Vietnam Outlook – May 2026 – Inflation remains unabated
Posted: May 15, 2026
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The trade balance recorded a deficit for the fifth consecutive month, driven by a sharp rise in gasoline and oil imports in April. This widened the cumulative trade deficit in the first four months to USD 7.11 billion.
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Inflation remains unabated, with the CPI increasing 5.46% yoy in April – the highest rate since January 2020 – largely due to elevated energy prices.
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In compliance with directives issued by the SBV, a substantial number of commercial banks implemented reductions in deposit interest rates throughout April. Nonetheless, the average 12-month deposit rate of commercial banks remained elevated at 8.31% (+ 2.53 percentage points YTD).
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