Balance found

Vietnam’s GDP growth accelerated remarkably throughout 2017, driven by improvements in manufacturing and the trade balance as the year progressed and supported by high consumption growth. Interest rates, inflation, and the value of the Vietnam dong (VND) were all stable, thanks to some wise macroeconomic policies by the State Bank of Vietnam (SBV) and because of a very favorable global economic backdrop. Economists use the term “Goldilocks economy” to describe an economy that grows rapidly enough to significantly boost the prosperity of its citizens and to generate attractive investment returns, but not so rapidly to stoke inflation. The term comes from a children’s story about a young girl named “Goldilocks” who likes to eat porridge that is “not too hot, and not too cold … but just right!”  2017 in review Vietnam’s GDP growth accelerated from 5.2 per cent (annualized) in the first quarter of 2017 to 7.5 per cent in the third quarter, driven by an acceleration in the growth of the country’s manufacturing activity from 8 per cent year-on-year in the first quarter to 14 per cent in early December, which was reflected by strong performance in Vietnam’s PMI readings throughout the year. This remarkable acceleration was supported by 12 per cent year-on-year growth in disbursed foreign direct investment (FDI) inflows, by the launch of certain new, large industrial facilities, including Formosa’s mega-steel mill, and by the rebound of Samsung’s smartphone production from the second quarter, following issues related to the Samsung Galaxy 7 phone that led to… [Read full story]

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