HSCHSC
  • Research Insights
  • Who We Serve
    Individual Clients
    Institutional Clients
    Corporate Clients
  • About Us
    Who We Are
    Our Philosophy
    Our Culture
    Our Leadership
    Awards & Recognitions
    Our History
  • Investor Relations
    Corporate Governance
    Financials
    Financial Statements
    Earnings Releases
    Annual Reports
    General Meeting of Shareholders
    Dividend
    Information Disclosure
  • Pressroom
    Press Releases
    Announcements
  • Making an Impact
ENVI
HSCHSC
hsc
Client GuidelineTrading ToolOpen AccountContact UsCareers
Terms of UsePrivacy & SecurityDisclaimers

Copyright © Ho Chi Minh City Securities Corporation. All rights reserved.

Search

banner

Softening demand but rising inflation strains monetary outlook

Macro & Market Insights

Softening demand but rising inflation strains monetary outlook

External momentum stayed firm in November, with exports and imports up 15.1% and 16.0% y/y, FDI disbursements rising 9.5% y/y, and tourism arrivals climbing 15.6% y/y to 19.1mn in 11M25 (117% of pre-COVID levels) and surpassing the full-year record set in 2019. Strong public investment (up 21.5% y/y in November) and a USD1.1bn monthly trade surplus continued to underpin macroeconomic stability despite sequential trade softness. Yet flat retail sales (m/m) slowed annual growth and undershot our full-year expectations, while inflation’s rise to 3.58% y/y, alongside softer domestic demand, suggests a more challenging monetary policy outlook ahead.

View full report