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Vietnam’s monthly economic overview (August, 2022)

Vietnam’s monthly economic overview (August, 2022)

Monday 29, 08 2022
The total retail sales of consumer goods and services in August was estimated at VND 481.2 trillion, up 0.6% over the previous month and 50.2% over the same period last year, which was higher than that of the pre-epidemic period.

Covid 19

1. Agriculture, forestry and fishery production

a) Agriculture

The cultivated area of all kinds of crops decreased compared to the same period last year, especially soybean and sweet potato due to unstable selling prices or difficulties in consumption. Due to low economic efficiency, farmers have switched to growing fruit and vegetable crops.

As for the livestock sector, it was estimated that as of the end of August, the total number of pigs would increase by 6.8% compared to the same period in 2021; the total number of cows increased by 3.4% while the total number of buffaloes decreased by 0.6%. Total amount of poultry increased by 3.6%.

Agriculture

b) Forestry

Forestry production took place relatively smoothly, and logging was actively deployed. In the first 8 months of 2022, the area of newly planted forest is estimated at 156.9 thousand ha, up 4.8% over the same period last year; the number of scattered forest trees was estimated at 58.8 million, up 4.7%. Timber production was estimated at 11,921.7 thousand m3, up 5.8%; firewood output was estimated at 12.6 million steres, up 0.4%.

The area of damaged forest was 792.3 ha, down 59.1% over the same period last year. Specifically, burnt forest area was 28.9 ha, down 97.4%, while destroyed forest area was 763.4 ha, down 8.3%.

Forestry

c) Fishery

Aquatic production in August was estimated at 794.5 thousand tons, up 2.7% over the same period last year, of which: aquaculture production was estimated at 441.6 thousand tons, up 5.9%; fishing output was estimated at 352.9 thousand tons, down 1%.

Generally, in the first eight months of 2022, aquatic production was estimated at 5,797.6 thousand tons, up 2.4% over the same period last year. In particular, aquaculture production reached 3,172.2 thousand tons, up 7%, and fishing output reached 2,625.4 thousand tons, down 2.6%.

Fishery

2. Industrial production

The index of industrial production (IIP) in August was estimated to increase by 2.9% over the previous month and by 15.6% over the same period last year, of which, the processing and manufacturing sector increased by 16.2 %.

In the first 8 months of 2022, IIP is estimated to increase by 9.4% over the same period last year. Specifically, the processing and manufacturing industry increased by 10.4%, contributing 8.1 percentage points to the overall growth.

As of August 1, 2022, the number of employees working in industrial enterprises increased by 0.6% over the same period last month and 23.2% over the same period last year.

Industrial production

3. Business Registration

In August, there were 11.9 thousand newly established enterprises, down 4.5% compared to the previous month yet up 106.9% over the same period last year. There were nearly 6.5 thousand enterprises returning to operation, up 177.8% over the previous month and 67.1% over the same period in 2021. Moreover, 3,756 enterprises registered to suspend business for a definite time, down 28.9% and up 20.5%. There were 4,453 enterprises stopping operation and waiting for dissolution procedures, up 0.8% and 77.3%.

Generally, in the first 8 months of 2022, there were 149.5 thousand newly established enterprises and returning to operation, up 31.1% over the same period last year. On average, there were 18.7 thousand enterprises newly established and re-operated per month. The number of enterprises withdrawing from the market was 104.3 thousand enterprises, an increase of 22%, which means 13,000 businesses withdraw from the market every month.

Business Registration

4. Investment

Realized investment capital from the State budget in August was estimated at VND 48.3 trillion, up 51.4% over the same period last year. In the first 8 months of 2022, realized investment capital from the State budget was estimated at VND 285.4 trillion, equaling 51% of the year plan and increasing by 16.9% over the same period last year.

As of August 2022, the total registered foreign investment capital in Vietnam including newly registered capital, adjusted registered capital and capital contribution and share purchase by foreign investors was nearly USD 16.78 billion, down 12.3% over the same period last year.

Investment

Realized foreign direct investment capital in Vietnam in the first eight months of 2022 was estimated at USD 12.8 billion, up 10.5% over the same period last year. This is the highest amount of foreign direct investment realized in 8 months in the past 5 years

Vietnam's investment abroad in the same period witnessed newly granted 75 projects with a total capital of USD 344.8 million, 2.3 times higher than the same period last year. In general, the total investment capital of Vietnam abroad (newly and adjusted capital) reached USD 395.8 million, down 31.2% compared to the same period last year.

5. Trade

a) Retail sales of consumer goods and services

The total retail sales of consumer goods and services in August was estimated at VND 481.2 trillion, up 0.6% over the previous month and 50.2% over the same period last year, which was higher than that of the pre-epidemic period. In the first 8 months of 2022, the total retail sales of consumer goods and services was estimated at VND 3,679.2 trillion, up 19.3% over the same period last year, if excluding the price factor, there would be an increase of 15.1%.

Retail sales

b) Exports & imports of goods

– Exports of goods

The export turnover of goods in August 2022 was estimated at USD 33.38 billion, up 9.1% over the previous month and 22.1% over the same period last year. In the first eight months of 2022, export turnover of goods was estimated at USD 250.8 billion, up 17.3% over the same period last year.

Regarding the structure of export goods in the first 8 months of 2022, processed industrial products accounted for 89%.

Exports & imports of goods

 – Imports of goods

The import turnover of goods in August 2022 was estimated at USD 30.96 billion, up 1.4% over the previous month and 12.4% over the same period last year. In the first eight months of 2022, the import turnover of goods was estimated at USD 246.84 billion, up 13.6% over the same period last year.

As for the structure of imported goods in the first eight months of 2022, capital goods accounted for 94%.

 – Export and import market of goods: in the first eight months of 2022, the United States was Vietnam's largest export market with an estimated turnover of USD 77.7 billion, while China was Vietnam's largest import market with an estimated turnover of USD 82.1 billion.

Trade balance: Vietnam is expected to have a trade surplus of USD 2.42 billion in August. In the first 8 months of 2022, the trade balance of goods is estimated to have a trade surplus of USD 3.96 billion.

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

The consumer price index (CPI) in August 2022 increased by 0.005% compared to the previous month, by 3.6% compared to December 2021 and by 2.89% over the same period last year. On average, in the first 8 months of 2022, CPI increased by 2.58% over the same period last year.

Core inflation increased by 1.64%, lower than the average CPI, which reflects fluctuations in consumer prices mainly due to food prices and petrol prices.

Gold price index in August 2022 decreased by 0.9% compared to the previous month,  and increased by 5.87% over the same period in 2021.

The US dollar price index in August 2022 increased by 0.18% over the previous month and by 2.41% over the same period in 2021.

Source: GSO

Compiled by VietnamCredit

 

VietnamCredit

 

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Vietnam Economy

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