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カントリーリスクレポート - ベトナム

Vietnam Country Risk Report Q1 2020

発行 Fitch Solutions, Inc. 商品コード 177811
出版日 ページ情報 英文 71 Pages
納期: 即日から翌営業日
価格
本日の銀行送金レート: 1USD=111.91円で換算しております。
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カントリーリスクレポート - ベトナム Vietnam Country Risk Report Q1 2020
出版日: 2019年10月25日 ページ情報: 英文 71 Pages
概要

ベトナム経済は2018年に7.1%の成長が見られましたが、その市場の開放性と外資への依存の増加は、ベトナムが貿易保護主義の高まりと世界的な経済成長の鈍化から逃れることができないことを示唆しています。製造業はベトナム経済の主な成長牽引力となるとされています。2019年にはベトナムの実質GDP成長率が6.5%にまで低下する見込みですが、地域全体では最も急成長する経済国のひとつとなる見通しです。ベトナム国家銀行(SBV)は、2019年に金融政策のさらなる強化を計画しています。ベトナムの通貨ドンは、堅調な対外直接投資の流入、健全な経常収支、中央銀行の積極的な介入に支えられ、当面の間はドルに対して安定的であるものの、実行為替レートや高いインフレによって徐々に下落する見通しです。外交面では、ベトナムはロシアとの経済的および軍事的協力を強化すると予測されています。ロシアの経済は西側諸国の経済制裁による打撃を受けており、ロシアはベトナム、さらには東南アジアへの輸出の多様化を図っています。

当レポートでは、ベトナムのカントリーリスクについて調査し、経済的・政治的リスクの概要、SWOT分析、経済成長の見通しと動向、金融政策、市場予測、国内外の政治情勢などについてまとめています。

目次

エグゼクティブサマリー

  • コアビュー
  • 主な予測の変更点
  • 主なリスク
  • カントリーリスク概要
  • 経済的リスク指数
  • 政治的リスク指数
  • SWOT分析
  • 経済 - SWOT分析
  • 政治 - SWOT分析
  • 経済見通し
  • 経済成長の見通し
  • 成長は鈍化する可能性があるが、ベトナムは地域の優位性を維持
  • 支出別のGDPの見通し
  • 外部ポジションの見通し
  • 金融政策
  • 国家銀行は2019年にマクロ経済の安定を優先する
  • 金融政策の枠組み
  • 財政政策と公的債務の見通し
  • 2019年にベトナムの財政赤字が拡大する可能性が高い
  • 構造的財政ポジション
  • 当レポートはFitch Solutions Macro Researchにより公表されたものであり、Fitch Ratingsの信用格付けではありません。レポートに含まれる論評やデータは、Fitch Solutions Macro Researchおよび独立した情報源からのみ得られたものです。Fitch RatingsのアナリストはFitch Solutions Macro Researchとデータを共有していません。
  • ベトナム通貨ドンの短期的安定
  • 10年間の予測
  • 2028年までのベトナム経済
  • 質を伴う成長への新たな焦点
  • 政治的見通し
  • 国内政治
  • ベトナムとロシア2国間の関係のさらなる強化
  • 長期的な政治見通し
  • 持続不可能な権力の独占
  • 運用リスク
  • 紛争リスク
  • 交通網
  • 世界のマクロトレンド
  • 成長のマイナスリスク
  • 索引テーブル
目次
Product Code: CFVN_20200101

Executive summary:

We at Fitch Solutions have revised up our real GDP growth forecast for Vietnam to 6.9% in 2019, from 6.5% previously. Real GDP growth accelerated to 7.3% y-o-y in Q319, from 6.6% y-o-y in Q219, driven primarily by stronger growth from the manufacturing sector. The influx of companies from China as a result of the US-China trade war appears to be putting increasing stress on infrastructure and labour in Vietnam, and we believe that these structural challenges may cap growth over the short term. While we expect manufacturing growth to top out over the near term, we believe that headline growth is likely to be supported by a strengthening of the growth in construction and service sectors.

The State Bank of Vietnam announced a surprise 25 basis point interest rate cut on September 13, which would take its refinancing and discount rates to 6.00% and 4.00%, from 6.25% and 4.25% previously, effective September 16. We expect the central bank to remain on hold over the coming months to observe the impact of its rate cut on the economy before making further adjustments to its monetary policy. While the rate cut would likely provide some support to growth, we do not expect it to be substantial given the infrastructure bottlenecks in the country restricting economic activity growth. We are revising our forecast for inflation to average 3.7% in 2020, from 3.3% previously, on the back of this rate cut and a rebound in food inflation as a result of the African swine fever, which now affects all provinces, and a rise in housing materials inflation.

