Vietnam: Industrial production gains steam in March
Latest reading: Industrial production rose 6.9% in annual terms in March, following a 1.0% rise in the prior month and surpassing market expectations.
Relative to the previous month’s data, readings in March improved for manufacturing (+7.5% on a year-on-year basis vs +2.3% in February), electricity (+4.6% vs -4.5% in February), mining and quarrying (+2.5% vs -5.3% in February) and water supply (+12.1% vs -5.6% in February).
Panelist insight: United Overseas Bank’s Suan Teck Kin commented on risks to the outlook amid the Iran war:
“In addition to energy and fuel related products, the Middle East is a major source of critical inputs to sectors ranging from agriculture, construction to plastics, semiconductor and healthcare, among others. These materials include petrochemicals & plastics (e.g. high-density polyethylene resin, methanol, glycol ether), aluminum, fertilizers (phosphate fertilizer, urea fertilizer, ammonia), sulfur and sulfuric acid, helium, steel structures and parts. As such the risk of broader supply-chain disruption rises the longer the conflict drags on.”