世界银行-越南宏观监测_2025年5月（英）_6页_678kb

Viet Nam's economy showed signs of resilience in May 2025, as high-frequency indicators and PMI recovered slightly amid global uncertainty. Industrial production rose, driven by export-oriented sectors like textiles and electronics, while merchandise exports grew robustly, with a 27.5% year-on-year increase to the US. Retail sales continued to expand, supported by strong service spending and rising labor income, contributing to overall consumption growth. Inflation accelerated, with CPI increasing to 3.2%, partly due to electricity price hikes and higher housing costs. Credit growth reached 17.5% year-on-year, exceeding the central bank's target, fueled by real estate lending. Public investment disbursement improved to 24.1% of the plan. Ongoing trade negotiations with the US showed progress but no agreement, while FDI disbursements remained steady at 7.9% year-on-year. Core inflation also rose to 3.3%, reflecting persistent inflationary pressures.

Key areas to monitor include continued global uncertainty, potential impacts on manufacturing demand, and ongoing trade talks.