HANOI, Aug 29, 2022 (WAM) — Vietnam’s economic recovery will strengthen in the second half of 2022, according to Standard Chartered’s latest Vietnam report.

According to the Vietnam News Agency (VNA), the report said Vietnam’s economy would continue its recovery in August as the recovery showed signs of widening.

The bank maintained its forecast for Vietnam’s GDP growth in the third and fourth quarters of this year at 10.8% and 3.9% respectively, raising the full-year growth rate to 6.7%.

Tim Leelahaphan, a Standard Chartered economist for Thailand and Vietnam, expected the recovery to accelerate significantly. However, he also warned that rising global oil prices could have a negative impact on Vietnam’s economy.

Retail sales are estimated to grow strongly to 60.2% in August from 42.6% the previous month, the report added.

HSBC experts also forecast that the Vietnamese economy will continue to gain traction despite less optimistic external conditions.

Exports of textiles, clothing and footwear increased by 30% year-on-year. Last month’s retail sales registered a record growth rate of over 55% compared to the same period last year. Tourism-related sales were especially strong, and he posted double-digit sales growth for the fourth month in a row.

In July, more than 350,000 foreign tourists arrived in Vietnam, triple the monthly average of the first half of the year, and the total number of visitors to Vietnam so far exceeded 1 million. I was. Nearly half of the participants were from South Korea, Europe and the United States.

WAM/Esra Ismail/Laura Algour

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