We have revised our forecast for Vietnam's fiscal deficit (including principal repayments) to come in at 6.6% of GDP in 2019 and 2020, from 5.7% and 5.8% previously. Falling Vietnamese government bond yields in line with the ongoing global decline in yields would slow the growth in interest liabilities. However, we expect this to be more than offset by higher borrowing as the government seeks to accelerate the progress of key infrastructure projects in a bid to ease the congestion in major cities as a result of the influx of companies relocating their operations to Vietnam amid the US-China trade war. We continue to expect the Vietnamese dong to remain broadly stable against the greenback over the near term, supported by robust FDI inflows, US dollar purchases by businesses, and a healthy foreign reserves position. Over the longer term, we maintain our view for the dong to remain on a gradual deprecia- tory path against the US dollar, due to its overvaluation and Vietnam's higher inflation in relation to the US. We maintain our forecasts for the unit to average VND23,300/USD in 2019, VND23,475/USD in 2020 and VND23,650/USD in 2021.

The US' rising trade deficit with Vietnam, exacerbated by the ongoing trade war between the US and several major global exporters, increases the risk of Viet- namese exports coming under punitive tariffs from the US. However, given Washington's view that an unchecked China poses a major security threat, we believe that the US' need to maintain strong diplomatic relations with Vietnam to balance growing Chinese influence in the region could play in Vietnam's favour with regard to the continuation of cordial trade relations with the US.

Key Risks:

The potential for renewed maritime dispute with China poses downside risks to Vietnam's otherwise stable short-term political outlook. Should the Trump administration introduce fresh tariffs on US imports of Vietnamese goods, this would pose a salient risk to Vietnam's export sector, and consequently our economic growth forecast, given the sector's strong orientation to the US economy. Economic policy slippages could dent investor confidence, and result in a slowdown in FDI inflows and manufacturing growth.

Table of Contents

Executive Summary

  • Core Views
  • Key Risks
  • Country Risk Summary
  • Economic Risk Index
  • Political Risk Index
  • SWOT
  • Economic - SWOT Analysis
  • Political - SWOT Analysis
  • Economic Outlook
  • Economic Growth Outlook
  • Strong Growth In Vietnam, But Bottleneck Risks Rising
  • GDP By Expenditure Outlook
    • TABLE: GDP GROWTH FORECASTS
    • TABLE: PRIVATE CONSUMPTION FORECASTS
    • TABLE: GOVERNMENT CONSUMPTION FORECASTS
    • TABLE: FIXED INVESTMENT FORECASTS
    • TABLE: NET EXPORTS FORECASTS
  • Outlook On External Position
    • TABLE: MAIN EXPORT AND IMPORT PARTNERS
    • TABLE: MAIN EXPORTS AND IMPORTS
    • TABLE: CAPITAL & FINANCIAL ACCOUNT BALANCE
    • TABLE: CURRENT ACCOUNT BALANCE FORECASTS
  • Monetary Policy
  • State Bank Of Vietnam To Hold Monetary Policy After Surprise Rate Cut
  • Monetary Policy Framework
    • TABLE: MONETARY POLICY FORECASTS
  • Fiscal Policy And Public Debt Outlook
  • Vietnam's Fiscal Deficit To Rise Despite Falling Interest Rates
    • TABLE: THE CHOICE DESTINATION FOR RELOCATION
  • Structural Fiscal Position
    • TABLE: MAIN REVENUE AND EXPENDITURE CATEGORIES
    • TABLE: FISCAL AND PUBLIC DEBT FORECASTS
  • Currency Forecast
  • Stable Outlook For The Vietnamese Dong
    • TABLE: CURRENCY FORECAST
  • THIS COMMENTARY IS PUBLISHED BY FITCH SOLUTIONS MACRO RESEARCH and is NOT a comment on Fitch Ratings' Credit Rating. Any comments or data included in the report are solely derived from Fitch Solutions Macro Research and independent sources. Fitch Ratings' analysts do not share data or information with Fitch Solutions Macro Research.Vietnam Country Risk Q1 2020Contents10-Year Forecast
  • The Vietnamese Economy To 2028
  • A New Focus On Quality Growth
    • TABLE: LONG-TERM MACROECONOMIC FORECASTS
  • Political Outlook
  • Domestic Politics
  • What Is The Likelihood Of Vietnam Coming Under The US' Tariffs?
    • TABLE: POLITICAL OVERVIEW
  • Long-Term Political Outlook
  • Key Political Challenges Over The Coming Decade
  • Operational Risk
    • TABLE: OPERATIONAL RISK
  • Economic Openness
    • TABLE: FREE TRADE AGREEMENTS
    • TABLE: FREE TRADE ZONES AND INVESTMENT INCENTIVES
    • TABLE: BARRIERS TO FDI
  • Utilities Network
    • TABLE: ELECTRICITY RISKS
    • TABLE: FUEL RISKS
    • TABLE: WATER RISKS
    • TABLE: TELECOMMUNICATIONS RISKS
  • Global Macro Outlook
  • Manufacturing Weakness And Rising Political Risk To Weigh On Growth
    • TABLE: GLOBAL MACROECONOMIC FORECASTS (2018-2023)
    • TABLE: DEVELOPED MARKETS - REAL GDP GROWTH, % y-o-y
    • TABLE: EMERGING MARKETS - REAL GDP GROWTH, % y-o-y
  • Index Tables
    • TABLE: VIETNAM - MACROECONOMIC DATA AND FORECASTS
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