HSBC: Export growth led by electronics recovery
HSBC experts assessed that Vietnam's export growth was mainly led by recovery in the electronics sector, however, other industries besides electronics are also starting to show signs of recovery, such as textiles and footwear.
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| From the beginning of the year to July 15, exports of computers, phones and components brought in 65.9 billion USD. |
HSBC Bank has raised its GDP growth forecast for this year to 6.5%, instead of the previous 6%. This is the information in the report "Vietnam at a glance - Regaining the glory" just released by HSBC Bank's Global Research Department.
According to Ms. Yun Liu, economist in charge of ASEAN markets, HSBC Global Research Department, Vietnam's GDP growth in the second quarter of 2024 increased to 6.9% compared to the same period last year, almost the highest level in the past two years, far exceeding HSBC's and the market's expectations of 6%.
From the beginning of the year to mid-July 2024, our country's import and export of goods reached more than 402 billion USD, of which exports were more than 207 billion USD, imports were 195 billion USD, and the trade balance had a trade surplus of 11.87 billion USD.General Department of Customs
The biggest surprise was manufacturing, which grew 10% year-on-year, HSBC said, reflecting strong export growth in the second quarter, which was up 15% year-on-year.
The export recovery was mainly led by the electronics sector, but other industries are also starting to show signs of recovery.
For example, textile and footwear exports, which were affected by disruptions in the Red Sea, also saw double-digit growth in the second quarter.
As of July 15, according to preliminary statistics from the General Department of Customs, exports of computers, phones, and components of all kinds reached 65.9 billion USD, of which computers, electronic products, and components reached 36.3 billion USD; phones of all kinds and components were approximately 29.6 billion USD.
At the same time, the sentiment of manufacturers has also improved significantly. The PMI index in June increased sharply to 54.7 points, the highest level in the past two years. The employment situation and new export orders have also increased compared to recent months, which is a "guarantee" for a better outlook for the manufacturing sector in Vietnam.
“The bright spot is that employment and new export orders have increased compared to recent months, indicating a better outlook for the manufacturing sector in Vietnam,” Ms. Yun Liu added.
While the short-term trade sector is starting to take off, the long-term FDI outlook remains a bright spot. The manufacturing sector accounts for the majority, with newly registered FDI capital reaching nearly 10 billion USD in the first 6 months of 2024 (4% of GDP).
With better-than-expected growth in the first half of the year, HSBC has raised its GDP growth forecast for this year to 6.5% (previously 6%). This means that Vietnam is likely to become the fastest-growing economy in ASEAN in 2024, a position it temporarily ceded to Malaysia and the Philippines in 2022 and 2023.
Source: https://baodautu.vn/hsbc-xuat-khau-tang-truong-duoc-dan-dat-boi-su-phuc-hoi-cua-mang-den-tu-d220774.html
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