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Vietnam’s monthly economic overview (April, 2022)

Vietnam’s monthly economic overview (April, 2022)

Saturday 30, 04 2022
Industrial production in April was estimated to increase by 2% over the previous month and by 9.4% over the same period last year due to the good control of the Covid-19 epidemic, so businesses have been more proactive in terms of labor and production plans.

1. Agriculture, forestry and fishery production

a) Agriculture

As of April 15, 2,990.5 thousand hectares of winter-spring rice had been cultivated, equaling 99.5% of the same period last year. In the same period, 375.5 thousand hectares of maize had been planted, equaling 101.2% of the same period last year. The planted area of sweet potatoes was 52.8 thousand hectares, equaling 91.7%; that of soybeans was 12.6 thousand hectares, equaling 89.7%; of peanuts was 110 thousand hectares, equaling 98.8%; the figure for vegetables and legumes was 584.4 thousand hectares, equaling 101.3%.

Raising buffaloes and cows in April experienced stable development. It is estimated that by the end of April, the total number of pigs will increase by 5.5% compared to the same period in 2021; the total number of cows will increase by 1.3%; the total number of buffaloes will decrease by 1.9%; total poultry will increase by 2.2%. As of April 24, 2022, blue ear disease and foot-and-mouth disease had been under control while avian flu was still raging in 5 localities.

Agriculture

b) Forestry

In April 2022, the area of newly planted forests in Vietnam was estimated at 30.3 thousand hectares, up 2.9% over the same period last year. Generally, in the first 4 months of 2022, the area of newly planted forests was estimated at 67.2 thousand hectares, up 4.1% over the same period last year. The number of scattered forestry trees reached 34.8 million trees, an increase of 6.8%; timber production reached 4.7 million m3, an increase of 4.4%; firewood production reached 6.2 million steres, up 0.7%.

The area of forest damage in the first 4 months of 2022 decreased compared to the same period last year. Damaged forest area in April was estimated at 118.6 hectares, down 0.1% over the same period last year.

Forestry

c) Fishery

Aquatic production in April was estimated at 736.4 thousand tons, up 2.6% over the same period last year, of which: aquaculture production reached 380.4 thousand tons, up 5.8%; the output of other aquatic products was estimated at 356,000 tons, down 0.6%.

Generally, in the first four months of the year, aquatic production was estimated at 2,600 thousand tons, up 2.2% over the same period last year, of which: aquaculture production reached 1,368.4 thousand tons, up 5.3%; fishing output reached 1,231.6 thousand tons, down 1% (marine fishing output reached 1,177.3 thousand tons, down 1.1%).

Fishery

2. Industrial production

The index of industrial production (IIP) in April 2022 is estimated to increase by 2% over the previous month and by 9.4% over the same period last year. In particular, compared to the same period last year, the processing and manufacturing industry increased by 11.3% (higher than the growth rate of 5.8% and 9.6% of the same period in 2018 and 2019 when there was no Covid-19 epidemic); electricity production and distribution increased by 2.8%; mining industry increased by 2.3%; water supply, management and treatment of waste and wastewater increased by 0.4%.

Generally, in the first 4 months of 2022, IIP is estimated to increase by 7.5% over the same period last year. The processing and manufacturing industry increased by 8.3, contributing 6.5 percentage points to the overall growth; electricity production and distribution increased by 6.6%, contributing 0.6 percentage points; mining industry increased by 2.6%, contributing 0.4 percentage points; water supply, waste and wastewater treatment and management activities increased by 1.1%, contributing 0.02 percentage points.

Industrial production

3. Business registration

In April, there were 15,000 newly established enterprises with a total registered capital of VND 164.1 trillion while the number of registered employees was nearly 104.8 thousand, an increase of 4.9% in the number of enterprises, a decrease of 15.3% in the registered capital and an increase of 11.7% in the number of employees compared to March 2022. Compared to the same period last year, there was an increase of 0.9% in the number of enterprises, a decrease of 8.8% in the registered capital and an increase of 10.7% in the number of employees. The average registered capital of a newly established enterprise in April was VND 10.9 billion, down 19.2% over the previous month and 9.6% over the same period last year.

Generally in the first 4 months of 2022, there were 49.6 thousand newly registered enterprises with a total registered capital of VND 635.3 trillion and a total number of registered employees of 348.2 thousand, an increase 12.3% in the number of enterprises, 1.2% in the registered capital and 2.3% in the number of employees over the same period last year. The average registered capital of a newly established enterprise in the first 4 months of 2022 reached VND 12.8 billion, down 9.9% compared to the same period in 2021. In addition, 30.9 thousand enterprises returned to operation (up 60.6% over the same period in 2021). On average, there were 20.1 thousand businesses newly established and re-operated per month.

Business registration

Also in April, there were 5,391 enterprises registered to temporarily suspend their business, up 81.1% over the previous month and 17.2% over the same period in 2021; there were 3,762 enterprises shutting down and waiting for dissolution procedures, up 52.1% and down 32.9%; 1,227 enterprises completed dissolution procedures, up 13.9% and down 20.4%.

