The index of industrial production (IIP) in February 2024 is estimated to decrease by 18% compared to the previous month and by 6.8% compared to the same period last year. Overall, for the first 2 months of 2024, IIP is estimated to increase by 5.7% over the same period last. Specifically, the mining industry decreased by 3.5%, reducing the overall growth rate by 0.6 percentage points; processing and manufacturing increased by 5.9%, contributing 5.2 percentage points; the electricity production and distribution industry increased by 12.2%, contributing 1.1 percentage points; water supply, waste management and treatment activities, and wastewater increased by 2.5%, contributing 0.04 percentage points.
As of February 1, 2024, the number of employees working in industrial enterprises increased by 0.3% compared to last month and decreased by 0.5% compared to the same time last year.
In February, there were nearly 8.6 thousand newly established businesses, down 36.5% over the previous month and 2.8% over the same period last year. More than 5.3 thousand businesses returned to operation, down 61.3% and up 36%. There were 5,146 businesses registered to temporarily suspend business for a limited period of time, down 88.3% and up 35.3%. There were 2,153 businesses that stopped operating to wait for dissolution procedures, down 72.4% and down 18.3%. There were 1,506 enterprises completing dissolution procedures, down 30.4% and up 29%.
Generally, in the first 2 months of 2024, there were 41.1 thousand businesses newly registered and returning to operation, an increase of 8.5% over the same period last year. On average, each month there were more than 20.5 thousand new businesses established and returning to operation. The number of businesses withdrawing from the market is 63 thousand, an increase of 22.5% over the same period last year.
Total realized investment capital from the State budget in February is estimated at 26.9 trillion VND, down 13.1% over the same period last year. Overall, in the first 2 months of 2024, realized investment capital from the State budget is estimated to reach 59.8 trillion VND, equal to 8.4% of the year's plan and up 2.1% over the same period last year.
Total foreign investment capital registered in Vietnam including newly registered capital, adjusted registered capital and capital contributions and share purchases of foreign investors reached nearly 4.29 billion USD, an increase of 38.6% over the same period last year.
Realized foreign direct investment capital in Vietnam in the first 2 months of 2024 is estimated to reach 2.8 billion USD, up 9.8% over the same period last year.
Regarding Vietnam's investment abroad in the first 2 months of 2024, there were 17 projects newly granted investment certificates with a total capital by Vietnamese investors of 24.8 million USD, down 77.3% over the same period last year.
Total retail sales of consumer goods and services at current prices in February 2024 are estimated to reach 509.7 trillion VND, down 2.3% over the previous month and up 8.5% over the same period last year. In the first 2 months of 2024, total retail sales of consumer goods and services at current prices are estimated to reach 1,031.5 trillion VND, an increase of 8.1% over the same period last year.
In February 2024, total import and export turnover of goods is estimated to reach 48.54 billion USD, down 25.8% over the previous month and 1.8% over the same period last year. In the first 2 months of 2024, total import and export turnover of goods is estimated at 113.96 billion USD, up 18.6% over the same period last year. The trade balance of goods had a surplus of 4.72 billion USD.
– Exports of goods
Export turnover of goods in February 2024 is estimated at 24.82 billion USD, down 28.1% over the previous month and 5% over the same period last year. In the first 2 months of 2024, export turnover of goods is estimated to reach 59.34 billion USD, up 19.2% over the same period last year.
Regarding the structure of goods export in the first 2 months of 2024, export value of processed industrial goods is estimated to reach 52.45 billion USD, accounting for 88.4%.
– Imports of goods
Import turnover of goods in February 2024 is estimated at 23.72 billion USD, down 23.2% over the previous month and up 1.8% over the same period last year. In the first 2 months of 2024, the import turnover of goods is estimated to reach 54.62 billion USD, up 18% over the same period last year.
As for the structure of imported goods in the first 2 months of 2024, import value of capital goods is estimated to reach 51.47 billion USD, accounting for 94.2%.
– Export and import market of goods: in the first 2 months of 2024, the United States is Vietnam's largest export market with an estimated turnover of 17.4 billion USD. China is Vietnam's largest import market with an estimated turnover of 20.9 billion USD
– Trade balance: There was a trade surplus of 4.72 billion USD in the first two months of the year.
The consumer price index (CPI) in February 2024 increased by 1.04% compared to the previous month, by 1.35% compared to December 2023 and by 3.98% compared to the same period in 2023. On average, in the first 2 months of 2024, CPI increased by 3.67% over the same period last year. Core inflation increased by 2.84%.
Gold price index in February 2024 increased by 2.01% compared to the previous month, by 4.61% compared to December 2023, and by 16.67% over the same period last year. On average, in the first 2 months of 2024, the gold price index increased by 16.05%.
The US dollar price index in February 2024 increased by 0.4% compared to the previous month, by 0.92% compared to December 2023, and by 3.89% over the same period last year. The average increase in the first 2 months of 2024 is 3.79%.
Source: GSO
Compiled by VietnamCredit
Tag: vietnam economic overview; trade balance; total retail sales of goods; CPI; IIP
