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HANOI, June 29 (Reuters) - Vietnam on Thursday reported faster economic growth in the second quarter, driven by the services sector, despite a slump in exports. Gross domestic product (GDP) in the second quarter grew 4.14% from a year earlier, faster than the 3.28% expansion seen in the first quarter, the General Statistics Office (GSO) said in a report. First quarter growth was revised down from 3.32%. The services sector grew 6.11% in the second quarter from a year earlier, while the agricultural sector grew 3.25%, and the manufacturing and construction sector expanded 2.50%, the GSO said. "The government's policies to encourage domestic consumption and promote tourism have contributed to the growth of the services sector," the agency said.

Persons: Kanupriya Kapoor Organizations: Gross, General Statistics Office, Thomson Locations: HANOI, Vietnam

☆ Vietnam Q1 GDP growth slows as weak demand hits exports
▼ + stars: | 2023-03-29 | by ( Khanh Vu | ) www.reuters.com time to read: +2 min

HANOI, March 29 (Reuters) - Vietnam's economic growth slowed to 3.32% in the first quarter, against a 5.92% year-on-year expansion in the fourth quarter of 2022, government data showed on Wednesday, as exports of smartphones and electronics fell sharply. The Southeast Asian country, a regional manufacturing hub, reported an 11.9% fall in overall exports in the January-March period from a year earlier due to weakening global demand. Industrial production in the first quarter fell 2.3% from a year earlier, while retail sales of goods and services rose 13.9%, the GSO said. Vietnam is targeting 6.5% growth of gross domestic product this year, below a decade-high expansion of 8.02% last year. "We expect economic activity to remain weak this year given the challenging external demand backdrop and the lagged impact of monetary tightening," Capital Economics said.

Now overseas demand is slumping amidst a local credit crunch and a corruption crackdown. A trade agreement and warmer relations with Washington spared its manufacturers from tariffs and sanctions applied to its northern neighbour. Now overseas demand is stuttering. Vietnam's exports of goods and services have been slowingFollow @KatrinaHamlin on TwitterCONTEXT NEWSVietnam's economy grew 8.02% in 2022, the fastest annual pace since 1997, according to data released by the country’s General Statistics Office on Dec. 29. Vietnamese exports were flat in February and fell 23.4% in January compared to a year earlier, according to Refinitiv data released on March 9.

☆ Vietnam's factory output rises in February, exports up 11%
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: 1 min

HANOI, Feb 28 (Reuters) - Vietnam's exports rose 11% in February from a year earlier, and the country's industrial output increased 3.6% in the same month, according to data released by the country's statistics agency on Tuesday. Consumer prices in February rose 4.3% on the year, the General Statistics Office also said in a report. Reporting by Hanoi bureauOur Standards: The Thomson Reuters Trust Principles.

☆ Vietnam 2022 GDP growth quickens to 8.02%, fastest since 1997
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +1 min

HANOI, Dec 29 (Reuters) - Vietnam's gross domestic product grew 8.02% in 2022, the fastest pace annually since 1997, backed by strong domestic retail sales and exports. The reading is higher than an official growth target of 6.0%-6.5% and growth last year of just 2.58%, when COVID-19 lockdowns left a dent on the economy and impacted factory activity. "The economic performance is worth noting amid global economic and political uncertainty and challenges," the General Statistics Office (GSO) said in a report. GDP growth in the fourth quarter was 5.92%, slowing from a growth of 13.71% in the third quarter, the GSO said. Exports in 2022 were up 10.6% to $371.85 billion, while retail sales rose 19.8%, the GSO said.

☆ Manufacturing orders from China down 40% in unrelenting demand collapse
▼ + stars: | 2022-12-04 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

U.S. manufacturing orders in China are down 40 percent, according to the latest CNBC Supply Chain Heat Map data. HLS expects most carriers to extend their West Coast rates until December 14, holding at $1,300-$1,400 per forty-foot equivalent containers (FEU). The 2M Alliance of Maersk and MSC has suspended almost half of its U.S. West Coast services for December. is also impacting Vietnam, which has been booming as a manufacturing hub as more trade moved away from China. Canceled ocean sailings bound for Vietnam are up 50% for December.

It is unclear if the cuts in Vietnam reflect Samsung's general drop in production or a shift to other manufacturing countries. Smartphone output in the first 11 months of the year fell 6.1%. The GSO also said the value of Vietnam's smartphone exports in November fell 1% on the month and 0.7% from a year earlier. However, if demand remains sustained, the production cuts could exacerbate inflation in Europe and other importing regions. Imports also fell by 7.3%, signalling possible further production cuts because components and materials used for exported products are often imported for assembly in Vietnam.

☆ Vietnam Q3 GDP growth up 13.67% y/y on rebound in manufacturing
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +1 min

The industrial and construction sector in the July-September period grew 12.91% from a year earlier, the General Statistics Office (GSO) said in a report. Meanwhile, the services sector expanded 18.86%, while the agricultural sector grew by 3.24%. Vietnam, however, is facing upward pressure on inflation, prompting its central bank to increase its policy rates last week. The Southeast Asian country has set an official target for GDP growth of 6.0%-6.5% and containing inflation at 4% for this year. Register now for FREE unlimited access to Reuters.com RegisterReporting by Khanh Vu Editing by Ed DaviesOur Standards: The Thomson Reuters Trust Principles.

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