Manufacturing has helped Vietnam record high GDP growth in the first half of 2022. (Photo: VOV)

In its newly released update on Vietnam’s macroeconomy, the Hong Kong and Shanghai Banking Corporation (HSBC) raised Vietnam’s GDP growth forecast for this year to 6.9% from its previous 6.6% projection, making Vietnam’s GDP to grow the fastest in ASEAN.

According to HSBC, Vietnam's growth of 7.7% in the second quarter against the same period last year was spectacular, far exceeding the 5.9% forecast. In addition to the impressive recovery of the service sector, the manufacturing industry maintained its growth with export turnover reaching historic height.

Singapore-based United Overseas Bank (UOB) revised Vietnam’s 2022 GDP growth forecast from 6.5% to 7%.

Kuala Lumpur-based Malayan Banking Berhad (Maybank), a global financier of Malaysia, also raised its GDP growth forecast for Vietnam from 5.8% to 6.9% this year following the positive economic gains. But the bank’s research group noted that the economy’s momentum moving forward could be affected in the second half of the year by slowing global growth, and rising prices that will impact household consumption.

In its latest report on Vietnam's economy, the International Monetary Fund (IMF) has forecast Vietnam’s GDP growth at 6% and inflation at 3.9% this year. IMF’s assessment coincided with the World Bank’s (WB) Vietnam macroeconomic update in June.

According to the World Bank, Vietnam's inflation has risen a bit, but remains well below the 4.0 percent target.

The IMF also applauded Vietnam's policies to reduce the economic impact caused by the pandemic including the vaccination campaign to help transit from zero Covid to living with the pandemic plus support policies to ease pandemic impacts. Generally the Vietnamese government has succeeded in maintaining fiscal stability, said the IMF.