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Vietnamese economy is likely to grow 10% in Q3

05 Aug 2022, 20:13 GMT+10

HANOI, 5th August, 2022 (WAM) -- The Vietnamese economy is likely to grow 10% year on year in the third quarter of this year, driven by strong domestic consumption, the Vietnam News Agency (VNA) quoted Michael Kokalari, chief economist at VinaCapital, one of the country's leading investment management and real estate development companies.

Earnings growth are expected to exceed 20% this year, Kokalari said in a report entitled, "The divergence between Vietnam's strong economy & weak stock market," which outlines expectation for Vietnam's economy in the last five months of 2022. It is attributed to the country's solid economic performance, he added.

Vietnam's real retail sales, excluding the impact of inflation, grew by 7.9% year-on-year in the first six months of 2022. This figure surged to 11.9% in the seven months, far above the 7% year-on-year growth that VinaCapital had previously been forecasting for 2022.

According to Kokalari, Vietnam's stock market rose 37% last year, driven by a 36% surge in earnings. The consensus expects 16% earnings growth in 2022 and earnings growth of over 20% this year, as expected by VinaCapital, supported by Vietnam's strong economic growth.

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