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Vietnam's inflation rate accelerated in May to 5.6 per cent, with the country paying higher prices for imported fuels. The country's trade deficit also widened to a record high in May, with exports rising 18 per cent and imports soaring 33.8 per cent. Industrial production in May rose 8.8 per cent from a year earlier, while foreign investment inflows in the five-month period rose 9.6 per cent from a year earlier to $9.75 billion.
Vietnam's inflation rate accelerated in May to 5.6 per cent, with the country paying higher prices for imported fuels. The annual inflation rate came in at 5.6 per cent in May, compared with 5.46 per cent in April.
Exports in May rose 18 per cent from a year earlier to US$46.93 billion, while imports soared 33.8 per cent to $52.14 billion, resulting in a record trade deficit of $5.21 billion. In April, the export-reliant nation posted a $3.28 billion deficit. Annual export growth in May fell from 21 per cent in the previous month, while the pace of import growth was slightly higher than the 32.5 per cent rise registered in April.
For the January-May period, exports rose 19.5 per cent from a year earlier to $215.66 billion, while imports were up 30.8 per cent to $229.46 billion, leading to a $13.8 billion trade deficit. Imports of crude oil in the January-May period fell 19.1 per cent in terms of volume, but rose 4.1 per cent in terms of value from a year earlier, according to the report.
Imports of refined petroleum products in the period rose 15 per cent in terms of volume and 81.6 per cent in terms of value. Industrial production in May rose 8.8 per cent from a year earlier, slower than the 9.9 per cent expansion in April, the NSO said. Foreign investment inflows in the five-month period rose 9.6 per cent from a year earlier to $9.75 billion, compared with a 9.8 per cent rise in the January-April period
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