Vietnam inflation accelerates in May, trade deficit widens to record high

Vietnam's inflation rate accelerated in ​May and its trade deficit ‌widened ​from April to a record high, data showed on Wednesday, as the Southeast Asian economy feels the impact of the Iran war.

The ‌annual inflation rate came in at 5.6% in May, compared with 5.46% in April, the National Statistics Office said in a report, with the country paying higher prices for imported fuels. * Exports in ‌May rose 18% from a year earlier to $46.93 billion, while imports soared 33.8% to $52.14 billion, ‌resulting in a record trade deficit of $5.21 billion, according to the NSO. In April, the export-reliant nation posted a $3.28 billion deficit.

* Annual export growth in May fell from 21% in the previous month, while the pace of import growth was ⁠slightly higher ​than the 32.5% rise ⁠registered in April. * For the January-May period, exports rose 19.5% from a year earlier to $215.66 billion, while imports ⁠were up 30.8% to $229.46 billion, leading to a $13.8 billion trade deficit.

* Imports of crude oil in the ​January-May period fell 19.1% in terms of volume, but rose 4.1% in terms of ⁠value from a year earlier, according to the report. * Imports of refined petroleum products in the period rose 15% in ⁠terms ​of volume and 81.6% in terms of value.

* Imports of liquefied gas rose 27.5% in volume and up 40.6% in value. * Industrial production in May rose 8.8% from ⁠a year earlier, slower than the 9.9% expansion in April, the NSO said.

* Retail sales in ⁠May rose 11.8% ⁠from a year earlier. * Foreign investment inflows in the five-month period rose 9.6% from a year earlier to $9.75 billion, compared with a 9.8% rise ‌in the January-April ‌period.

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