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Vietnam’s economic overview (January, 2021)

Vietnam’s economic overview (January, 2021)

Thursday 01, 04 2021
Industrial production index in January 2021 was estimated to increase by 22.2% against January 2020; the number of newly established enterprises increased by 21.9%; realized investment capital from the State budget increased by 24.5%. Notably, the export turnover of goods reached 27.7 billion USD, increasing by 50.5% over the same period last year.

Covid 19

1. Production of agriculture, forestry and fisheries

a) Agriculture production

As of mid-January, 2021, 1,826.9 thousand hectares of rice had been cultivated. Along with the cultivation of rice, 146.8 thousand hectares of maize had been cultivated, equivalent to 97.7% of that in the same period last year; the figure for sweet potatoes was 35 thousand hectares, equivalent to 94.3%; the figure for soybeans was 4.1 thousand hectares, equivalent to 73.2%; the figure for peanuts was 28.7 thousand hectares, equivalent to 99.7%; and 313.8 thousand hectares was the figure for vegetables and beans.
Severe weather in January has affected buffaloes and cows. Pig husbandry continued to recover, while poultry witnessed good growth. It is estimated that in January, the total number of cattle increased by 2.2% against the same period last year while the figure for poultry increased by 6.5%. 
Agriculture production

b) Forestry production

In January, the area for newly planted forest was estimated at 6.9 thousand hectares, a decrease of 2.8% over the same period last year. January’s damaged forest area was 114.8 ha, much higher than that in the same period last year (6 ha).

Forestry production

c) Fisheries production

Fishery production was estimated at 497.9 thousand tons, increasing by 1.8% over the same period last year. In particular, aquaculture production reached 252.5 thousand tons, increasing by 1%; and capture fisheries production reached 245.4 thousand tons, increasing by 2.5.

Fisheries production

2. Industrial production

The index of industrial production (IIP) in January 2021 is estimated to decrease by 3.2% from the previous month and increase by 22.2% from the same period last year. In particular, processing and manufacturing increased by 27.2%, contributing 21.6 percentage points; electricity production and distribution rose by 16.3%, contributing 1.5 percentage points; water supply, wastewater management and treatment rose by 8.4%, contributing 0.1 percentage point; while the mining industry fell by 6.2%, contributing -1 percentage point.

Industrial production

3. Business registration

In January 2021, there were 10.1 thousand newly established enterprises with a total registered capital of 155.1 trillion VND, and the number of registered employees was 115.9 thousand employees. The average registered capital per newly established enterprise was 15.4 billion VND, a 3.2% increase over the previous month. There were 6,503 enterprises returning to operation, which is a decrease of 23.2% over the same period in 2020.

Business registration

There were 25,752 enterprises suspending their business temporarily, stopping operation, waiting for dissolution procedures and completing dissolution procedures, an increase of 36.4% over the same period last year.

4. Investment

In January, the total realized investment capital from the State budget was estimated at 23.233 billion VND, an equivalent of 5.1% of year’s plan and an increase of 37.1% over the same period last year. 

Investment

As of January 20, 2020, the total foreign investment capital into Vietnam, including newly registered capital, adjusted registered capital and capital contribution and share purchase of foreign investors, reached 2 billion USD, decreasing by 62.2% over the same period last year. Realized FDI capital in January was estimated at 1.5 billion USD, up 4.1% over the same period last year.

5. Trade 

The total retail sales of consumer goods and services in January were estimated to reach 479.9 trillion VND, an increase of 3.7% over the previous month and 6.4% over the same period last year, but if excluding the price factor, it would increase by 6.7%.

Retail

It is estimated that in January 2021, export turnover of goods reached 27.7 billion USD, which is 0.2% higher than the previous month and 50.5% higher than the same period last year. There were 6 items with an export turnover of over 1 billion USD, accounting for 67.3% of the total export turnover.

Regarding export structure, the export value of heavy industrial and mineral products was estimated at 15.6 billion USD, up 71.6% over the same period last year. That of light industry and handicraft products was estimated at 7.7 billion USD, up 32.3% while that of agricultural and forestry products reached 1.8 billion USD, up 21.4%. 

In terms of export market, the US has been Vietnam's largest export market with a turnover of 7.5 billion USD, up 57.4% over the same period last year. Following is China with 5.8 billion USD, up 1111.6%. Export value to the EU market reached 2.8 billion USD, up 14.8%, to the ASEAN market reached 2.3 billion USD, up 31.9%, to South Korea reached 1.7 billion USD, up 24.2%, and to Japan reached 1.9 billion USD, up 22.7%.
Export import
It is estimated that in January 2021, import turnover of goods reached 26.4 billion USD, down 5.4% over the previous month and up 41% over the same period last year. There were 4 imported items with turnover of over 1 billion USD, accounting for 50.6% of total import turnover.

As for the structure of imported goods, import value of materials for production was estimated at 24.7 billion USD, up 41% over the same period last year and accounting for 93.7% of the total import turnover, while that of consumer goods were estimated at 1.7 billion USD, up 41.5% and accounting for 6.3%.

China is Vietnam's largest import market with an estimated turnover of 9.6 billion USD, up 72.7% over the same period last year. Following is South Korea with 5.1 billion USD, the ASEAN market with 3.4 billion USD, Japan with 2 billion USD, the EU market with 1.3 billion USD, and the United States with 1 billion USD.

It is estimated that in January 2021, trade surplus was 1.3 billion USD. In particular, the domestic economic sector suffered a trade deficit of 1.8 billion USD while the foreign investment sector (including crude oil) saw a trade surplus of 3.1 billion USD.

6. Consumer price index and inflation


January’s consumer price index (CPI) increased by 0.06% over the previous month, and decreased by 0.97% over the same period last year. Average core inflation in January increased by 0.27% over the same period in 2020.
 

Source: GSO

Categories
Vietnam Economy

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