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Production and retail sales decline in Vietnam: WB

According to the report of World Bank (WB), the growth of industrial production and retail sales in Vietnam decreased in October due to weakening demand at home and abroad.

Production and retail sales decline in Vietnam: WB
Figure: The growth of industrial production and retail sales in Vietnam decreased in October due to weakening demand at home and abroad.

The report says, in October sales grew by 6.3 percent year on year (YoY), which is 13 percent lower than in September, and was partly attributed by the World Bank to the diminishing low-base effect and predominantly to the shrinking demand from overseas, caused by the slowing down of the European Union (EU), US and Chinese economies.

On the other hand, retail sales in the country grew by 17.1 percent YoY compared to 36.1 percent in September.

Export growth rate moderated from 10.3 percent to 4.8 percent last month despite a trade surplus of $2.3 billion and import growth rate of was 7.1 percent.

As per consumer price index, inflation rose gradually in September 3.9 percent and 4.3 percent in October, which is slightly overshooting the target of 4 percent set by the State Bank of Vietnam (SBV).

Besides that, the total registered foreign investment capital jumped to $3.7 billion, 122 percent higher than the figure in October last year.

In this situation, the World Bank suggests direct sales of foreign currency to stabilize exchange rates to be used wisely for preserve vital foreign reserves.

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