VietnamCredit
VietnamCredit About Us Cafe€redit Contact Us API
Login Register
0
USD
Go to cart
Checkout
Vietnam’s monthly economic overview (February, 2022)

Vietnam’s monthly economic overview (February, 2022)

Thursday 03, 03 2022
In February 2022, business activities were not as active as the previous month due to the Lunar New Year holiday. Generally in the first 2 months of 2022, the number of enterprises entering and returning to the market increased by 46.2% over the same period last year; while the number of enterprises withdrawing from the market increased by 33.6%.

Covid

1. Agriculture, forestry and fishery production

a) Agriculture

As of mid-February, 2,638.7 thousand hectares of winter-spring rice had been cultivated, equaling 101.2% of the same period last year. In particular, Northern localities planted 740.5 thousand hectares, equaling 105.6%; Southern localities planted 1,898.1 thousand hectares, equaling 99.6%; provinces in the Mekong Delta cultivated 1,501.8 thousand hectares, equaling 98.8%.

In the same period, 207.7 thousand hectares of maize had been cultivated, equaling 102.8 percent of the same period last year; the figure for sweet potatoes is 37.7 thousand hectares, equaling 94.9%; that of soybeans is 4.4 thousand hectares, equaling 86.1%.

In February, raising cattles was affected by severe cold. Pig farming has been gradually stabilizing. It is estimated that in February, the total number of pigs in Vietnam increased by 2.9% over the same period last year; the total number of cows increased by 0.9%; the total number of buffaloes decreased by 2.4%; poultry flock increased by 2.0%.

Agriculture

b) Forestry

The area for newly planted forest was estimated at 9.5 thousand hectares, up 6.7% over the same period last year. Generally, in the first two months of 2022, the area of newly concentrated planted forests was estimated at 16.8 thousand hectares, up 6.3% over the same period last year. The number of scattered forestry trees reached 13.6 million trees, up 4.6%; timber production reached 1,923.3 thousand m3, up 4.2%; firewood production reached 3 million steres, down 0.3% over the same period last year.

The area of damaged forest in February was 68 hectares, down 48.7% over the same period last year. Generally, in the first two months of 2022, Vietnam had 137.6 hectares of damaged forest, a decrease of 47.8% over the same period last year. In particular, burned forest area was 1.6 hectares, a decrease of 98.3% while the area of destroyed forest was 136 ha, down 19.5%.

Forestry

c) Fishery

Aquatic production in February was estimated at 578.5 thousand tons, up 2.3% over the same period last year, of which aquaculture production was estimated at 297.9 thousand tons, up 4.5%; fishing output was estimated at 280.6 thousand tons, up 0.1%. Generally, in the first two months of 2022, fishery output was estimated at 1,168.4 thousand tons, up 1.9% over the same period last year.

Fishery

2. Industrial production

The index of industrial production (IIP) in February 2022 was estimated to decrease by 12.4% over the previous month and increase by 8.5% over the same period last year. Specifically, compared to the same period last year, the mining industry decreased by 4.1%; processing and manufacturing industry increased by 10%; electricity production and distribution increased by 8%; water supply, management and treatment of waste and wastewater increased by 0.8%.

Generally for the first 2 months of 2022, IIP was estimated to increase by 5.4% over the same period last year. In particular, the processing and manufacturing industry increased by 6.1%, contributing 5.2 percentage points to the overall growth; electricity production and distribution increased by 6.5%, contributing 0.6 percentage points; water supply, waste and wastewater management and treatment activities increased by 2.5%, contributing 0.04 percentage points; while the mining industry decreased by 2.8%, contributing minus 0.44 percentage points.

Industrial production

3. Business registration

In February, there were 7,284 newly established enterprises with a registered capital of 85.2 trillion VND and the number of registered employees was nearly 72.6 thousand. This means there was a decrease of 44% in the number of enterprises, 55.7% in registered capital and 5.8% in number of employees compared to January 2022.

The average registered capital of a newly established enterprise in February was 11.7 billion VND, down 20.9% over the previous month and 47.7% over the same period last year. Besides, there were 4,071 enterprises returning to operation, down 78.7% over the previous month and down 11.6% over the same period in 2021.

