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Vietnam’s monthly economic overview (July, 2022)

Vietnam’s monthly economic overview (July, 2022)

Saturday 30, 07 2022
The index of industrial production (IIP) in July 2022 was estimated to increase by 1.6% over the previous month and by 11.2% over the same period last year. In the same period, the number of employees working in industrial enterprises increased by 1.2% over the same period last month and by 11.3% over the same period last year.

1. Agriculture, forestry and fishery production

a) Agriculture

The planted area of all kinds of crops decreased compared to the same period last year, especially soybean and sweet potato.

As for livestock, it is estimated that by the end of July 2022 the total number of buffaloes had decreased by 1.1% compared to the same period in 2021 while the total number of cows increased by 2.6%. The total number of pigs increased by 4.8% and total poultry increased by 1.6%.

Agriculture

b) Forestry

In the first 7 months of this year, forestry production took place relatively smoothly, and logging was actively deployed. The area of newly concentrated planted forests was estimated at 134.9 thousand ha, an increase of 4.7 % compared to the same period last year. The number of scattered forest trees reached 53.7 million, up 5%. Timber production reached 10.2 million m3, up 5.9% while firewood production reached 11.1 million steres, up 0.5%.

The area of damaged forest was 706 ha, down 49.5% over the same period last year. Specifically, burnt forest area was 25.2 ha, down 96%; destroyed area of forest was 680.8 ha, down 11.5%.

Forestry

 c) Fishery

Aquatic production in July was estimated at 805.4 thousand tons, up 1.5% over the same period last year, of which: aquaculture production reached 462.9 thousand tons, up 6.1%; fishing output was estimated at 342.5 thousand tons, down 4%.

Generally, for the first seven months of 2022, aquatic production was estimated at 5,003.1 thousand tons, up 2.4% over the same period last year, of which: production of fish reached 3,612 thousand tons, up 1.6%; production of shrimp reached 650 thousand tons, up 8.9%; and production of other aquatic products reached 741.1 thousand tons, up 0.9%.

Fishery

2. Industrial production

The index of industrial production (IIP) in July 2022 is estimated to increase by 1.6% over the previous month and by 11.2% over the same period last year. In particular, the processing and manufacturing industry grew by 12 ,8%. In the first 7 months of 2022, IIP was estimated to increase by 8.8% over the same period last, in which, the processing and manufacturing industry increased by 9.7%.

As of July 1, 2022, the number of employees working in industrial enterprises had increased by 1.2% compared to the same period last month and by 11.3% over the same period last year.

Industrial production

 3. Business registration

In July, there were 13.2 thousand newly established enterprises, down 0.7% compared to the previous month but up 50.7% over the same period last year. There were also 2.3 thousand enterprises returning to operation, up 3.2% over the previous month and down 53% over the same period in 2021.

There were 5,285 enterprises registered to suspend business for a definite time, an increase of 3% over the previous month and 16.7% over the same period in 2021. There were 4,416 enterprises stopping operation and waiting for dissolution procedures. Over 1,700 enterprises completed dissolution procedures, up 4.7% and 22.5%, respectively.

In the first 7 months of 2022, there were 133.7 thousand newly established enterprisesand enterprises returning to operation, an increase of 26.8% over the same period last year. On average, there were 19.1 thousand enterprises newly established and re-operated per month. The number of enterprises withdrawing from the market was 94.6 thousand enterprises, an increase of 18.7.

Business registration

4. Investment

Realized investment capital from the state budget in July 2022 was estimated at VND 46.2 trillion, up 22.5% over the same period last year. In the first 7 months of 2022, realized investment capital from the State budget is estimated at VND 237.6 trillion, equaling 43.3% of the year plan and up 11.9% over the same period last year.

The total foreign investment capital registered in Vietnam as of July 20, 2022, includeing newly registered capital, adjusted registered capital and capital contribution and share purchase by foreign investors, was nearly USD 15.54 billion, down 7.1% over the same period last year.

Realized foreign direct investment capital in Vietnam in the first seven months of 2022 was estimated at VND 11.57 billion, up 10.2% over the same period last year. This is the highest amount of realized foreign direct investment capital in 7 months in the past 5 years.

Investment

5. Trade

a) Retail sales of consumer goods and services

Total retail sales of consumer goods and services in July 2022 was estimated at VND 486 trillion, up 2.4% over the previous month and 42.6% over the same period last year. The growth rate was higher than that in the pre-epidemic period. In the first seven months of 2022, the total retail sales of consumer goods and services was estimated at VND 3,205.8 trillion, up 16% over the same period last year. If excluding the price factor, the figure would be 11.9%.

Retail sales

b) Exports & imports of goods

– Exports of goods

The export turnover of goods in July 2022 was estimated at USD 30.32 billion, down 7.7% over the previous month and up 8.9% over the same period last year. In the first 7 months of 2022, export turnover of goods was estimated at USD 216.35 billion, up 16.1% over the same period last year.

Regarding the structure of goods export in the first 7 months of 2022, processed industrial products accounted for the highest proportion with 88.7%.

Import & Export

 – Imports of goods

The import turnover of goods in July 2022 was estimated at USD 30.3 billion, down 6% over the previous month and up 3.4% over the same period last year. In the first seven months of 2022, the import turnover of goods was estimated at USD 215.59 billion, up 13.6% over the same period last year.

As for the structure of imported goods in the first 7 months of 2022, capital goods accounted for the most with 94%, up 0.2 percentage points over the same period last year.

 – Export and import market of goods: in the first seven months of 2022, the United States was Vietnam's largest export market with an estimated turnover of USD 67.1 billion. Meanwhile, China was Vietnam's largest import market with an estimated turnover of USD 72.6 billion.

Trade balance: in July, it is estimated that there would be a trade surplus of USD 21 million. In the first 7 months of 2022, the trade balance of goods is estimated to have a trade surplus of USD 764 million.

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

The consumer price index (CPI) in July 2022 increased by 0.4% compared to the previous month, by 3.59% compared to December 2021 and by 3.14% over the same period last year. On average, in the first 7 months of 2022, CPI increased by 2.54% over the same period last year.

Core inflation increased by 1.44%, lower than the general average CPI, which reflects fluctuations in consumer prices mainly due to the increase in food prices and gasoline prices.

Gold price index in July 2022 decreased by 2.39% compared to the previous month, and increased by 6.31% over the same period in 2021.

The US dollar price index in July 2022 increased by 0.62% over the previous month and by 1.77% over the same period in 2021.

Source: GSO

Compiled by VietnamCredit

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Vietnam Economy

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