VIETNAM’S GDP RISES BY 13.67% IN Q3

• Industrial production increased by over 12%yoy. PMI slightly declined compared to August, to 52.5.
• Gross domestic demand continued to show resilience. The total gross retail sales of consumer goods and services increased by 21% yoy in the first 9 months of the year.
• Export turnover increased by 17.3% yoy, reaching 282.52 billion USD in the first 9 months of the year.
• FDI inflow maintained but at a slower pace.
• The 9-month average CPI increased by 2.73% y-o-y.

2023 VIETNAM’S ECONOMIC OUTLOOK

GTJAS Vietnam believe that Vietnam’s economy in 2023 will witness a solid growth, backed by:

• A resilient FDI inflow into Vietnam, especially into new sectors (technology, energy, semiconductor, etc)
• Strong domestic consumption. Meanwhile, the international arrivals is expected to recover to 30%-35% the pre-pandemic level at the end of 2022 and 50%-60% the pre-pandemic level in 2023;
• The fiscal budget for Public Investment still stays, which will be an important driver to offset the worse view of Exports that may be affected by the global economic downturn in the short to medium term.

GTJA FORECAST		2022 Base case	2023 Base case
GDP Growth	%	7.2	6.5
Inflation	%	3.8	4.5