Gross domestic product (GDP) in the second quarter of 2023 was estimated to increase by 4.14% over the same period last year, which is only higher than the growth rate of 0.34% in the second quarter of 2020 in the period 2011-2023. In particular, the agriculture, forestry and fishery sector increased by 3.25%, contributing 8.53% to the growth in total added value of the whole economy; the industrial and construction sector increased by 2.50%, contributing 23.63%; service sector increased by 6.11%, contributing 67.84%.
GDP in the first 6 months of 2023 increased by 3.72%. Of the increase in total added value of the whole economy, the agriculture, forestry and fishery sector increased by 3.07%, contributing 9.28%; the industrial and construction sector increased by 1.13%, contributing 11.87%; the service sector increased by 6.33%, contributing 78.85%.
In the agriculture, forestry and fishery sector, the yield of winter-spring rice was quite good, and the output of some perennial crops increased compared to the same period last year. In addition, the poultry production developed stably, while the aquaculture reached the highest level.
The industrial and construction sector faces many difficulties. Added value of this sector in the first 6 months of 2023 increased by 0.44% over the same period last year, which is the lowest increase of the same period of years from 2011 to 2023, contributing 0.15 percentage points to the growth of total value added of the whole economy.
Policies to stimulate domestic consumption, and promotion of tourism have contributed to maintaining the growth of the service sector. The added value of the service sector in the first 6 months of 2023 increased by 6.33% over the same period last year, higher than the increase of 1.18% and 4.53% of the same period in 2020 and 2021.
Regarding the structure of the economy in the first 6 months of 2023, the agriculture, forestry and fishery sector accounted for 11.32%; industrial and construction sector accounted for 36.62%; service sector accounted for 43.25%; product tax minus product subsidies accounted for 8.81% (corresponding structure of the same period in 2022 was 11.21%; 38.00%; 41.85%; 8.94%, respectively).
As for GDP use in the first 6 months of 2023, final consumption increased by 2.68% over the same period in 2022, contributing 30.27% to the overall growth of the whole economy; accumulated assets increased by 1.15%, contributing 6.28%; exports of goods and services decreased by 10.0%; import of goods and services decreased by 13.20%, the difference between import and export of goods and services contributed 63.45%.
The index of industrial production in the first 6 months of 2023 was estimated to increase by 0.44% over the same period last year. In particular, the processing and manufacturing industry increased by 0.37%, contributing 0.10 percentage points to the increase in total added value of the entire economy.
Consumption index of the entire processing and manufacturing industry in the first 6 months of 2023 decreased by 2.2% compared to the same period in 2022.
The inventory index of the processing and manufacturing industry as of June 30, 2023 is estimated to increase by 19.9% compared to the same period last year. The average inventory rate of the whole processing and manufacturing industry in the first 6 months of 2023 is 83.1%.
The number of employees working in industrial enterprises as of June 1, 2023 increased by 0.8% compared to the same period last month and decreased by 4.2% compared to the same period last year.
In June, there were 13.9 thousand newly established enterprises, up 14.9% over the previous month and 4.8% over the same period last year; 7.1 thousand enterprises returned to operation, up 19.3% and 3.2 times; 5,102 enterprises registered to suspend business for a definite time, down 4.9% and 0.5%. There were 5,749 enterprises shutting down and waiting for dissolution procedures, up 21.9% and 11.7%. About 1,400 enterprises completed dissolution procedures, up 21.2% and down 12.2%.
Generally, in the first 6 months of 2023, there were 75.9 thousand newly established enterprises, down 0.5% over the same period last year; nearly 37.7 thousand enterprises returned to operation, down 7.4%; 60.2 thousand enterprises suspended business for a definite time; 31 thousand enterprises stopped operating and waited for dissolution procedures, up 28.9%; 8.8 thousand enterprises completed dissolution procedures, up 2.8%.
Realized social investment capital in the second quarter of 2023 at current prices was estimated at VND 774.9 trillion, up 5.5% over the same period last year. It is estimated that in the first 6 months of 2023, the total realized social investment capital at current prices is at VND 1,357.7 trillion VND, up 4.7% over the same period last year.
