Ho Chi Minh City’s trade is still recording impressive growth despite Vietnam being affected by the troublesome global situation. A report from the city’s Department of Statistics shows that export turnover was $4.156 billion in September, an increase of 0.3 per cent compared to August, while import turnover in the first nine months was $48.764 billion, up 10.3 per cent year-on-year.
The State Bank of Vietnam (SBV) has officially adjusted the credit limit for four banks - Vietcombank, HDBank, MB, and VPBank - in a bid to support weak credit institutions under government policy. An additional VND83.5 trillion ($3.49 billion) will be injected into the economy following the move. The credit growth limit at 18 banks has now reached 13.6 per cent.
With impressive growth posted in the third quarter, United Overseas Bank (UOB) has raised its growth forecast for Vietnam in 2022 to 8.2 per cent; significantly higher than its previous forecast of 7 per cent. UOB believes that, in 2023, Vietnam’s economy will be affected to a certain degree in the context of demand in main markets continuing to slow down. Growth next year is therefore expected to be 6.6 per cent.