Vietnam to grow at 6.2%: HSBC
HSBC has revised down Vietnam’s GDP forecast by 0.3% to 6.2% due to impacts of the global fuel shortage.

An aerial view of Ho Chi Minh City's center. Photo by The Investor/Trong Hieu.
Surging global fuel prices have led to an increase in Vietnam's fuel expenses, negatively impacting the country’s trade balance. In March, crude oil imports more than doubled, while gasoline imports quadrupled year-on-year, the bank reported.
Vietnam may have a current account deficit for the second year in a row, albeit at a modest level of only 0.2% of GDP. The government last year posted a current account deficit of 1.1% of GDP, for the first time in four years, it said.
Given the external issues, HSBC slightly increased its forecast for the U.S. dollar/Vietnamese dong exchange rate in the short term, though the forecast by the end of the year remains at VND22,800.
The creditor pointed out that suppressed personal consumption recovery induced by rising living costs, as well as a weak labor market, have slowed retail sales growth, with only a 2.5% increase in Q1 year-on-year.
Vietnam's trade surplus in Q1 narrowed to a minimum of $800 million albeit a strong recovery in exports. Imports grew 16% and half of them were electronic components.
Despite a slight downgrade of Vietnam's GDP, HSBC believed the country remains one of the region's economies with outstanding growth this year, in line with the government’s plan of 6-6.5%.

Fitch Ratings in a release on Monday stated that it expects Vietnam’s GDP growth to accelerate to 6.1% in 2022 and 6.3% in 2023 from 2.6% in 2021, led by a recovery in domestic demand, strong exports and high FDI inflows, particularly in the manufacturing sector.
ADB in March anticipated Vietnam’s growth rate to converge to its pre-pandemic level of 6.5-7% in 2022 thanks to “fast vaccination progress, sustained global economic recovery, and certain key drivers of economic growth that include the economy’s digital transformation.” In the same month, IMF estimated the country’s economic expansion at 6.6%.
According to HSBC, Vietnam had a solid start in 2022, with GDP expanding 5.03% year-on-year in Q1, owing to a large-scale rebound.
Vietnam's General Statistics Office (GSO) data shows that the industrial sector in Q1 grew 8.36% from Q1/2021, accounting for 51.08% of the overall growth, while services climbed by 4.58% and made up 43.16%. Agriculture rose 2.45%, contributing 5.76%.
Vietnam fully reopened its market to international travelers on March 15, paving the way for tourism industry resurgence.
HSBC maintains its recently revised upwardly of 3.7% inflation forecast, which is still below the State Bank of Vietnam’s 4% target.
"Fortunately, given that food costs and price pressures induced by rising demand have been managed, Vietnam's inflation remains under control compared to other emerging economies," the report said.
However, the bank believed that the possibility of rising inflation will signal a tightened monetary policy. This explained why it raised its projection for Q3 by 50 basis points, rather than Q4 as previously forecast. Consequently, the regulatory interest rate is expected to grow to 4.5% by the end of 2022.
- Read More
Rules on private placement bond issuance should be tightened: Vietnam Finance Minister
Allowing only companies that have liabilities five times higher than their equity at maximum to issue bonds via private placement is a necessary move to mitigate risks and prevent abuse, said Finance Minister Nguyen Van Thang.
Finance - Mon, June 9, 2025 | 6:19 pm GMT+7
EV maker VinFast commits to purchasing all output for Vietnamese suppliers
Vietnamese electric vehicle maker VinFast has committed to purchasing all products for domestic suppliers that join its production chain.
Companies - Mon, June 9, 2025 | 5:21 pm GMT+7
Phat Dat affirms leadership role in southern Vietnam's property market following successful launch of La Pura project
The official launch of the La Pura project by Phat Dat Real Estate Development Corp on Sunday in the southern province of Binh Duong made a significant impact, with over 95% of the total inventory in the Zenia sub-zone successfully transacted.
Real Estate - Mon, June 9, 2025 | 4:07 pm GMT+7
Vietnam seeks Samsung partnership in AI-integrated chip design for data centers, telecom networks
Minister of Public Security Luong Tam Quang called on South Korean tech giant Samsung to strengthen its partnership with his ministry in developing Vietnam’s security industry.
