Retail sales growth recorded a record high of over 55% over the same period last year, consumption momentum continued to increase strongly for both goods and services.

HSBC on Wednesday published its “Vietnam at a glance” report, showing a multi-dimensional picture of the Vietnamese economy. According to the report, after an impressive 17% growth in the first half of 2022, Vietnam's exports started the second half of the year with a lower growth rate than initially anticipated due to the slow growth of the electronics sector, especially the phone sector. However, textiles and apparel and footwear grew strongly, reaching 30% over the same period in 2020. Import growth increased slightly by 3.4% over the same period in 2020.

HSBC's report shows that Vietnam's Purchasing Managers' Index (PMI) is showing signs of a slight decrease. However, Vietnam still showed stronger manufacturing activity than most countries in the region, as much of Asia saw a contraction in new export orders. Businesses continued to hire more workers, the employment index increased for the fourth time in a row. Although manufacturing growth may slow in the coming months, the outlook remains positive, the report noted.