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Vietnam’s monthly economic overview (April, 2023)

Vietnam’s monthly economic overview (April, 2023)

Thursday 04, 05 2023
The index of industrial production (IIP) in April 2023 was estimated to increase by 3.6% over the previous month and by 0.5% over the same period last year. In the first 4 months of 2023, IIP is estimated to decrease by 1.8% compared to the same period last year.

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1. Agriculture, forestry and fishery production

a) Agriculture

As of April 15, 2023, 2,949.5 thousand hectares of winter-spring rice had been cultivated, equaling 98.6% of the same period last year. For summer-autumn rice crop, the southern localities had sown 446.1 thousand hectares, equaling 111.7% of the same period last year.

In the same period, 392.6 thousand hectares of maize had been planted, equaling 97.8% over the same period last year. The figure for peanuts is 110 thousand hectares, equaling 95.4%; for sweet potatoes is 47 thousand hectares, equaling 95.2%; for soybeans is 11.3 thousand hectares, equaling 92.2%; and 560.2 thousand hectares of vegetables of all kinds had also been planted, equaling 101%.

Livestock production in April developed stably. It is estimated that by the end of April, the total number of pigs in would increase by 3.7% compared to the same period in 2022; the total number of cows would increase by 1.6%; the total number of buffaloes would decrease by 2.3%; and the total number of poultry would increase by 2%.

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b) Forestry

In the forestry production sector, the planting, care and protection of forests have been promoted. Generally, in the first 4 months of 2023, the area of newly planted forest is estimated at 69.8 thousand ha, up 3.4% over the same period last year. The number of scattered forest trees reached 35 million trees, increasing by 6.3%; timber production reached 4,627.8 thousand m3, up 3.5%; area of damaged forest was 534 ha, an increase of 47.6%.

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c) Fishery

Aquaculture production in April 2023 was estimated at 747.8 thousand tons, up 0.7% over the same period last year. Specifically, aquaculture production was estimated at 396.8 thousand tons, up 2.9%; fishing output reached 351,000 tons, down 1.3%.

Generally, in the first four months of 2023, aquatic production was estimated at 2,637 thousand tons, up 1.2% over the same period last year.

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2. Industrial production

The index of industrial production (IIP) in April 2023 was estimated to increase by 3.6% over the previous month and by 0.5% over the same period last year. In the first 4 months of 2023, IIP is estimated to decrease by 1.8% compared to the same period last year. In particular, the mining industry decreased by 2.8%, reducing 0.5 percentage points in the general increase; processing and manufacturing decreased by 2.1%, reducing by 1.5 percentage points; electricity production and distribution increased by 0.5%, contributing 0.1 percentage points; water supply, waste and wastewater management and treatment activities increased by 5.5%, contributing 0.1 percentage points.

The number of employees working in industrial enterprises as of April 1, 2023 increased by 0.7% compared to the same period last month and decreased by 3.5% compared to the same period last year.

Vietnamcredit Industrial production

3.Business registration

In April, there were nearly 16,000 newly established enterprises, up 12.3% over the previous month and 6.4% over the same period last year. Besides, there were also 9,610 enterprises returning to operation, up 52.9% over the previous month and 36.6% over the same period in 2022. There were 7,163 enterprises registered to suspend business for a definite time, up 72.7% and 32.9%. About 5,800 enterprises shut down and waited for dissolution procedures, up 69.1% and 55.2%; 1,509 enterprises completed dissolution procedures, up 6.9% and 23%.

In the first 4 months of 2023, there were 78.9 thousand enterprises registered for new establishment and returning to operation, down 2% compared to the same period last year. On average, there were 19.7 thousand enterprises newly established and re-operated per month. The number of enterprises withdrawing from the market was 77 thousand enterprises, an increase of 25.1% over the same period last year, which means 19.2 thousand enterprises withdrew from the market every month.

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4. Investment

Realized investment capital from the State budget in April was estimated at nearly VND 39.3 trillion, up 16.4% over the same period last year. In the first 4 months of 2023, investment capital realized from the State budget was estimated at VND 131.2 trillion, equaling 19% of the year plan and increasing by 17.9% over the same period last year.

Total foreign investment capital registered in Vietnam as of April 20, 2023, including newly registered capital, adjusted registered capital and capital contribution and share purchase by foreign investors reached USD 8.88 billion, down 17.9% over the same period last year.

Realized foreign direct investment capital in Vietnam in the first four months of 2023 was estimated at USD 5.85 billion, down 1.2% over the same period last year.

Regarding Vietnam's investment abroad in the first 4 months of 2023, there were 41 projects newly granted investment certificates with a total capital of USD 140 million from the Vietnamese investors, down 51% compared to the same period last year.

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5. Trade

a) Retail sales of consumer goods and services

Total retail sales of consumer goods and services in April was estimated at VND 510.7 trillion, up 3.7% over the previous month and up 11.5% over the same period last year. In the first 4 months of 2023, the total retail sales of consumer goods and services is estimated at VND 2,007.3 trillion, up 12.8% over the same period last year.

Total retail sales of consumer goods and services in the first 4 months of 2023 increased by 26.7% compared to the first 4 months of 2019 - the year before the Covid-19 epidemic.

Vietnamcredit Retail sales of consumer goods and services

b) Exports & imports of goods

– Exports of goods

Export turnover of goods in April 2023 was estimated at USD 27.54 billion, down 7.3% over the previous month and down 17.1% over the same period last year. In the first 4 months of 2023, export turnover of goods was estimated at USD 108.57 billion, down 11.8% over the same period last year.

Regarding the structure of goods export in the first 4 months of 2023, turnover of processed industrial products is estimated at USD 96.1 billion, accounting for 88.5%.

Vietnamcredit Exports & imports of goods

– Imports of goods

Import turnover of goods in April 2023 was estimated at USD 26.03 billion, down 8.1% over the previous month and down 20.5% over the same period last year. Generally, in the first 4 months of 2023, import turnover of goods was estimated at USD 102.22 billion, down 15.4% over the same period last year.

As for the structure of imported goods in the first 4 months of 2023, import value of production materials is estimated at USD 95.64 billion, accounting for 93.6%.

– Export and import market of goods: in the first 4 months of 2023, the United States is Vietnam's largest export market with an estimated turnover of USD 28.4 billion. China is Vietnam's largest import market with an estimated turnover of USD 33.3 billion.

Trade balance: the first 4 months of 2023 were estimated to have a trade surplus of USD 6.35 billion. Specifically, the domestic economic sector had a trade deficit of USD 8.04 billion; the foreign-invested sector (including crude oil) had a trade surplus of USD 14.39 billion.

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

The consumer price index (CPI) in April 2023 decreased by 0.34% compared to the previous month. Compared to December 2022, CPI increased by 0.39% andby 2.81% over the same period last year. On average, in the first 4 months of 2023, CPI increased by 3.84% over the same period last year. Core inflation increased by 4.9%, higher than the average CPI.

Gold price index in April 2023 increased by 2.04% compared to the previous month, increased by 2.92% compared to December 2022, and decreased by 1.09% over the same period last year.

The US dollar price index in April 2023 decreased by 0.89% compared to the previous month, decreased by 2.26% compared to December 2022, and increased by 2.5% over the same period last year.

Source: GSO

Compiled by VietnamCredit

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Vietnam Economy

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