VietnamCredit
VietnamCredit About Us Cafe€redit Contact Us API
Login Register
0
USD
Go to cart
Checkout
Vietnam’s economic overview (April, 2021)

Vietnam’s economic overview (April, 2021)

Monday 10, 05 2021
Vietnam's economy is in recovery. Industrial production in April 2021 was estimated to increase by 24.1% over the same period last year as the Covid-19 pandemic has been well controlled.

In addtition, the number of newly established enterprises and registered capital in April 2021 also witnessed an increase over the same period last year.

Covid 19

Production of agriculture, forestry and fisheries

a) Agriculture production

As of April 15, 3,001.1 thousand hectares of rice had been cultivated for the winter-spring season, which is equal to 99.2% of the same period last year. In particular, 1,082.6 thousand hectares were cultivated in the North while in the South 1,918.5 thousand hectares were cultivated. Provinces in the South has cultivated 300,000 hectares of summer-autumn rice, equivalent to 98% of the same period last year.

Along with rice, 382 thousand hectares of maize had been cultivated as of mid-April, equivalent to 101.8% of the same period last year; the figure for sweet potatoes was 59.7 thousand hectares, equivalent to 95.1%; the figure for soybeans was 14.1 thousand hectares, equivalent to 90.4%; the figure for peanuts was 115.5 thousand hectares, equivalent to 97%; and 596.8 thousand hectares was the cultivation area of vegetables and beans, equivalent to103.0%.

Agriculture production

Currently, foot-and-mouth epidemic and lumpy skin disease are complicatedly developing in some regions because of its ability to spread quickly. It is estimated that in April, the total number of cows increased by 1% over the same period in 2020; the total number of pigs increased by 11.1%; that of buffalo decreased by 2.4%, while the figure for poultry increased by 7.4%.

b) Forestry production

In April, the area for newly planted forest was estimated at 28.8 thousand hectares, an increase of 5.8% over the same period last year.

For the first four months of the year, the area for newly planted forest reached 62 thousand hectares, an increase of 3.6% over the same period last year. The number of planted trees reached 35 million, up 2.8%. The amount of wood output reached 4,159.9 thousand m3, up 4.9% while that of firewood output reached 6 million steres, equal to the same period last year.

Damaged forest area in April was 118.7 hectares, which is a decrease of 17.9% over the same period last year. Generally, in the first 4 months of the year, there were 483.6 ha of damaged forest, an increase of 19.5% over the same period last year. In particular, the burnt forest area was 134 ha, a decrease of 21.2%; while deforested area was 349.5 ha, up 49%.

Forestry production

c) Fisheries production

Fishery production was estimated at 687.2 thousand tons, increasing by 2.1% over the same period last year. Generally, for the first 4 months of 2021, the output of aquatic products was estimated at 2,484.9 thousand tons, up 2.1% over the same period last year. In particular, aquaculture production reached 1,269.9 thousand tons, increasing by 2.8%; and capture fisheries production reached1,215.1 thousand tons, increasing by 1.4%.

Fisheries production

2. Industrial production

The index of industrial production (IIP) in April 2021 was estimated to increase by 1.1% from the previous month and by 24.1% from the same period last year. In particular, the mining industry increased by 3.8% and 1.8%, respectively; the processing and manufacturing sector rose by 0.5% and 29.1%, respectively; electricity production and distribution increased by 2.6% and 16.4%, respectively; water supply, waste and wastewater management and treatment rose by 4.4% and 11.1%, respectively.

Industrial production

For the first 4 months of 2021, the IIP was estimated to increase by 10% over the same period last year. Specifically, processing and manufacturing increased by 12.7%, contributing 10.2 percentage points to the general growth; electricity production and distribution increased by 6.6%, contributing 0.6 percentage points; water supply, waste and wastewater management and treatment increased by 7.5%, contributing 0.1 percentage points; mining industry decreased by 5.7%, contributing minus 0.9 percentage points to the general growth.

3. Business registration

In April 2021, there were nearly 14.9 thousand newly established enterprises with total registered capital of 179.9 trillion VND, and the number of registered employees was 94.6 thousand. This means there was an increase of 33.1% in the number enterprises, an increase of 59.1% in registered capital and 30% in the number of employees compared to March 2021. The average registered capital of a newly established enterprise reached 12.1 billion VND, up 19.6% over the previous month and 1.7% over the same period last year. There were 5,745 enterprises returning to operation in April, up 26.8% over the previous month and 50.8% over the same period last year. 4,598 enterprises registered to temporarily suspend business operation…

Business registration

For the first four months of 2021, there were nearly 44.2 thousand newly registered enterprises with a total registered capital of 627.7 trillion VND and total registered employees of 340.3 thousand, which is an increase of 17.5%, 41% and 7.8% in number of enterprises, registered capital and number of employees over the same period last year, respectively. The average registered capital of a newly established enterprise in 4 months reached 14.2 billion VND, up 20% over the same period last year. In addition, there are nearly 19.3 thousand enterprises returning to operation, an increase of 8% over the same period last year.

