Taking Stock August 2024

Viet Nam’s gross domestic product (GDP) grew by 6.4 percent (y/y) in H1-2024 after a moderate 5 percent growth in 2023, boosted by a rebound in manufacturing exports as well as higher consumption and investment. On the production side, manufacturing, export-oriented services, and tourism posted robust growth. Despite recovering, consumer spending remained below pre-pandemic rates. Private investment growth accelerated in H1-2024 but remained below pre- Coronavirus (COVID) levels. The current account registered a substantial surplus, driven by a robust trade performance. However, a continued interest rate differential and strengthening US dollar in H1-2024 increased unrecorded capital outflows leading to a negative external position. The State Bank of Viet Nam (SBV) responded to emerging exchange rate pressures through a combination of gradual devaluation, foreign exchange (FX) interventions, and tighter liquidity. The gradual rebalancing of Viet Nam’s financial system towards a more prominent role of capital markets remains an important agenda, as discussed further in this edition’s special topic chapter.

Bibliographic Details

Main Author:	World Bank
Format:	Report biblioteca
Language:	English en_US
Published:	Washington, DC: World Bank 2024-08-26
Subjects:	CAPITAL MARKETS, FOREIGN DIRECT INVESTMENT ANALYSIS, EXPORT-ORIENTED INDUSTRIALIZATION AND JOBS, TOURISM, ECONOMIC GROWTH, JOBS STRATEGIES, JOBS, COMPETITIVE INDUSTRIES, INDUSTRY POLICY AND REAL SECTORS, TOURISM, RETAIL, CONSTRUCTION, AND REAL ESTATES, MANUFACTURING, AGRIBUSINESS, AND SERVICES, PRIVATE SECTOR DEVELOPMENT, INVESTMENT REFORM MAPPING, BUSINESS ENVIRONMENT, INVESTMENT POLICY AND PROMOTION, FINANCIAL INSTITUTIONS, FINANCIAL SECTOR DEVELOPMENT, TRADE POLICIES AND JOBS, DECENT WORK AND ECONOMIC GROWTH, SDG 8,
Online Access:	http://documents.worldbank.org/curated/en/099145408232417063/IDU1dc8e9b8a11b4714a291af17167d8f89b52a5 https://hdl.handle.net/10986/42084
Tags:	Add Tag No Tags, Be the first to tag this record!