Tiếng Việt
普通话
The prelim export turnover of Vietnam’s textile and garment remained stellar with 23.4% yoy and 0.6% mom, to USD3.1bn in May. The US persisted as the largest textile and garment importer with a USD1.6bn, +23.5% yoy/0.7% mom and accounting for 51% of Vietnam’s total textile and garment export value. Overall, in 5M22, Vietnam’s textile and garment export turnover soared 22.6% yoy to USD15bn.
Regarding the impact of the global commodity price surge on Vietnam CPI, we estimate that the current value of Brent price could push 2022 inflation to exceed the government target of 4%, mainly through the consumption channel. However, implementing well-established tools allows the Vietnam government to mitigate external shocks proactively. To sum up, we forecast that the global commodity surge would create temporary pressure on Vietnam inflation.