Also in the first four months of this year, there were 51.5 thousand enterprises suspending their business operation temporarily, stopping operating, waiting for dissolution procedures and completing dissolution procedures, up 23.3% over the same period last year 2020. On average, each month, there are nearly 12.9 thousand enterprises withdrawing from the market.

4. Investment

Realized investment capital from the State budget in April 2021 was estimated at 30.4 trillion VND, an increase of 23.9% over the same period last year. For the first four months of 2021, the total realized investment capital from the State budget reached 98.7 trillion VND, equivalent to 21.5% of the year plan and increasing by 16.3% over the same period last year. 

Investment

As of April 20, 2021, total foreign investment capital into Vietnam (including newly registered capital, adjusted registered capital and capital contribution and share purchase of foreign investors) reached 12.25 billion USD, down 0.7% over the same period last year. In particular, there were 451 newly licensed projects with registered capital of 8.46 billion USD, a decrease of 54.2% in number of projects and 24.7% in registered capital over the same period last year. Realized FDI capital in the first four months of the year was estimated at 5.5 billion USD, which is a 6.8% increase over the same period last year.

5. Trade

Vietnam’s total retail sales of consumer goods and services in April reached 409.4 trillion VND, up 2.3% from the previous month and 30.9% over the same period last year. Generally, for the first 4 months of 2021, the total retail sales of consumer goods and services reached 1,695.6 trillion VND, increasing by 10% from the same period last year. If excluding the price factor, it would increase by 9.03%.

Trade

It is estimated that in April 2021, export turnover of goods reached 25.5 billion USD, which is a fall of 14% from the previous month and a rise of 44.9% over the same period last year. For the first 4 months of 2021, export turnover was estimated at 103.9 billion USD, up 28.3% over the same period last year. There were 19 items with an export turnover of over 1 billion USD, accounting for 84.5% of the total export turnover.

Regarding the structure of goods export for the first four months of 2021, the export value of heavy industrial and mineral products was estimated at 57.58 billion USD, up 33% over the same period last year. That of light industry and handicraft products was estimated at 36.6 billion USD, up 27.5%. Export turnover of agricultural and forestry products reached 7.33 billion USD, up 8.8% while that seafood products reached 2.39 billion USD, up 6.1%.

Import and Export

The United States was the largest export market of Vietnam with a turnover of 30.3 billion USD, an increase of 50.1% over the same period last year; followed by China with 16.8 billion USD, up 32.4%; EU market with 12.6 billion USD, up 18.1%; the ASEAN market with 8.8 billion USD, up 13.3%; South Korea with 6.9 billion USD, up 12.1%; and Japan with 6.5 billion USD, up 1.5%.

In April 2021, import turnover of goods was estimated to reach 27 billion USD, which is a drecrease of 5.1% over the previous month and an increase of 43.5% over the same period last year. For the first 4 months of 2021, Vietnam’s import turnover was estimated at 102.61 billion USD, up 30.8% over the same period last year. There were 19 imported items with a turnover of over 1 billion USD, which accounted for 77.4% of the total import turnover.

In terms of goods import structure for the first four months of 2021, import value of materials for production was estimated at 96.31 billion USD, increasing by 31.4% over the same period last year and accounting for 93.9% of the total import turnover of goods.

China is still the largest import market of Vietnam with a turnover of 33.1 billion USD, up 47.8% over the same period last year; followed by Korea with 16.9 billion USD, up 16.9%; ASEAN market with 14.1 billion USD, up 48.2%; Japan with 7.2 billion USD, up 10.5%; EU market with 5.3 billion USD, up 16.6%; and the United States with 5.1 billion USD, up 7.9%.

March 2021 saw a trade surplus of 1.2 billion USD while in April, Vietnam suffered from a trade deficit of 1.5 billion USD. It is estimated that in the first 4 months of 2021, there was a trade surplus of 1.29 billion USD.

6. Consumer price index and inflation

The consumer price index (CPI) in April 2021 decreased by 0.04% from the previous month. Average CPI in the first 4 months of 2021 increased by 0.89% compared to that of the same period in 2020. CPI in April 2021 increased by 1.27% over December 2020 and by 2.70% over the same period last year.

April’s core inflation increased by 0.07% over the previous month and by 0.95% over the same period last year. Average core inflation in the first 4 months of this year increased by 0.74% compared to that of the same period in 2020.

Source: GSO

 

Categories
Vietnam Economy

You may also like

REQUIREMENTS ON REGISTRATION OF HEAD OFFICE FOR NEWLY ESTABLISHED COMPANY
Monday 02, 12 2019

REQUIREMENTS ON REGISTRATION OF HEAD OFFICE FOR NEWLY ESTABLISHED COMPANY

When setting up a new company, there are many questions relating to head...
[INFORGRAPHIC] 5G TECHNOLOGY: ENORMOUS POTENTIAL
Tuesday 15, 10 2019

[INFORGRAPHIC] 5G TECHNOLOGY: ENORMOUS POTENTIAL

In the future, 5G technology development can absolutely draw a new world,...
1
1
+84 981861066