Vietnam's glowing economic statistics raise eyebrows at home

Businesses question GDP figures as Hanoi buildings sit half finished

20230712N Hanoi building

Demand for structural steel in Vietnam has plummeted as the struggling economy has left some buildings unfinished. © Reuters

YUJI NITTA, Nikkei staff writer

HANOI -- Skepticism about economic statistics released by Vietnam's central and local governments is spreading, as gross domestic product and tourism figures show marked improvement despite poor business sentiment.

The country's structural steel industry has been hit hard by plummeting demand from lack of investment and an economic slowdown. Production facilities have seen operating rates fall to about 30%, and steelmakers are in the red.

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