ANZ BANK DOWNGRADES 2012 GROWTH FORECAST FOR VIETNAM

SINGAPORE – ANZ Bank has downgraded its 2012 growth forecast for Vietnam from 5.5% to 5.2% following the release of August performance data. Vietnam has reported that industrial production growth fell to 4.4% y/y from 6.1% in July as manufacturing growth dropped to growth of just 2.7% from 4.2% previously. Retail sales growth fell to 17.9% ytd, y/y from 18.7% ytd y/y the previous month. Initial estimates show export and import growth fell to 6.0% and 3.2% respectively y/y, from 9.3% and 16.9% in July.