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Vietnam’s economic overview (November, 2020)

Vietnam’s economic overview (November, 2020)

Thursday 01, 04 2021
In the context that the Covid-19 epidemic has been well-controlled, the effective free trade agreement between the EU and Vietnam (EVFTA) has created more motivation every economic sector to recover and develop.


Covid 19

1. Production of agriculture, forestry and fisheries

a) Agriculture production

As of mid-November, 1,424.7 thousand hectares of rice had been harvested, accounting for 89.9% of the cultivated area. It is estimated that this year's winter rice productivity reaches 51 quintals / ha, an increase of 0.5 quintal / ha compared to the previous year's crop; production reached 8.08 million tons, down 20.7 thousand tons.

In the same period, 78.9 thousand hectares of maize had been cultivated, equivalent to 91.2% of that in the same period last year; the figure for sweet potatoes was 16.9 thousand hectares, equivalent to 91.4%; the figure for soybeans was 3.3 thousand hectares, equivalent to 66%; the figure for peanuts was 4.6 thousand hectares, equivalent to 85.2%; and 137.3 thousand hectares was the figure for vegetables and beans.
 Agriculture
Pig husbandry has gradually recovered. The price of pig breeds tends to decrease slightly, favorable for re-herding. The total number of pigs in November increased by 12% over the same period last year; the total number of cows increased by 2.5%; that of poultry increased by 4.1%, and of buffalo decreased by 2%. 

b) Forestry production

In November, the area for newly planted forest was estimated at 25.7 thousand hectares, a decrease of 8.2% over the same period last year. The figure for 11 months was estimated at 223.8 thousand hectares, decreasing 3.3% over the same period last year.  

November’s damaged forest area was 66.1 ha, decreasing by 4.5% against the same period last year. Generally, the total damaged forest area in the first 11 months was 1,418.5 ha, decreasing 45.6% against same period last year.
Forestry

c) Fisheries production

Fishery production was estimated at 733.8 thousand tons, increasing 1.1% over the same period last year, of which aquaculture production reached 457 thousand tons. In the first 11 months of 2020, the total fishery production was estimated at 7,673.3 thousand tons, up 1.6% over the same period last year.

Fisheries

2. Industrial production

The index of industrial production (IIP) in November 2020 is estimated to increase by 0.5% from the previous month and by 9.2% from the same period last year. In particular, the mining industry fell by 6.2%; processing and manufacturing increased by 11.9%; electricity production and distribution rose by 4%; water supply, wastewater management and treatment rose by 5.3% over the same period last year.

For the first 11 months of 2020 in general, IIP is estimated to increase by 3.1% over the same period last year, lower than the 9.3% increase in the same period in 2019. Specifically, the manufacturing and processing industry increased by 4.7%, contributing 3.8 percentage points to the general growth; electricity production and distribution rose by 3.2%, contributing 0.3 percentage points; water supply, waste and wastewater management and treatment increased by 4%, contributing 0.1 percentage points.
Industrial production

3. Business registration

In November 2020, there were 13.1 thousand newly established enterprises with a total registered capital of 284.8 trillion VND, and the number of registered employees was 119.7 thousand employees. The average registered capital per newly established enterprise was 21.8 billion VND, a 60.3% increase over the previous month. There were 5,315 enterprises returning to operation, which is an increase of 5.4% over the previous month and an increase of 59.8% over the same period in 2019.

For the first 11 months of 2020, there were 124.3 thousand newly established enterprises with a total registered capital of 1,878.9 trillion VND, and the total number of registered employees was 970 thousand. The average registered capital of a newly established enterprise in the first 11 months was 15.1 billion VND, up 21.7% over the same period last year. 

So far in 2020, there have been nearly 93.5 thousand enterprises temporarily stopping operation, registering to be dissolved and completing dissolution procedures, which is an increase of 15.6% over the same period last year.
 Business registration

4. Investment

In November, the total realized investment capital from the State budget was estimated at 54.5 trillion VND, an increase of 37.1% over the same period last year. For the first 11 months of 2020, the realized investment capital from the State budget reached 406.8 trillion VND, equivalent to 79.3% of the year plan and increasing 34% over the same period last year.

As of November 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 26.4 billion USD, decreasing by 16.9% over the same period last year. The amount of realized FDI capital in the first 11 months was estimated at 17.2 billion USD, down 2.4% from the same period last year.
Investment
 

5. Trade 


The total retail sales of consumer goods and services in November were estimated to reach 464.4 trillion VND, an increase of 2.3% over the previous month and 8.5% over the same period last year. For the first 11 months of 2020, the total retail sales of consumer goods and services reached 4,590.7 trillion VND, an increase of 2% over the same period last year, but if excluding the price factor, it would decrease by 2%.
Retail
It is estimated that in November 2020, export turnover of goods reached 27.259 billion USD, which is 559 million USD higher than expected. Generally, for the first 11 months of 2020, export turnover of goods was estimated at 254.6 billion USD, up 5.3% over the same period last year. 

Regarding export structure, the export value of heavy industrial and mineral products was estimated at 138 billion USD, up 9.2% over the same period last year. That of light industry and handicraft products was estimated at 90.2 billion USD, up 1.5% while that of agricultural and forestry products reached 18.7 billion USD, down 0.9%. 

In terms of export market, the US has been Vietnam's largest export market in the first 11 months of 2020 with a turnover of 69.9 billion USD, up 25.7% over the same period last year. Following is China with 43.1 billion USD, up 16%. Export value to the EU market reached 32.2 billion USD, down 2.4%, to the ASEAN market reached 20.9 billion USD, down 10.6%, to South Korea reached 17.7 billion USD, down 2.7%, and to Japan reached 17.3 billion USD, down 6.5%.

November’s import turnover reached 24.320 billion USD, which is 189 million USD lower than expected. Since the beginning of the year, import turnover of goods has reached 234.5 billion USD, up 1.5% over the same period last year.
Import & Export
As for the structure of imported goods, import value of materials for production was estimated at 218.8 billion USD, up 1.6% over the same period last year and accounting for 93.3% of the total import turnover, while that of consumer goods were estimated at 15.7 billion USD, up 0.5% and accounting for 7.4%.

China is Vietnam's largest import market with an estimated turnover of 73.9 billion USD, up 7.9% over the same period last year. Following is South Korea with 42 billion USD, the ASEAN market with 27.3 billion USD, Japan with 18.6 billion USD, the EU market with 13.2 billion USD, and the United States with 12.6 billion USD.

6. Consumer price index and inflation

November’s consumer price index (CPI) increased by 0.03% over the previous month, by 1.61% over the same period last year. 
Core inflation increased by 0.03% over November and by 2.43% over the same period last year. Average core inflation in the first 11 months of 2020 increases by 2.43% over the same period in 2019.

Source: GSO

 

Categories
Vietnam Economy

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