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

Vietnam’s economic overview (October, 2021)

Saturday 30, 10 2021
Industrial production in October prospered as the Covid-19 epidemic was gradually controlled, social distancing measures were eased, and production and business activities were gradually back to normal. Index of industrial production (IIP) in October 2021 is estimated to increase by 6.9% over the previous month and decrease by 1.6% over the same period last year.

Covid 19

Agriculture

Forestry

Fishery

1. Industrial production

The index of industrial production (IIP) in October 2021 is estimated to increase by 6.9% over the previous month and decrease by 1.6% over the same period last year. In particular, the mining industry decreased by 7.2%; processing and manufacturing decreased by 1.6%; electricity production and distribution increased by 2.4%; water supply, management and treatment of waste and wastewater increased by 1.5%.

For the first 10 months of 2021, IIP is estimated to increase by 3.3% over the same period last year. Specifically, the processing and manufacturing industry increased by 4.5%, contributing 3.99 percentage points to the overall growth; electricity production and distribution increased by 4.1%, contributing 0.36 percentage points; water supply, waste and wastewater management and treatment activities increased by 3.4%, contributing 0.05 percentage points; mining industry decreased by 7%, contributing minus 1.1 percentage points.

Industrial production

2. Business registration

In October 2021, there were 8,233 newly established enterprises with a total registered capital of 108.6 trillion VND and the number of registered employees was 58.8 thousand employees. This means there was an increase of 111.2% in the number of enterprises, an increase of 73.9% in registered capital and an increase of 17.9% in number of employees compared to September 2021. However, compared to the same period in 2020, these figures all experienced a sharp decrease of over 30%.

The average registered capital of a newly established enterprise was 13.2 billion VND, down 17.6% from the previous month and down 2.8% over the same period in 2020. There were 4,304 enterprises returning to operation, up 29.8% over the previous month and down 14.7% over the same period in 2020. 

Generally, in the first 10 months of 2021, there were 93.7 thousand newly registered enterprises with a total registered capital of nearly 1,304.4 trillion VND and a total registered labor force of 707.7 thousand employees. The average registered capital of a newly established enterprise in this period was 13.9 billion VND, down 2.9% over the same period last year. On average, there were 12.9 thousand newly established enterprises a month.

The number of enterprises suspending business for a definite time was 48.5 thousand, an increase of 16% over the same period last year. There were 35 thousand enterprises that have stopped operating and are waiting for dissolution procedures, up 15.7%. On average, 9.7 thousand businesses withdrew from the market every month.

Business registration

3. Investment

The realized investment capital from the State budget in October 2021 was about 41.7 trillion VND, down 17.4% over the same period last year. This figure for the first 10 months of 2021 is 318.6 trillion VND, equaling 64.7% of the year plan and down 8.3% over the same period last year.

As of October 2021, the total registered foreign investment capital including newly registered capital, adjusted registered capital and capital contribution and share purchase by foreign investors reached 23.74 billion USD, up 1.1% over the same period last year. In particular, there were 1,375 licensed projects with registered capital of 13.02 billion USD, down 34.5% in number of projects and up 11.6% in registered capital over the same period last year.

The realized foreign direct investment capital in Vietnam in the first 10 months of 2021 is estimated at 15.15 billion USD, down 4.1% over the same period last year.

Investment

4. Trade

The total retail sales of consumer goods and services in October 2021 is estimated at 357.9 trillion VND, up 18.1% over the previous month and down 19.5% over the same period last year. Generally, in the first 10 months of 2021, it reached 3,720.4 trillion VND, down 8.6% compared to the same period last year. If excluding the price factor, it would decrease by 10.3%.

Trade

The export turnover of goods in September 2021 reached 27.03 billion USD, which is 26 million USD higher than expected. It is estimated that in October 2021, the export turnover of goods would reach 27.3 billion USD, up 1% over September and up 0.3% over the same period last year.

For the first 10 months of 2021, export turnover of goods was estimated at 267.93 billion USD, up 16.6% over the same period last year. There are 31 items with export turnover of over 1 billion USD, accounting for 92.4% of total export turnover.

The import turnover of goods in September 2021 reached 26.67 billion USD, which is 166 million USD higher than projected. It is estimated that in October 2021, the import turnover of goods would be 26.2 billion USD, down 1.7% over the previous month and up 8.1% over the same period last year.

In the first 10 months of 2021, the import turnover of goods was estimated at 269.38 billion USD, up 28.2% over the same period last year. There are 39 with export value worth over 1 billion USD, accounting for 91.4% of the total import turnover.

It is estimated that in October there would be a trade surplus of 1.1 billion USD. In the first 10 months of 2021, the trade balance of goods had a trade deficit of 1.45 billion USD.

Import & Export

5. Consumer price index and inflation

CPI in October 2021 decreased by 0.2% compared to the previous month, increased by 1.67% compared to December 2020 and increased by 1.77% over the same period last year. The 10-month average CPI of 2021 increased by 1.81% over the same period last year, the lowest increase since 2016.

Core inflation in October  decreased by 0.17% over the previous month, and increased by 0.5% over the same period last year. Average core inflation in the first 10 months of this year increased by 0.84% over the same period in 2020.

Source: GSO

Vietnamcredit

Categories
Vietnam Economy

You may also like

Which bank is growing in bond investment?
Friday 18, 10 2019

Which bank is growing in bond investment?

Outstanding bonds of economic organizations, apart from the sharp increase...
Bank M&A returns
Friday 18, 10 2019

Bank M&A returns

Vietnamese banks in particular and its economy in general is expected to...
306
308
+84 981861066