HSBC revises Viet Nam’s GDP growth forecast to 6.5%
VGP - The Hongkong and Shanghai Banking Corporation Limited (HSBC) raised Viet Nam’s GDP growth forecast to 6.5 percent from its previous projection of 6 percent.
Illustration photo
Viet Nam's GDP growth in the second quarter this year picked up 6.9 percent against the same period last year, the highest level in two years and significantly surpassing HSBC’s expectation of 6 percent.
The slight increase in the second quarter brought the first half's growth to 6.4 percent compared to the same period last year.
The manufacturing sector was the most surprising, growing by 10 percent year-on-year. This was reflected in strong export growth in the second quarter, which reached 15 percent year-on-year. The bank attributed rebound signs of electronics sector, other industries to the recovery.
Meanwhile, the business sentiment among the manufacturers has visibly improved.
The Purchasing Managers' Index (PMI) for June surged to 54.7, the highest in two years. The outlook for long-term foreign direct investment (FDI) remains bright. The new FDI inflow came from China, the Republic of Korea and Singapore.
Earlier, the Asian Development Bank (ADB) projected Viet Nam’s economic growth at 6.2 percent, higher than the projection of 6 percent, the bank made in April.
The International Monetary Fund (IMF) pegged Viet Nam's economic growth at nearly 6 percent this year, driven by exports, foreign direct investment, and policy support./.
