Vietnam’s export to grow 20% in 2014

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Vietnam portVietnam’s export is expected to grow by 20 per cent this year from 15.4 per cent in 2013, helping the country’s GDP growth to reach 5.6 per cent, according to the latest report on Vietnam’s macroeconomic prospects by HSBC.

The report said that Vietnam will possibly benefit the most from improved demand in European countries as its economy mainly relies on exports which account for 80 per cent of GDP. Economic growth in European countries and the US is expected to increase in 2014 which will boost demand for Vietnamese goods, such as garments and electronic products, the study said.

Exports to European countries account for 14 per cent of Vietnam’s total exports, while the US accounts for 18 per cent.

The purchasing managers index of Vietnamese manufacturing industry showed that manufacturing production was at 51.8 points in December 2013, the highest level since April 2011. HSBC expects that production will maintain rising momentum in the upcoming months when inventory level drops and orders recover.

With global economic conditions having gradually improved and trade agreements under negotiation, export companies are looking forward “to a prosperous year”, HSBC said.

Furthermore, Vietnam’s inflation rate was on losing momentum, declining from 9.3 per cent in 2012 to 6.6 per cent in 2013. For 2014, inflation is forecast to slightly rise as the prices of gasoline and foods are climbing.

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Reading Time: 1 minute

Vietnam’s export is expected to grow by 20 per cent this year from 15.4 per cent in 2013, helping the country’s GDP growth to reach 5.6 per cent, according to the latest report on Vietnam’s macroeconomic prospects by HSBC.

Reading Time: 1 minute

Vietnam portVietnam’s export is expected to grow by 20 per cent this year from 15.4 per cent in 2013, helping the country’s GDP growth to reach 5.6 per cent, according to the latest report on Vietnam’s macroeconomic prospects by HSBC.

The report said that Vietnam will possibly benefit the most from improved demand in European countries as its economy mainly relies on exports which account for 80 per cent of GDP. Economic growth in European countries and the US is expected to increase in 2014 which will boost demand for Vietnamese goods, such as garments and electronic products, the study said.

Exports to European countries account for 14 per cent of Vietnam’s total exports, while the US accounts for 18 per cent.

The purchasing managers index of Vietnamese manufacturing industry showed that manufacturing production was at 51.8 points in December 2013, the highest level since April 2011. HSBC expects that production will maintain rising momentum in the upcoming months when inventory level drops and orders recover.

With global economic conditions having gradually improved and trade agreements under negotiation, export companies are looking forward “to a prosperous year”, HSBC said.

Furthermore, Vietnam’s inflation rate was on losing momentum, declining from 9.3 per cent in 2012 to 6.6 per cent in 2013. For 2014, inflation is forecast to slightly rise as the prices of gasoline and foods are climbing.

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