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Vietnam’s monthly economic overview (January, 2024)

Vietnam’s monthly economic overview (January, 2024)

Wednesday 31, 01 2024
Total retail sales of goods and consumer service in January 2024 is estimated to reach 524.1 trillion VND, up 1.6% over the previous month and up 8.1% over the same period last year. If excluding the price factor, it would increase by 5.8%.

Agriculture

Forestry

Fishery

1. Industrial production

The index of industrial production (IIP) in January 2024 is estimated to decrease by 4.4% over the previous month and increase by 18.3% over the same period last year. In particular, the processing and manufacturing industry increased by 19.3% over the same period last year, contributing 15.1 percentage points to the overall growth; electricity production and distribution increased by 21.6%, contributing 1.9 percentage points; water supply, waste and wastewater management and treatment activities increased by 5.7%, contributing 0.1 percentage points; the mining industry increased by 7.3%, contributing 1.2 percentage points.

Industrial production

As of January 1, 2024, the number of employees working in industrial enterprises increased by 0.5% compared to the same time last month and increased by 0.1% compared to the same time last year.

3.Business registration

In January 2024, there were 13.5 thousand newly established businesses, up 2.2% over the previous month and up 24.8% over the same period last year. In addition, there were nearly 13.8 thousand businesses returning to operation, 2.2 times higher than in December 2023 and down 8.4% over the same period in 2023. This makes the total number of businesses newly established and returned to operation in January 2024 reach more than 27.3 thousand enterprises, an increase of 5.5% over the same period last year.

Business registration

Also in January 2024, there were 43.9 thousand businesses registered to temporarily suspend business for a limited time, an increase of 25.5% over the same period last year. There were 7,798 businesses that stopped operating waiting for dissolution procedures, an increase of 14%. There were 2,165 enterprises completing dissolution procedures, an increase of 6.2%. The number of businesses withdrawing from the market was 53.9 thousand, an increase of 22.8% over the same period last year.

 4. Investment

Investment capital realized from the State budget in January 2024 is estimated to reach 31.1 trillion VND, equal to 4.4% of the yearly plan and an increase of 12.5% over the same period last year.

Total foreign investment capital registered in Vietnam as of January 20, 2024 including newly registered capital, adjusted registered capital and capital contribution and share purchase by foreign investors reached 2.36 billion USD, up 40.2% over the same period last year.

Investment

Realized foreign direct investment capital in Vietnam in January 2024 is estimated to reach 1.48 billion USD, up 9.6% over the same period last year.

Regarding Vietnam's investment abroad in January 2024, there were 11 projects newly granted investment certificates with a total Vietnamese capital of 16.2 million USD, 9.3 times higher than the same period last year.

5. Trade

a) Retail sales of consumer goods and services

Total retail sales of goods and consumer service in January 2024 is estimated to reach 524.1 trillion VND, up 1.6% over the previous month and up 8.1% over the same period last year. If excluding the price factor, it would increase by 5.8%.

Retail sales of consumer goods and services

b) Exports & imports of goods

In the first half of January 2024 (from January 1 to the end of January 15, 2024), the total export and import turnover of goods reached 29.78 billion USD, an increase of 5.4% compared to the same period last year.

Exports & imports of goods

– Exports of goods

By January 15, 2024, export turnover of goods reached 15.08 billion USD, up 4.1% over the same period last year.

Regarding the structure of goods export by the end of January 15, 2024, export turnover of processed industrial goods reached 13.35 billion USD, accounting for 88.5%.

– Imports of goods

In the same period, import turnover of goods reached 14.7 billion USD, up 6.8% over the same period last year.

As for the structure of goods import, import value of production materials reached 13.83 billion USD, accounting for 94.1%.

Trade balance: In the first half of January, there was a trade surplus 0.38 billion USD. Of which, the domestic economic sector's trade deficit was 1.19 billion USD while the foreign invested sector (including crude oil) had a trade surplus of 1.57 billion USD.

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

The consumer price index (CPI) in January 2024 increased by 0.31% compared to the previous month. Compared to the same period in 2023, January’s CPI increased by 3.37%. Core inflation in January 2024 increased by 2.72%.

Gold price index in January 2024 increased by 2.55% compared to December 2023 and increased by 15.43% over the same period last year.

The US dollar price index in January 2024 increased by 0.52% compared to December 2023 and increased by 3.69% over the same period last year.

Source: GSO

Compiled by VietnamCredit

Categories
Vietnam Economy

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