Economics Update – Jan 2019 Update

• Vietnam recorded a trade surplus of US$816m in Jan 19 (vs. trade deficit of US$811m in Dec 18). GSO had estimated a US$800m trade deficit in Jan 19.
• Continued downtrend in smartphone and electronics exports seen in Jan 19.
• We expect a softer export outlook in 2019F (+12.0% yoy vs. 13.1% in 2018).

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