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The first 9 months of 2019: The highest economic growth rate of Vietnam over the past 9 years

The first 9 months of 2019: The highest economic growth rate of Vietnam over the past 9 years

Thursday 06, 02 2020
In the overall growth of the economy, the agriculture, forestry and fishery sector increased by 2.02%
According to the report of the General Statistic Department of Vietnam published on 28th September, the economic growth rate of Vietnam reached 6.98%, which is the highest increase over the past 9 years.

1. GDP growth rate

Generally, in the first nine months of 2019, GDP was estimated to increase by 6.98% over the same period last year, the highest increase of 9 months in the past 9 years.

 
In the overall growth of the economy, the agriculture, forestry and fishery sector increased by 2.02%, contributing 4.8% to the overall growth; industry and construction increased by 9.36%, contributing 52.6%; service sector increased by 6.85%, contributing 42.6%.

2. Consumer price index


The general consumer price index in 9 months of 2019 increased by 2.5% over the same period of 2018, which is the lowest increase over the past 3 years. 

 
Some of the reasons leading to the increase in CPI in 9 months in 2019 over the same period last year are: 
 
a. The increase in electricity prince from March 20, 2019, according to Decision No. 648 / QD-BCT of the Ministry of Industry and Trade;
 
b. The increase in the medical service price of the local authorities following the the Ministry of Health's Circular No. 13/2019 / TT-BYT dated July 5, 2019 and Circular No. 37/2018 / TT-BYT of November 30, 2018, which increased the price index of health services by 3.36% over the same period last year (making the general CPI increase by 0.13%);
 
c. The increase of 6.73% in the price index of educational services;
 
d. The increase of 4.21% in food price;
 
e. The increase of 3.17% in public transportation services;
 
f. The increase of 3.16% in travel packages;
 
g. The increase of 1.92% in beverage and cigarettes;
 
h. The increase of 1.75% in ready-made clothes;
 
i. The increase of 2.12% in housing maintenance material prices;
 
j. The increase of 3.53% in the price of stationery group;
 
In addition are the increases in the prices of essential goods in the world. The increases in the prices of fuel, iron, and steel made the price index of exportation and importation, as well as the price index of industrial and agricultural manufacture in 9 months increase over the same period last year
The average basic inflation in 9 months of 2019 increased by 1.91% over the same period last year. 

3. FDI

Generally, in 9 months of 2019, the investment capital of the whole society at current prices was estimated at 1,378.3 trillion VND, up 10.3% over the same period last year and equaling 34.3% of GDP.

In particular, the area with foreign direct investment reached 327.1 trillion VND, accounting for 23.7% of the total social investment capital.
 
Foreign direct investment from the beginning of the year to September 20, 2019, attracted 2,759 new licensed projects with a registered capital of US $ 10,973.4 million, an increase of 26.4% in the number of projects and a decrease of 22.3% of registered capital as compared to the same period in 2018.
 
The processing and manufacturing industry attracted the largest foreign direct investment with the registered capital of newly licensed projects reaching 8,139.3 million USD, accounting for 74.2% of the total newly-registered capital.
 
Among 72 countries and territories having newly licensed investment projects in Vietnam in 9 months, South Korea was the largest investor with US $ 2,095.8 million, accounting for 19.1% of total newly registered capital, followed by China (18.4%); Japan (14.4%); Singapore (13.4%).

4. The situation of import and export

a. Goods export and import

Total import and export turnover of goods in nine months of 2019 was estimated at US $ 382.72 billion, of which goods export turnover reached US $ 194.3 billion, up 8.2% over the same period last year. The trade balance of goods in 9 months was estimated at a trade surplus of US $ 5.9 billion.
 
There are 26 items with an export turnover of over 1 billion USD, accounting for 89.8% of total export turnover (5 items gaining export turnover of over 10 billion USD, accounting for 59.2%).
 
The export proportion of some key products still belongs to the foreign direct investment sector, in which: Telephones and components accounted for 96.6%; electronics, computers, and components accounted for 90.1%; footwear accounted for 76.3%; textiles accounted for 59%.
 
The United States is the largest export market of Vietnam with a turnover of 44.9 billion USD, followed by the EU market (31.1 billion USD); China (27.8 billion USD); the ASEAN market (19.4 billion USD); Japan (US $ 15.1 billion).
 
There are 32 import items with a turnover of over 1 billion USD, accounting for 88.8% of total import turnover (2 items reaching over 20 billion USD, accounting for 34.9%).
 
China is still Vietnam's largest import market with a turnover of US $ 55.5 billion, up 17.3% over the same period last year.

b. Services export and import

After 9 months of this year, the service export turnover was estimated at 12 billion USD and the service import turnover was estimated at 14.1 billion USD, resulting in the trade deficit of services in 9 months of 2019 of 2.1 billion USD, equaling 17.9% of service exports.

5. Business registration situation

The whole country had nearly 102.3 thousand newly registered enterprises with a total registered capital of 1,290.8 trillion dongs, an increase of 5.9% in the number of businesses and an increase of 34% in the registered capital compared to the same period in 2018.

 
The average registered capital of a newly established enterprise was VND 12.6 billion, up 26.6%.
 
The total number of registered laborers of newly established enterprises in 9 months of this year was 929.8 thousand people.
 
The number of enterprises temporarily ceasing their business with a term of 9 months is 21.2 thousand, decreasing by 7.9% compared to the same period last year.
 
The number of enterprises completing dissolution procedures in 9 months of 2019 was 12.1 thousand, up 4.7% over the same period last year.
Source: GSO

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