Research Center

Vietnam’s real GDP grew by 2.9% in 2020, thanks to a strong recovery in 4Q20 GDP growth (+4.5% yoy). CPI met our expectations, averaging 3.2% yoy in 2020. We expect Vietnam’s GDP to grow 7.1% in 2021, matching pre-pandemic growth…

As per data on 30 Oct, the Vietnam central bank-set exchange rate for VND/US$ rose only 0.2% YTD. We revise up FY20-22F EPS forecast by 7.4%-12.9% on higher loan growth and NIM expansion. Please follow this link for the full…

Vietnam’s 3Q20 GDP rose 2.6% yoy, the lowest third-quarter growth in a decade due to the impact of Covid-19. Real GDP grew 2.1% yoy in 9M20. Vietnam’s Sep headline inflation slowed to 3.0% yoy (vs. 3.2% yoy in Aug). We…

Vietnam’s services and industrial sectors weakened mom in Aug 2020 as the second wave of Covid-19 spreads across the country. Vietnam’s headline inflation slowed to 0.1% mom in Aug 2020 (vs. 0.4% mom in Jul). The trade surplus further widened…

We cut our 2020F GDP growth forecast by 1% pt to +3.5% in our baseline scenario due to growing uncertainties over the latest Covid-19 outbreak. Our 2020F average inflation rate is kept unchanged at 3.2% yoy. We expect to see…

Vietnam’s 2Q20 GDP edged up 0.4% yoy, the slowest second quarter growth rate in a decade. Real GDP grew 1.8% yoy in 1H20. The service sector recovered faster than we expected, with total value of retail sales and services rising…

The service and industrial sectors saw a rebound in May after Vietnam’s government relaxed social distancing rules from 23 Apr onwards. Headline inflation eased to 2.4% yoy in May. The overnight rate in late May was 0.3%, the lowest level…

Service and industry saw contractions in Apr due to the three-week lockdown. Falling oil prices could help the government control inflation better. We cut our FY20F GDP growth forecast by 0.5% pt to 4.5%. Please follow this link for the…

Vietnam’s 1Q20 real GDP grew 3.8% yoy, the slowest 1Q growth pace in a decade, as all sectors are affected by the COVID-19 outbreak. Vietnam’s headline inflation eased to 4.9% yoy in Mar 2020 (vs. 5.4% in Feb) as transportation…

Economic activities on both the supply and demand sides have been significantly affected by the Covid-19 outbreak. We expect inflation to average higher in 2020F but remain under control at below 4.0%. Given the concerns over the coronavirus outbreak, we…