HANOI: Vietnam's goods exports and industrial production in July rose strongly from a year earlier, government data showed on Monday (July 29), adding to signs of an acceleration in the country's economic growth.
Exports in July are estimated to have risen 19.1% in July from a year earlier to US$35.92 billion, the General Statistics Office (GSO) said in a report.
The industrial production index rose 11.2% in July from a year earlier, the GSO said.
Vietnam has been seeking to lift economic growth to meet this year's GDP growth target of 6.0%-6.5%, with the government keeping policy settings accommodative and boosting public investment.
"We believe the ongoing upturn in the global electronics cycle will continue to support both exports and industrial production for the rest of the year," Oxford Economics said in a note.
The country recorded annual GDP growth of 6.93% in the second quarter, up from 5.87% in the first quarter.
Oxford Economics expects GDP growth to come in at 5.9% this year, with the central bank's discount rate remaining 3.0%.
Imports in July rose 24.7% from a year earlier to $33.80 billion, resulting in a trade surplus of $2.12 billion for the month, the GSO said.
A sharp rise in imports could be a signal of future strength in industrial production if firms import more materials and equipment for their operations.
The GSO said consumer prices in July rose 4.36% from a year earlier. The government has said it wants to keep inflation below 4.5% this year.
Oxford Economics said it doesn't expect full-year inflation to move above the target ceiling, "though there are upside risks in the near-term from the sudden surge of credit in June". -
