Economics Update – 1Q19 GDP: resilient growth

• Vietnam’s 1Q19 real GDP grew 6.8% yoy, exceeding our expectations but below 1Q18’s 7.5% yoy as agriculture and manufacturing activity moderated.
• An upswing in domestic manufacturing compensated for the setback in electronics production.
• We keep our 2019 GDP growth forecast unchanged at 6.6%.

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