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HSBC report: Viet Nam’s economy continues to reap certain successes

VGP - The “Viet Nam at a glance” report released by HSBC on August 17 showed that despite an unpredictable global economic situation, Viet Nam’s economy has continued to reap certain successes.

August 18, 2022 3:48 PM GMT+7
HSBC report: Viet Nam’s economy continues to reap certain successes - Ảnh 1.

The Southeast Asian nation saw a year-on-year increase of 17 percent in exports in the first six months, but it will be hard for overseas shipments to meet expectations in the last half of the year, according to the HSBC.

Retail sales posted a record growth rate of over 55 percent last month compared to the same period last year. In particular, revenue of tourism-related sectors was considerable, witnessing a double-digit expansion for four straight months.

Also in July, Viet Nam attracted more than 350,000 foreign tourist arrivals, tripling the monthly average in the first half of the year, bringing the total visitors to the country so far to one million.

However, after the impressive export growth in the first half of the year, a slower-than-expected pace has been recorded since the start of the second half.

While textile, garment and footwear exports rose sharply, by 30 percent from a year earlier, the Viet Nam Textile and Apparel Association forecast the amount ordered will decline in the time ahead.