Investing - Mon, June 9, 2025 | 3:13 pm GMT+7
Vingroup partners with e-commerce platform Shopee to develop logistics infrastructure
Vietnam’s leading multi-sector conglomerate Vingroup and Shopee, the country’s top e-commerce platform, on Friday signed an MoU to develop infrastructure for e-commerce fulfillment services, enhance digital connectivity between businesses and consumers, and build a sustainable digital ecosystem.
Companies - Mon, June 9, 2025 | 11:48 am GMT+7
Finish fund Pyn Elite spends $41.4 mln on MBB shares of MBBank in May
Finish investment fund Pyn Elite allocated an additional 3% of its portfolio (VND700 billion or $41.38 million) to 26 million MBB shares of MBBank last month, increasing the holding to 12.4%.
Finance - Mon, June 9, 2025 | 11:43 am GMT+7
Fund manager Eastspring Vietnam appoints new CEO
Eastspring Vietnam, one of the largest fund managers in the country by assets under management, last Friday appointed Nguyen Quoc Dung as its new CEO and legal representative.
Finance - Mon, June 9, 2025 | 9:03 am GMT+7
U.S. Grains Council signs 5-year cooperation deal with Vietnam
The U.S. Grains Council (USGC) on Friday signed a five-year cooperation agreement with the Partnership for Sustainable Agriculture in Vietnam (PSAV), reaffirming its long-term commitment to Vietnam’s agricultural development.
Economy - Sun, June 8, 2025 | 5:13 pm GMT+7
Bamboo Capital announces senior personnel changes
Under a board of directors resolution effective last Friday, Vietnam's multi-sector conglomerate Bamboo Capital Group has a new deputy general director, while its first vice chairman Pham Minh Tuan resigned to focus on subsidiary Bamboo Energy.
Companies - Sun, June 8, 2025 | 4:05 pm GMT+7
Vietnam signs deals to import nearly $3 bln worth of US agricultural products
Vietnamese businesses accompanying Minister of Agriculture and Environment Do Duc Duy on a six-day visit to the U.S. signed multiple agreements to import nearly $3 billion worth of American agricultural products, expanding bilateral cooperation in the agricultural sector.
Economy - Sun, June 8, 2025 | 10:33 am GMT+7
EPC contract signed for O Mon IV thermal power project in southern Vietnam
An EPC contract signing ceremony for the O Mon IV thermal power project in Can Tho city took place on Friday, at the headquarters of state-owned Petrovietnam - the investor.
Energy - Sun, June 8, 2025 | 8:00 am GMT+7
Vietnam's agri major Hoang Anh Gia Lai ventures into mulberry cultivation, coffee production
After overcoming two major obstacles - debt and accumulated losses - Vietnam's agri major Hoang Anh Gia Lai JSC (HoSE: HAG) is charting a bold five-year strategic roadmap, introducing two new business segments: mulberry cultivation and coffee-tea production.
Companies - Sat, June 7, 2025 | 4:35 pm GMT+7
Stock trading accounts hit 10 mln in Vietnam
Vietnam recorded a large increase in the number of stock trading accounts in April and May, when the U.S. tariff turbulence caused strong market fluctuations.
Finance - Sat, June 7, 2025 | 3:38 pm GMT+7
Thailand’s SCG books $301 mln in Q1 sales from Vietnam
Siam Cement Group (SCG) reported sales of VND7.77 trillion ($301 million) in Vietnam in Q1/2025, reflecting the country as a key market for the Thai conglomerate in Southeast Asia.
Companies - Sat, June 7, 2025 | 9:54 am GMT+7
Vietnam’s energy firm identifies 3 emissions violations among Vietnamese enterprises
Looking ahead, 2030 is a milestone year, as major global brands such as Unilever, Nestlé, H&M, and Nike have committed to cutting Scope 1 and Scope 2 emissions by 50-65%, said Pham Dang An, CEO of Vu Phong Energy Group, a major developer of clean energy in Vietnam.
Companies - Sat, June 7, 2025 | 8:00 am GMT+7
Deal acquiring financial firm of Vietnam's SeABank invalid: Aeon Financial
Aeon Financial Service Co., Ltd. on Friday stated that its deal to purchase a financial company owned by Vietnam's SeABank is invalid due to "inappropriate accounting transactions."
Finance - Fri, June 6, 2025 | 11:57 pm GMT+7