Publication: Taking Stock August 2024: Reaching New Heights in Capital Markets
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2024-08-26
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2024-08-26
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Viet Nam’s gross domestic product (GDP) grew by 6.4 percent (y/y) in H1-2024 after a moderate 5 percent growth in 2023, boosted by a rebound in manufacturing exports as well as higher consumption and investment. On the production side, manufacturing, export-oriented services, and tourism posted robust growth. Despite recovering, consumer spending remained below pre-pandemic rates. Private investment growth accelerated in H1-2024 but remained below pre- Coronavirus (COVID) levels. The current account registered a substantial surplus, driven by a robust trade performance. However, a continued interest rate differential and strengthening US dollar in H1-2024 increased unrecorded capital outflows leading to a negative external position. The State Bank of Viet Nam (SBV) responded to emerging exchange rate pressures through a combination of gradual devaluation, foreign exchange (FX) interventions, and tighter liquidity. The gradual rebalancing of Viet Nam’s financial system towards a more prominent role of capital markets remains an important agenda, as discussed further in this edition’s special topic chapter.
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“World Bank. 2024. Taking Stock August 2024: Reaching New Heights in Capital Markets. © World Bank. http://hdl.handle.net/10986/42084 License: CC BY-NC 3.0 IGO.”
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