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Vietnam's economy recorded an impressive 6.3% y-o-y real GDP growth in Q210, followed by a better-than-expected 7.4% y-o-y in Q310. These latest figures remain in line with our view that private consumption and infrastructure investments would continue to drive economic growth. Given that Q310 figures were above expectations, we are revising our real GDP forecast upwards to 6.0% for 2010. However, our real GDP forecast for 2011 remains at 5.5% in anticipation of a slowdown in external demand. Although these figures are very impressive, we are increasingly concerned over the threat of higher inflation and widening current account and budget deficits. Food price inflation is of particular concern owing to the impact this will have on spending in the food and drink sector in the short term. Nevertheless, the outlook for the food and drink industry remains positive, as investors continue to be attracted to the country’s drink and mass grocery retail sectors in particular.
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