Economics Update – 3Q19 GDP surprised on the upside

• Vietnam GDP growth surged to 7.3% yoy on stronger domestic demand and persistent expansion in manufacturing sector.
• Manufacturing growth was supported by a recovery in electronics production, despite a smaller increase in refinery output.
• We upgrade our GDP forecast to 7.0% for 2019F and 6.7% for 2020F on the back of continued strength in manufacturing and domestic demand.

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