HANOI, Sept. 25 (Xinhua) -- The Standard Chartered Bank forecasted Vietnam's economic growth at 5.1 percent in the third quarter of this year, an increase from 4.1 percent in the previous quarter, local media reported on Friday.

The bank has recently released a global research report titled "Vietnam Macro: Q3 GDP to show ongoing recovery", which showed a slight improvement in September data over August, supported by retail sales.

The growth in retail sales in September is predicted at 8.2 percent while exports will drop by 6.2 percent and imports by 7 percent, according to the report.

The bank kept Vietnam's GDP (gross domestic product) growth forecast at 5.4 percent for the whole year while the Southeast Asian country targets 6.5 percent.

Industrial production growth is forecasted by the bank to surge by 3.2 percent.

"As the economy is recovering, we will no longer be so dependent on monetary policy," Tim Leelahaphan, economist for Thailand and Vietnam at Standard Chartered Bank, was cited by a local media report.

"While easing price pressures should allow policy makers to focus on growth, renewed concerns about an inflation rebound in H2 could deter such a move. With the economic recovery starting to gain momentum, there should be less need for monetary policy support," he said.

Vietnam's GDP growth in the second quarter of 2023 was reported at 4.14 percent, up from 3.32 percent in the first quarter, according to the General Statistics Office.

It posted a GDP growth of 3.72 percent in the first half of this year, the second lowest in the same period in 2011-2023.