Due to rising energy prices and the conflict in Ukraine, Vietnam is experiencing an increase in inflation pressure; nonetheless, the government will continue to control costs and implement a flexible, responsible monetary policy throughout 2019.
The administration will preserve macroeconomic stability this year, control inflation, keep it below 4.5% the following year, and aim for a 6.5% increase in the GDP/gross domestic product. Vietnam's economy will confront more difficulties than opportunities in 2023, and local markets would be at danger. Apparently, the consumer price inflation in Vietnam has increased significantly this year 2022 when compared to last year 2021, according to GlobalData.
Chart 1: Vietnam's Consumer Price Inflation (2017- 2022E, %)
Vietnam, a key for regional industry, has seen its economy strongly recover from the epidemic, with a third-quarter GDP growth of 13.67% over the same period last year. However, it has experienced issues with inflation and currency devaluation, experiencing fresh record lows versus the dollar in recent days after losing 7% this year. This is a problem shared by most of its regional neighbors.
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