30 June 2023 Emerging Asia Monitor Don't Extrapolate Vietnam's Q2 GDP Growth Bounce into H2

GDP growth in Vietnam bounced to 4.1% in Q2, from 3.3% in Q1, thanks to a pick-up in industry...
...But output likely went straight to inventories, as exports were grim; the worst likely is over, at least.
We still see 4% GDP growth this year and another 50bp SBV cut, with fiscal policy already stretched.

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