Maybank says Vietnam's GDP likely to grow by 5% in Q2 2023

The country’s growth is led by the service sector, which accounts for 43.1 per cent of the GDP. This sector is projected to post 7 per cent growth in Q2 2023.

Though the industry and construction sector is expected to grow by 2 per cent compared to a year ago, the report said the manufacturing and production sector will stay weak due to weak external demand.

Growth in the construction sector, however, is predicted to be more robust due to increased public investment disbursement for infrastructure projects and government efforts to resume real estate projects, a news agency reported.

The drop in exports will continue in the second half this year due to slowing global growth, while domestic consumption is projected to decline in the next months amid a weak labour market, Maybank experts predict.

ALCHEMPro News Desk (DS)