Vietnam Economic growth on course to surpass 2022 target

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Vietnam's economy looks on course to surpass its 2022 growth goal, as a better than expected second quarter performance pointed to a broad-based recovery in the Southeast Asian export powerhouse.

Nguyen Thi Huong, head of Vietnam's General Statistics Office, said by phone Wednesday that gross domestic product will likely grow as much as 7% this year, beating the government's 6% -- 6.5% target. The economy grew 7.72% in the April-June period from a year earlier in the day, according to data released earlier in the day.

That was quicker than the median estimate for a 5.9% gain in a Bloomberg survey of economists, and the highest level since at least the first quarter of 2013 in at least the first quarter of 2013.

Growth is expected to be very high in the next six months, as every sector is recovering strongly, Huong said. She said that third-quarter GDP growth could be a double-digit number.

The June quarter performance helped lift growth to 6.42% from a year ago, beating the GSO's forecast for a 5.5% pace.

The government has $15 billion of fiscal stimulus and an easy monetary policy in a world where central banks have turned hawkish, which is what underpins the recovery. That has helped boost the competitiveness of the Southeast Asian nation, which is emerging as an attractive alternative destination for foreign investment amid trade disruptions from China's lockdowns, the war in Ukraine and the lingering tensions between Beijing and Washington.

Huong said we still have to be mindful of inflation because of the growing price pressures. Consumer prices have gained steadily each month this year to reach 3.37% in June, according to data released Wednesday. The average inflation for the year 2022 is expected to be 4%.

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