Vietnam has seen several positive developments in its macro data following the Tet holiday, according to HSBC’s “Vietnam February Data – Somewhat Solved Secrets” report.
First, international tourist arrivals have reached a record high since the pandemic, contributing to a nearly 60% increase in the Tourism Recovery Rate compared to 2019 levels.
Additionally, the Product index PMI has returned to the expansion zone after four months, and trade results have exceeded expectations.
Despite concerns about the slowing US economy, Vietnam’s exports of phones and related components have increased by almost 8% year-to-date.
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International travelers visit Hoi An City during the Tet holiday – PHOTO: LDOThe country also experienced a trade surplus of $2.3 billion, which is double the monthly average for 2022, due to a faster decline in imports than exports.
Domestically, retail sales continued to grow, especially in tourism-related services, and February saw a high record of 933,000 foreign visitors, mainly from mainland China and South Korea.
Although challenges, HSBC is optimistic that the situation will improve, particularly if bottlenecks are addressed, and the remaining recovering tourism industry could be a source of growth.
However, there is a need for greater attention to be paid to the use of emitters, as price pressure is on the rise.
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Source: Vietnam Insider