Total foreign investment capital registered in Vietnam as of June 20, 2023 including newly registered capital, adjusted registered capital and capital contribution and share purchase by foreign investors reached USD 13,4 billion, down 4.3% over the same period last year. Realized foreign direct investment capital in Vietnam in the first 6 months of 2023 was estimated at USD 10.02 billion, up 0.5% over the same period last year.
Total retail sales of consumer goods and services in June was estimated at VND 505.7 trillion, up 0.5% over the previous month and up 6.5% over the same period last year. In the second quarter of 2023, the total retail sales of consumer goods and services was estimated at VND 1,520.2 trillion, up 1.6% compared to the previous quarter and 8.7% over the same period last year. Generally, for the first 6 months of 2023, the total retail sales of consumer goods and services at current prices was estimated at VND 3,016.8 trillion, up 10.9% over the same period last year.
The number of international visitors to Vietnam in June 2023 reached 975 thousand arrivals, up 6.4% over the previous month and 4.1 times higher than the same period last year. Generally, in the first 6 months of 2023, the number of international visitors to Vietnam is estimated at nearly 5.6 million arrivals, 9.3 times higher than the same period last year.
As of June 20, 2023, the total means of payment increased by 2.53% compared to the end of 2022; capital mobilization from credit institutions increased by 3.26%; credit growth reached 3.13%.
Total insurance premium in the second quarter of 2023 was estimated at VND 61.3 trillion, down 3.12% over the same period in 2022; in the first 6 months of 2023, total insurance premium is estimated at VND 117 trillion, down 1.62%.
Since the beginning of the year, the average trading value on the stock market has reached VND 13,118 billion/session, down 35.7% compared to the average in 2022; average trading value on the bond market reached VND 5,596 billion/session, down 27.2%. The average trading volume on the derivatives market reached 243,037 contracts/session, down 11%.
a) Imports & exports of goods
The export turnover of goods in June 2023 was estimated at VND 29.3 billio, up 4.5% over the previous month and down 11.4% over the same period last year. Generally, in the first 6 months of 2023, export turnover of goods was estimated at USD 164.45 billion, down 12.1% over the same period last year.
The import turnover of goods in June 2023 was estimated at USD 26.71 billion, up 2.6% over the previous month and down 16.9% over the same period last year. In the first 6 months of 2023, the import turnover of goods was estimated at USD 152.2 billion, down 18.2% over the same period last year.
Regarding the export and import markets of goods in the first 6 months of 2023, the United States is the largest export market of Vietnam with an estimated turnover of USD 44.2 billion. China is Vietnam's largest import market with an estimated turnover of USD 50.1 billion.
The trade balance of goods in June was estimated to have a surplus of USD 2.59 billion. Generally, in the first 6 months of 2023, the trade balance of goods is estimated to have a surplus of USD 12.25 billion.
b) Imports & exports of services
In the second quarter of 2023, service export turnover was estimated at USD 4.4 billion, up 58.8% over the same period in 2022. Meanwhile, service import turnover was estimated at USD 6.7 billion, down 3.1% over the same period last year. Generally, in the first 6 months of 2023, service export turnover was estimated at USD 8.8 billion, up 99.5% over the same period in 2022; service import turnover was estimated at USD 12.9 billion. In the first 6 months of the year, there was a trade deficit of services of USD 4.1 billion.
Consumer price index (CPI) in June 2023 increased by 0.27% compared to the previous month. Compared to December 2022, the CPI in June increased by 0.67% and by 2% compared with the same period. Average CPI in the second quarter of 2023 increased by 2.41% over the same period last year. On average in the first 6 months of 2023, CPI increased by 3.29%; core inflation increased by 4.74%.
Gold price index in June 2023 decreased by 0.64% compared to the previous month; increased by 3.3% compared to December 2022; increased by 0.95% over the same period last year.
US dollar price index in June 2023 increased by 0.14% compared to the previous month; decreased by 2.23% compared to December 2022; up 1.14% over the same period last year
Source: GSO
Compiled by VietnamCredit
