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Vietnam’s 11-month economic overview part1

Wednesday 04, 12 2019
Vietnam’s 11-month economic overview part1

Industrial production

Index of Industrial Production (IIP) in November 2019 was estimated to decrease by 1.6% over the previous month, and increase 5.4% over the same period last year. Of which, mining industry decreased by 5.3% (crude oil exploitation decreased by 10.4%; coal mining increased by 6.6%); processing and manufacturing increased by only 6.5%; electricity production and distribution increased by 7.5%; water supply and waste treatment increased by 6.3%.

For the first 11 months of 2019 in general, IIP increased approximately 9.3% over the same period last year, which is lower than the 10% increase of 2018. Of which, the mining industry increased by 0.9%, contributing 0.1 percentage point to the general increase; processing and manufacturing sector increased by 10.6%, contributing 8.2 percentage points; power production and distribution increased by 9.5%, contributing 0.9 percentage points; water supply and waste treatment increased by 6.7%, contributing 0.1 percentage points.

Vietnam’s 11-month economic overview 1

Business registration

There were 12,265 newly established enterprises with a total registered capital of VND 139.9 trillion and registered labor of 112.5 thousand employees, which is equivalent to an increase of 0.7% in the number of enterprises, a decrease of 2.5% in the registered capital and an increase of 18.9% in the number of employees over October. The average registered capital of a newly established enterprise reached VND 11.4 billion, down 3.2% over the previous month and up 12.1% over the same period last year. 

Since the beginning of 2019, there have been totally 126.7 thousand newly registered enterprises with a total registered capital of VND 1,574.4 trillion and a total registered labor of 1,137.1 thousand employees, an increase of 4.5%, 27.5% and 11.8% in the number of enterprises, total registered capital and number of employees respectively compared to the same period last year. 
Vietnam’s 11-month economic overview 2

Investment

Realized investment capital from the State budget in November 2019 was estimated at VND 39.8 trillion, up 9.3% over the same period last year, including: Central capital of VND 7.4 billion, an increase of 14%; local capital of VND 32.4 trillion, up 8.3%. In 11 months, realized investment capital from the State budget was VND 299.4 trillion, reaching 78.6% of the year plan and increasing 5.5% against the same period last year.

Total direct foreign investment inflows to Vietnam as of November 20, 2019, including newly registered capital, adjusted registered capital, and capital contribution and share purchase of foreign investors reached nearly USD 31.8 billion, up 3.1% as compared to the same period in 2018. Realized FDI capital in 11 months was estimated at USD 17.6 billion, an increase of 6.8% over same period last year.

Vietnam’s 11-month economic overview 3

Retail sales of consumer goods and services

Total retail sales of consumer goods and services in November were estimated at VND 425.5 trillion, up 0.8% over the previous month and 12.6% over the same period last year, of which : Retail sales of goods reached VND 321 trillion; accommodation service revenue reached VND 49.9 trillion; tourism revenue reached VND 4.1 trillion; other service revenue reached VND 50.5 trillion dong.

Generally, in the first 11 months of 2019, total retail sales of consumer goods and services reached VND 4,481.6 trillion, which is equal to an increase of 11.8% over the same period last year. If excluding the price factor, it would be an increase of 9.3 %.

Vietnam’s 11-month economic overview 4

Imports & exports of goods

Total import-export turnover of goods in 11 months of 2019 was estimated at USD 473.73 billion, of which goods export turnover reached USD 241.42 billion, up 7.8% over the same period last year. The domestic economic sector achieved an export growth of 18.1%, much higher than the 3.8% 11-month growth rate of the foreign-invested sector. At the same time, the export proportion of this sector accounted for 31% of total exports (up 2.7 percentage points compared to the same period last year). The trade balance of goods in 11 months enjoyed a trade surplus of USD 9.1 billion.

Export turnover in November 2019 reached USD 22.6 billion, down 6.7% over the previous month, of which the domestic economic sector contributed USD 7.45 billion, down 1.6%; FDI sector (including crude oil) contributed USD 15.15 billion, down 9.1%. Compared to the same period last year, November's export turnover increased by 3.8%, of which the domestic economic sector increased by 25.8%, while the FDI sector (including crude oil) decreased by 4.5%.

Import turnover in November 2019 was estimated at USD 22.5 billion, up 0.6% over the previous month, of which the domestic economic sector contributed USD 9.7 billion, down 1.9%; foreign-invested sector contributed USD 12.8 billion, up 2.5%. Compared to the same period in 2018, November's import turnover increased by 4.5%, of which the domestic economic sector increased by 14.7%; FDI sector decreased by 2.1%.

Vietnam’s 11-month economic overview 5

Consumer price index and inflation

The consumer price index (CPI) in November 2019 increased by 0.96% compared to the previous month, which is the highest increase of November’s CPI over the past 9 years, mainly due to the decline in pork supply, leading to increases in prices of meat products. However, on average for 11 months, the consumer price index only increased by 2.57% over the same period in 2018, which is the lowest 11-month average increase in the past 3 years.

Core inflation in November 2019 increased by 0.3% over the previous month and by 2.18% over the same period last year. Average core inflation in the first 11 months of 2019 increased by 1.94% as compared to the same period in 2018.

Vietnam’s 11-month economic overview 6

Source: GSO

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