Illustrative image (Photo: VNA) Singapore’s United Overseas Bank (UOB) has based itsassessment of the macroeconomic indicators in the first two months of 2024, concludingthat Vietnam’s economic recovery is heading in the right direction.
In the first two months, Vietnam’s exportsincreased by 17.6% from the same period last year, and industrialproduction grew by 5.7% year-on-year.
Suan Teck Kin, head of UOB’s Research, ExecutiveDirector, Global Economics and Markets Research, said these data indicatepositive signs of momentum in both production and external trade sectors.
To support its assessment, the UOB also highlighted Vietnam's Purchasing Managers'Index (PMI), which is quite positive, as it has remained above 50 points inboth January and February.
To support its assessment, the UOB also highlighted Vietnam's Purchasing Managers'Index (PMI), which is quite positive, as it has remained above 50 points inboth January and February.
In early March, S&P Global also emphasised the improvement in themanufacturing industry, albeit the improvement was slight.
Vietnam’s PMI hits 50.4 points in February, up slightly from the 50.3points recorded in January and above the 50-point threshold for the secondmonth in succession.
Andrew Harker, Economics Director at S&P Global Market Intelligence, alsosaid Vietnamese manufacturers were able to build on the return to growth seen in January with a further expansion in February.
Particularly positiveelements of the latest PMI survey were renewed job creation and the strongestbusiness confidence for a year, he stressed.
Vietnam’s PMI hits 50.4 points in February, up slightly from the 50.3points recorded in January and above the 50-point threshold for the secondmonth in succession.
Andrew Harker, Economics Director at S&P Global Market Intelligence, alsosaid Vietnamese manufacturers were able to build on the return to growth seen in January with a further expansion in February.
Particularly positiveelements of the latest PMI survey were renewed job creation and the strongestbusiness confidence for a year, he stressed.
Meanwhile, analysts of the Vietcombank Securities Company, Ltd (VCBS) said the country’s GDP growth will reach5.5-5.8% in the first quarter of 2024.
In their forecasts, both the UOB and the VCBS predicted thatgrowth will gradually recover in the second half of the year.
UOB said it hopes that the current growth rate will besustained, especially in the second half of 2024, as the recovery in thesemiconductor sector becomes more robust and central banks globally begin toimplement more appropriate interest rate policies, said Suan Teck Kin.
Accordingto him, the UOB still maintains its forecast that Vietnam’sGDP will expand by 6% in 2024 as the economy recovers further towards the pre-COVID-19 pandemicpace
Meanwhile, the VCBS evaluated that the pace of economicrecovery will only significantly improve in the second half of 2024, notingthat the Government’s support measures are moving in the right direction, butmore time is needed for these measures to take effect on the economy.
According to Deputy Minister of Planning and Investment Tran Quoc Phuong, fiscalpolicies, including promoting disbursement of public investment, will bepromoted, serving as an important driving force for the economy to achieve thegrowth target of 6-6.5% this year./.
In their forecasts, both the UOB and the VCBS predicted thatgrowth will gradually recover in the second half of the year.
UOB said it hopes that the current growth rate will besustained, especially in the second half of 2024, as the recovery in thesemiconductor sector becomes more robust and central banks globally begin toimplement more appropriate interest rate policies, said Suan Teck Kin.
Accordingto him, the UOB still maintains its forecast that Vietnam’sGDP will expand by 6% in 2024 as the economy recovers further towards the pre-COVID-19 pandemicpace
Meanwhile, the VCBS evaluated that the pace of economicrecovery will only significantly improve in the second half of 2024, notingthat the Government’s support measures are moving in the right direction, butmore time is needed for these measures to take effect on the economy.
According to Deputy Minister of Planning and Investment Tran Quoc Phuong, fiscalpolicies, including promoting disbursement of public investment, will bepromoted, serving as an important driving force for the economy to achieve thegrowth target of 6-6.5% this year./.
VNA