Generally, in the first 4 months of 2022, the number of enterprises suspending business for a definite term was 41,000, an increase of 44.6% over the same period last year; 15 thousand enterprises stopped operating and was about to disolve, down 8.7%; nearly 5.6 thousand enterprises completed dissolution procedures, down 17.5%.

4. Investment

Realized investment capital from the State budget in April 2022 was estimated at VND 33.5 trillion, up 6.6% over the same period last year. In the first 4 months of 2022, the total realized investment capital from the State budget was estimated at VND 109.6 trillion, equaling 20.6% of the annual plan and increasing by 9.1% over the same period last year.

As of April 20, 2022, the total foreign investment capital registered in Vietnam, including: newly registered capital, adjusted registered capital and capital contribution and share purchase by foreign investors reached nearly USD 10.81 billion, down 11.7% over the same period last year. Realized foreign direct investment capital in Vietnam in the first four months of 2022 was estimated at USD 5.92 billion, up 7.6% over the same period last year.

Investment

Regarding Vietnam's investment abroad in the first 4 months of 2022, there were 34 projects newly granted investment certificates with the total capital of the Vietnamese side reaching USD 285.8 million, 2 times higher than the same period last year.

5. Trade

Total retail sales of consumer goods and services in April 2022 was estimated at VND 455.5 trillion, up 3.1% over the previous month and 12.1% over the same period last year. Generally for the first 4 months of 2022, the total retail sales of consumer goods and services was estimated at VND 1,777.4 trillion, up 6.5% over the same period last year (if excluding the price factor, the figure would be 4.3%).

retail sales

The export turnover of goods in March 2022 reached USD 34.71 billion, which is USD 651 million higher than estimated. It is estimated that in April 2022, the export turnover of goods will be USD 33.26 billion, down 4.2% over the previous month and up 25% over the same period last year. Generally, in the first 4 months of 2022, export turnover of goods is estimated at USD 122.36 billion, up 16.4% over the same period last year.

Regarding the structure of goods export in the first 4 months of 2022, fuel and mineral products accounted for 1.3%, up 0.4 percentage points over the same period last year; processed industrial products accounted for 89%, down 0.5 percentage points; agricultural and forestry products accounted for 6.8%, down 0.5 percentage points; aquatic products accounted for 2.9%, up 0.6 percentage points.

The realized import turnover of goods in March 2022 reached USD 32.66 billion, which is USD 9 million lower expected. It is estimated that in April 2022, the import turnover of goods will be USD  32.19 billion, down 1.5% over the previous month and up 15.5% over the same period last year. In general, in the first four months of 2022, import turnover of goods is estimated at USD 119.83 billion, up 15.7% over the same period last year.

As for the structure of imported goods in the first 4 months of 2022, production materials accounted for 93.9%, an increase of 0.04 percentage points compared to the same period last year, in which machinery, equipment and tools spare parts accounted for 45.2%, down 0.46 percentage points; raw materials, fuel and materials accounted for 48.8%, up 0.5 percentage points; consumer products accounted for 6.1%, down 0.04 percentage points.

Import & Export

In terms of export and import markets of goods in the first 4 months of 2022, the United States is Vietnam's largest export market with an estimated turnover of USD 35.7 billion. China is Vietnam's largest import market with an estimated turnover of USD 37.1 billion. In the first 4 months of 2022, the trade surplus to the EU is estimated at USD 10.4 billion, up 36.1% over the same period last year; trade deficit from China is USD 18 billion, up 2%; trade deficit from Korea is USD 15.2 billion, up 58.3%; trade deficit from ASEAN is USD 5.8 billion, up 15.4%; trade deficit from Japan is USD 790 million, up 57.7%.

In March, the trade balance of goods had a surplus of USD 2.05 billion USD. It is estimated that in April, there would be a trade surplus of USD 1.07 billion. In the first 4 months of 2022, the trade balance of goods is expected to have a surplus of USD 2.53 billion USD.

6. Consumer Price Index, Gold Price Index and US Dollar

The price of housing maintenance materials increased in line with the price of input materials for production. Educational services cost also increased in some localities after the period of tuition fee exemption and reduction. Prices of out-of-home meals and tourism services increased according to consumer demand. These are all the reasons for CPI increase in April.

On average, in the first 4 months of 2022, CPI increased by 2.1% over the same period last year, higher than the increase of 0.89% in the first 4 months of 2021.

Core inflation in April 2022 increased by 0.44% over the previous month, and by 1.47% over the same period last year. On average, in the first four months of 2022, core inflation increased by 0.97% over the same period in 2021.

The domestic gold price fluctuated inversely with the world gold price. Gold price index in April 2022 increased by 0.73% compared to the previous month; an increase of 12.28% over the same period in 2021. US dollar price index in April 2022 increased by 0.07% over the previous month and decreased by 0.64% over the same period in 2021.

Vietnamcredit

Source: GSO

Compiled by VietnamCredit

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Vietnam Economy

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