Generally, in the first two months of 2022, there were nearly 20.3 thousand newly registered enterprises with a total registered capital of 277.6 trillion VND and a total number of registered employees of nearly 149.7 thousand employees, an increase of 11.9% in the number of enterprises, a decrease of 17.1% in the registered capital and a decrease of 13.4% in the number of employees over the same period last year. The average registered capital of a newly established enterprise in the first two months of 2022 was 13.7 billion VND, down 25.9% compared to the same period in 2021.

In the same period, the number of enterprises suspending business for a definite time was 32.7 thousand, up 51.3% over the same period last year; 8.9 thousand enterprises stopped operating and waited for dissolution procedures, up 6.3%; nearly 3.3 thousand enterprises completed dissolution procedures, down 9.4. On average, 22.4 thousand businesses withdraw from the market each month.

Business registration

4. Investment

Realized investment capital from the State budget in February 2022 was estimated at 20.5 trillion VND, up 9.9% over the same period last year. Generally, for the first two months of the year, realized investment capital from the State budget was estimated at 46.3 trillion VND, equaling 8.8% of the year plan and increasing by 10.4% over the same period last year.

As of February 20, 2022, total registered foreign investment capital in Vietnam (including newly registered capital, adjusted registered capital and capital contribution and share purchase by foreign investors) reached nearly 5 billion USD, down 8.5% over the same period last year.

Realized foreign direct investment in Vietnam in the first two months of 2022 was estimated at 2.68 billion USD, up 7.2% over the same period last year.

Investment

5. Trade

Total retail sales of consumer goods and services in February 2022 was estimated at 421.8 trillion VND, down 7.1% from the previous month and up 3.1% over the same period last year. Generally, in the first two months of 2022, the total retail sales of consumer goods and services was estimated at more than 876 trillion VND, up 1.7% over the same period last year.

Trade

The export turnover of goods in January 2022 reached 30.84 billion USD, which is 1.84 billion USD higher than the estimate. It is estimated that in February 2022, the export turnover of goods reached 22.95 billion USD, down 25.6% from the previous month and up 13.2% over the same period last year. Generally in the first two months of 2022, export turnover of goods is estimated at 53.79 billion USD, up 10.2% over the same period last year.

Regarding the structure of goods export in the first 2 months of 2022, fuel and mineral products increased by 0.1 percentage points over the same period last year; processed industrial products decreased by 0.8 percentage points; aquatic products increased by 0.7 percentage points; while agricultural and forestry products stayed unchanged compared to the same period last year.

Realized import turnover of goods in January 2022 reached 29.45 billion USD, which is 51 million USD lower than estimated. It is predicted that in February 2022, the import turnover of goods may reach 25.28 billion USD, down 14.2% over the previous month and up 21.9% over the same period last year. Generally, in the first two months of 2022, the import turnover of goods is estimated at 54.73 billion USD, up 15.9% over the same period last year.

In terms of trading partners in the first two months of 2022, the United States was the largest export market of Vietnam with an estimated turnover of 18.3 billion USD. China was Vietnam's largest import market with an estimated turnover of 20.8 billion USD. Trade surplus to the EU was estimated at 5.5 billion USD, up 56.6% over the same period last year; trade surplus to Japan was 566 million USD; trade deficit from China was 13.4 billion USD, up 78.8%; trade deficit from Korea was 6.5 billion USD, up 24.4%; trade deficit from ASEAN was 1.5 billion USD, down 18.1%.

In January, Vietnam had a trade surplus of 1.4 billion USD. It is estimated that in February, there will be a trade deficit of 2.34 billion USD. In the first 2 months of 2022, the trade balance of goods is expected to have a trade deficit of 937 million USD.

Import & Export

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

CPI in February 2022 increased by 1% compared to the previous month, by 1.2% compared to December 2021 and by 1.42% over the same period last year. Average CPI in the first 2 months of 2022 increased by 1.68% compared to the same period in 2021.

Core inflation in February 2022 increased by 0.49% over the previous month, and by 0.68% over the same period last year. The average core inflation in the first two months of this year increased by 0.67% over the same period in 2021.

The domestic gold price fluctuated in line with the world gold price. Gold price index in February 2022 increased by 1.85% compared to the previous month, by 2.95% compared to December 2021, and by 1.53% over the same period last year.

The US dollar in the world market was quite stable. Domestically, due to the guaranteed supply, the US dollar price index in February 2022 decreased by 0.28% compared to the previous month, by 0.59% compared to December 2021, and by 0.84% over the same period last year.

vietnamcredit

Source: GSO

Compiled by 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...
0
0
+84 981861066