VietnamCredit
VietnamCredit About Us Cafe€redit Contact Us API
Login Register
0
USD
Go to cart
Checkout
Vietnam’s GDP growth hitting record low

Vietnam’s GDP growth hitting record low

Friday 01, 10 2021

Recently released data from the General Statistics Office shows that Vietnam’s gross domestic product (GDP) in the third quarter of 2021 is estimated to decrease by 6.17% compared to the same period in 2020.

"This is the sharpest decrease since Vietnam calculated and announced quarterly GDP so far", said General Director of the General Statistics Office Nguyen Thi Huong.

In the first 9 months of the year, GDP grew by only 1.42% over the same period last year. According to Ms. Huong, the COVID-19 epidemic has seriously affected all aspects of the economy as many key economic zones had to implement prolonged social distancing measures to prevent the spread of the Covid-19 virus.

Socioeconomic

Regarding the impact of COVID-19 on businesses, statistics by GSO indicateds that more than 90,000 businesses have withdrawn from the market.

In particular, the number of enterprises temporarily suspending business operation is 45,100, up 16.7% over the same period last year; 32,400 enterprises have stopped operating and waited for dissolution procedures, up 17.4%; 12,800 enterprises completed dissolution procedures, up 5.9%. On average, 10,000 businesses withdraw from the market each month.

"The COVID-19 epidemic has caused many companies to face the risk of bankruptcy, and domestic and international supply chains have been disrupted due to successive lockdowns", Huong emphasized.

The report of the General Statistics Office also shows that in the first nine months of 2021, export turnover of goods was estimated at 240.52 billion USD, up 18.8% over the same period last year. Meanwhile, import turnover of goods in the first 9 months of the year was estimated at 242.65 billion USD. Thus, in the first 9 months of the year, the trade balance of goods had a trade deficit of 2.13 billion USD.

Highest unemployment and underemployment rate

The complicated development of the Covid-19 epidemic has negatively affected employment in the third quarter of 2021. The number of working labor force decreased sharply compared to the previous quarter and the same period last year. Unemployment and underemployment rates among working age have reached the peak (since the first quarter of 2020).

the labor force

In the first nine months of 2021, the labor force aged 15 and over was 50.4 million people, down 0.2 million people compared to the same period last year. The labor force of working age in the third quarter of 2021 was estimated at 43.2 million people, down 1.9 million people compared to the previous quarter and down 3 million people compared to the same period last year.

Nearly 300,000 billion VND "poured" into securities

The total capital mobilization for the economy of the stock market in the first nine months of this year was estimated at 292,000 billion VND, up 12% over the same period last year.

Specifically, the average trading value on the stock market reached 24,042 billion VND /session, up 224% compared to the average in 2020; average trading value on the bond market reached 10,948 billion VND/session, up 5.3%; the average trading volume on the derivatives market, for futures products on the VN30 index reached 207,171 contracts/session, up 32%; for covered warrant products, the volume reached 18.78 million warrants/session, up 59%.

Inflation under control

CPI in September 2021 decreased by 0.62% compared to the previous month, increased by 1.88% compared to December 2020 and increased by 2.06% compared to the same period in 2020.

Generally, in the third quarter of 2021, CPI increased by 0.93% compared to the previous quarter and by 2.51% over the same period in 2020. The average CPI of 9M-2021 increased by 1.82% compared to the same period in 2020. .

Core inflation in September 2021 decreased by 0.26% compared to the previous month, and increased by 0.74% over the same period last year. The average core inflation in the first nine months of 2021 increased by 0.88% over the same period in 2020.

Source: GSO

Compiled by VietnamCredit

 

 

Categories
Vietnam Economy

You may also like

The real power of Vietnam’s economy
Friday 06, 12 2019

The real power of Vietnam’s economy

Economic growth based on natural resource exploitation and a cheap labor...
Vietnam's Economy Is Doing Well - Despite The Global Trend
Monday 17, 02 2020

Vietnam's Economy Is Doing Well - Despite The Global Trend

Vietnam's middle class is also on the rise. Investment by enterprises in...
306
325
+84 981861066