 41 per cent YoY compared to a rise of 18.3 per cent YoY of goods in May.
Foreign direct investment (FDI) commitments were $879 million in May, the lowest level since September 2020, and nearly 50 per cent lower than a year ago. This is the fourth consecutive month of decline, reflecting the heightened economic uncertainties caused by the protracted war in Ukraine and the health-related lockdowns in China.
On the other hand, FDI disbursement remained strong in May, up by 8.5 per cent YoY, marking a six-month expanding streak.
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