- Production continued growing after Typhoon Yagi: In 10M 2024, the overall IIP and manufacturing IIP increased 8.3% YoY and 9.6% YoY, respectively. We expect that the recovery in new orders reported in the latest PMI report could support production towards year-end while more firms could return to full capacity towards the holiday season (Christmas, the New Year, and Lunar New Year). 

- Retail sales posted decent growth: Total retail sales rose 8.5% YoY in 10M 2024. Of the total retail sales of goods & services in 10M 2024, retail sales of goods grew 7.8% YoY while retail sales of accommodation & catering services and tourism surged 12.5% YoY and 14.2% YoY, respectively, supported by the ongoing recovery of international arrivals. Alongside the recovery in international arrivals, we expect a retail sales boost ahead of the year-end holiday season. In addition, several cities and localities reported high recruitment demand towards year-end (HCM City: 47,000 – 50,000 people, Binh Duong: 20,000 -25,000 people, and Dong Nai: 40,000 people).

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