Vietnam's May data likely showed steady growth

Vietnam is scheduled to release key May data over 24-31 May. CPI inflation data on 24 May will likely show that inflation remained muted and steady at 1.0% y/y, versus 0.99% in April. The decline in global oil prices has likely driven Vietnam's CPI inflation down to historical lows of below 1% since January. We expect food inflation in May to be contractionary for the fourth consecutive month while housing and construction prices will also likely decline. The benign inflation outlook indicates further room for policy rate cuts in 2015. 

"A policy rate cut of 50bps is likely in H1-2015. Vietnam will also release industrial production, retail sales and trade data for May. May export growth is expected to improve slightly over April, while IP and retail sales to rise moderately, but remain muted", according to Standard Chartered.