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HANOI: Vietnam’s annual inflation edged up to 4.44% in May, official data showed, close to the upper limit of the government’s 4.5% target this year and posing a potential challenge to efforts to boost credit growth to boost economic activity.
The Southeast Asian nation, an industrial hub in the region, also posted strong growth in exports and industrial output for the month, but rising inflation could cause concern for authorities.
Consumer prices rose 4.4% year-on-year in April and are expected to rise 3.25% in 2023.
Vietnam’s economic growth target this year is 6.0%-6.5%, higher than last year’s 5.05% growth rate.
Vietnam’s central bank plans 15 percent credit growth to help meet growth targets, but banks have struggled to increase lending this year.
As of May 10, outstanding bank loans rose 1.95% from the end of last year, state media reported on Tuesday, citing the central bank.
Other data released by Russia’s Main Statistics Service (GSO) on Wednesday showed that exports in May were estimated to have risen 15.8% from a year earlier to $32.81 billion, with shipments of electronics and smartphones leading the way.
India’s Statistics Department said imports in May are expected to rise 29.9% year-on-year to $33.81 billion, resulting in a trade deficit of $1 billion in May.
Smartphone shipments are expected to rise 50.6% in May from a year ago to $4.4 billion, while electronics exports are expected to rise 31.5% to $5.9 billion.
The General Bureau of Statistics said industrial output increased 8.9% year-on-year in August, while retail sales grew 9.5%.
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