Vietnam’s industrial output and exports showed a significant recovery in February, according to data released by the National Bureau of Statistics on Thursday. The growth is a promising sign that the global demand for Vietnamese products is bouncing back.
The report reveals that the country’s exports surged by 11 percent in February compared to the same month last year. Meanwhile, industrial output rose by 3.6 percent in the same period. The recovery in industrial production follows a drop of 8 percent in January when manufacturing activities usually slow down due to the week-long Chinese New Year celebrations.
Vietnam’s industrial output contracted by 6.3 percent year on year in the first two months of 2023. However, February’s rebound raises hopes for a positive year ahead.
The country’s exports grew to $25.88 billion in February, reflecting an increase of 11 percent. In January, exports had slumped by 21.3 percent, but they have now bounced back to help Vietnam post a record trade surplus of $2.3 billion.
Vietnam’s imports also decreased by 6.7 percent in February, adding to the country’s strong trade balance. With these positive signs, the Vietnamese government is optimistic that the country’s economic recovery will continue to gain momentum in the coming months.